Miracle Mile Advisors LLC Reduces Stock Holdings in Lululemon Athletica Inc. (NASDAQ:LULU)

Miracle Mile Advisors LLC lowered its position in shares of Lululemon Athletica Inc. (NASDAQ:LULU) by 26.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 750 shares of the apparel retailer’s stock after selling 271 shares during the period. Miracle Mile Advisors LLC’s holdings in Lululemon Athletica were worth $293,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC raised its position in shares of Lululemon Athletica by 37.9% in the third quarter. AQR Capital Management LLC now owns 94,048 shares of the apparel retailer’s stock worth $36,266,000 after buying an additional 25,864 shares in the last quarter. Truist Financial Corp boosted its position in shares of Lululemon Athletica by 46.4% during the 3rd quarter. Truist Financial Corp now owns 51,050 shares of the apparel retailer’s stock valued at $19,685,000 after acquiring an additional 16,178 shares during the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Lululemon Athletica by 5.0% during the third quarter. Glenmede Trust Co. NA now owns 911 shares of the apparel retailer’s stock worth $351,000 after purchasing an additional 43 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Lululemon Athletica by 2.7% in the third quarter. Advisors Asset Management Inc. now owns 4,944 shares of the apparel retailer’s stock worth $1,906,000 after purchasing an additional 129 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Lululemon Athletica by 34.5% in the third quarter. Ameriprise Financial Inc. now owns 668,087 shares of the apparel retailer’s stock valued at $257,627,000 after purchasing an additional 171,227 shares in the last quarter. Institutional investors own 85.20% of the company’s stock.

Lululemon Athletica Stock Performance

Shares of Lululemon Athletica stock opened at $302.36 on Tuesday. The company has a 50-day simple moving average of $327.07 and a two-hundred day simple moving average of $406.83. Lululemon Athletica Inc. has a 52-week low of $293.03 and a 52-week high of $516.39. The stock has a market capitalization of $37.80 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 1.49 and a beta of 1.26.

Lululemon Athletica (NASDAQ:LULU) last released its quarterly earnings data on Wednesday, June 5th. The apparel retailer reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.16. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Lululemon Athletica had a return on equity of 42.64% and a net margin of 16.09%. The firm’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.28 EPS. As a group, equities research analysts forecast that Lululemon Athletica Inc. will post 14.29 EPS for the current fiscal year.

Lululemon Athletica declared that its Board of Directors has authorized a share buyback program on Wednesday, June 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the apparel retailer to reacquire up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Needham & Company LLC decreased their price target on shares of Lululemon Athletica from $525.00 to $500.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Stifel Nicolaus raised their price target on Lululemon Athletica from $410.00 to $416.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. BMO Capital Markets dropped their price target on Lululemon Athletica from $420.00 to $384.00 and set a “market perform” rating for the company in a research note on Thursday, June 6th. JPMorgan Chase & Co. dropped their target price on Lululemon Athletica from $509.00 to $457.00 and set an “overweight” rating for the company in a research report on Thursday, June 6th. Finally, Piper Sandler cut their target price on Lululemon Athletica from $525.00 to $470.00 and set an “overweight” rating for the company in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, Lululemon Athletica presently has a consensus rating of “Moderate Buy” and a consensus price target of $433.06.

About Lululemon Athletica

Lululemon Athletica Inc, together with its subsidiaries, designs, distributes, and retails athletic apparel, footwear, and accessories under the lululemon brand for women and men. It offers pants, shorts, tops, and jackets for healthy lifestyle, such as yoga, running, training, and other activities. It also provides fitness-inspired accessories.