BlackRock Inc. acquired 6,810,348 shares of Burlington Stores, Inc. The investment is valued at approximately $2.16 billion. This purchase gives BlackRock a 10.82% ownership stake in the off-price retailer.
Burlington Stores recently reported first-quarter earnings that exceeded analyst expectations. The company issued strong financial guidance for the fiscal year. Several other institutional investors also recently initiated or increased their holdings in the company.
Analysts maintain a consensus Moderate Buy rating on the stock. Company insiders sold more than 30,000 shares over the last 90 days.