Bath & Body Works, Inc. (NYSE: BBWI) is a specialty retailer focused on personal care and home fragrance products, with a store base primarily across North America. Shares recently traded around $19 per share, giving the company a market value of roughly $3.9 billion.
The stock has struggled over the past year, with shares down about 51% over the last 12 months. Looking at who owns Bath & Body Works and how insiders have traded helps show how large institutions and company leadership appear to be approaching the stock at current valuation levels.
Who Are Bath & Body Works’ Top Shareholders?
Bath & Body Works’ shareholder base is led by major institutional investors. These firms tend to hold through market cycles, which can help keep long term ownership relatively stable even during periods of price volatility. At the same time, several active managers adjusted positions meaningfully in both directions.
- The Vanguard Group, Inc.: 26,441,554 shares (12.92%), ~$509.0M value. Cut 444,239 shares (-1.65%).
- BlackRock Institutional Trust Company, N.A.: 18,175,758 shares (8.88%), ~$349.9M value. Cut 161,889 shares (-0.88%).
- Fidelity Management & Research Company LLC: 14,722,624 shares (7.19%), ~$283.4M value. Added 4,608,058 shares (+45.56%).
- Victory Capital Management Inc.: 8,510,117 shares (4.16%), ~$163.8M value. Cut 4,526,152 shares (-34.72%).
- State Street Investment Management (US): 6,875,388 shares (3.36%), ~$132.4M value. Cut 33,982 shares (-0.49%).
- JPMorgan Asset Management: 6,040,731 shares (2.95%), ~$116.3M value. Cut 279,919 shares (-4.43%).
- AllianceBernstein L.P.: 5,861,444 shares (2.86%), ~$112.8M value. Added 123,648 shares (+2.15%).
- American Century Investment Management, Inc.: 5,174,370 shares (2.53%), ~$99.6M value. Added 4,949,796 shares (+2,204.08%).
- Cooper Creek Partners Management LLC: 5,006,959 shares (2.45%), ~$96.4M value. Cut 402,960 shares (-7.45%).
- AQR Capital Management, LLC: 4,921,968 shares (2.40%), ~$94.7M value. Added 718,642 shares (+17.10%).
For investors, the mix of sizable additions and sharp reductions suggests institutions remain divided on near term fundamentals, even as large passive holders continue to provide a stable ownership base.
Hedge Fund Highlights
Millennium Management, founded by Israel Englander, significantly increased its exposure to Bath & Body Works and now holds roughly $44.5M value in shares. The size of the increase suggests the firm may be positioning for a rebound following the stock’s steep decline, though conviction and time horizon are not fully clear.
Renaissance Technologies, founded by Jim Simons, boosted its position by more than 200%, bringing total holdings to about $67.0M value. Given the firm’s quantitative approach, the move may reflect improving valuation signals rather than a shift in long term fundamentals.
Two Sigma Advisers, led by John Overdeck, raised its stake by nearly 700% to approximately $13.6M value. While still a modest allocation, the sharp increase suggests Bath & Body Works has moved higher in the firm’s opportunity set following the selloff.
Citadel Advisors, founded by Ken Griffin, also added to its position, with holdings now around $38.6M value. The increase was more measured, which may indicate a tactical adjustment rather than a high conviction directional bet.
For investors, hedge fund positioning appears selective and varied, pointing to uncertainty but also growing interest at lower valuation levels.
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Bath & Body Works’ Recent Insider Trades
Insider transactions can offer context on how executives and directors may be managing personal exposure to the stock. Recent filings show several director purchases at lower prices alongside earlier officer sales at higher levels.
- Sarah E. Nash (Director): Bought 10,000 shares at ~$15.58 (~$155,800).
- James Kevin Symancyk (Director): Bought 22,500 shares at ~$15.58 (~$350,550).
- Stephen D. Steinour (Director): Bought 6,700 shares at ~$14.86 (~$99,562).
- Steven E. Voskuhl (Director): Bought 20,000 shares at ~$15.04 (~$300,800).
- Francis A. Hondal (Director): Bought 3,343 shares at ~$15.00 (~$50,145).
- Lucy Brady (Director): Bought 3,470 shares at ~$14.40 (~$49,968).
- Eva C. Boratto (Officer): Sold 6,533 shares at ~$28.17 (~$184,828).
- Michael C. Wu (Officer): Sold 3,243 shares at ~$30.48 (~$98,811).
It appears multiple directors stepped in to buy shares when prices were materially lower, while earlier officer sales occurred at significantly higher levels, which for investors helps frame how insider exposure has shifted across different price points.
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What the Ownership & Insider Trade Data Tell Us
Bath & Body Works’ ownership profile reflects a company still being reassessed by the market. Passive institutions continue to anchor the shareholder base, while active managers and hedge funds show diverging views following the stock’s sharp decline. Insider activity appears balanced, with director buying at lower prices and earlier officer selling at higher levels.
For investors, the data suggests caution remains, but not disengagement, with selective confidence beginning to emerge as valuation has reset.
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