Birkenstock slips as L Catterton to offload $1 bln of shares
BIRK•Analyst coverage
Seventeen of 22 analysts covering the stock rate it "strong buy" or "buy," while five rate it "hold"; the median price target is $52.
Ownership and recent stock performance
L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, currently owns about 99.4 million shares, or a roughly 54% stake, according to LSEG data.
Arnault owns about 10.4 million Birkenstock shares, or a 5.6% stake, through his family office, Financière Agache.
Birkenstock shares jumped nearly 12% to finish at $41 on Thursday after the company raised its annual revenue outlook on strong demand; the shares are now flat year to date.
Shares fall after secondary offering announcement
Shares of German sandal maker Birkenstock BIRK.N fell 3.7% post-market to $39.50 after it launched a secondary offering.
L Catterton to sell shares; company to buy back stock
Birkenstock announced that an affiliate of private equity firm L Catterton will part with $1 billion of shares. Concurrently, the company will repurchase $500 million worth of shares from underwriter JP Morgan.
