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Ascena Retail Group Inc (ASNA) Is Steven Cohen’s Latest Bet

Steven Cohen has revealed his latest stock market bet – Ascena Retail Group Inc (NASDAQ:ASNA). According to a recent filing with the Securities and Exchange Commission, the billionaire’s fund, Point72 Asset Management, controls approximately 8.52 million shares, which account for 5.2% of the company’s common stock. This is a new position as the fund had not reported holdings in Ascena Retail Group Inc (NASDAQ:ASNA) in its latest 13F filing.


At Insider Monkey, we track hedge funds’ moves in order to identify actionable patterns and profit from them. Our research has shown that hedge funds’ large-cap stock picks historically underperformed the S&P 500 Total Return Index by an average of seven basis points per month between 1999 and 2012. On the other hand, the 15 most popular small-cap stocks among hedge funds outperformed the S&P 500 Index by an average of 95 basis points per month (read more details here). Since the official launch of our small-cap strategy in August 2012, it has performed just as predicted, returning over 123% and beating the market by more than 65 percentage points. We believe the data is clear: investors will be better off by focusing on small-cap stocks utilizing hedge fund expertise (while avoiding their high fees at the same time) rather than large-cap stocks.

Steve Cohen
Steve Cohen
Point72 Asset Management

Ascena Retail Group Inc (NASDAQ:ASNA) is a retailer of clothing, shoes and apparel, and operates approximately 3,900 stores in the United States and Canada. The company has a market cap of $2.04 billion and does not pay a dividend. With a current value of $12.08, the stock is trading close to its value at the start of the year, having reached a June high of $17.59. As a result, the stock’s Price to Earnings ratio is roughly 19, which is lower than the industry average of 24.80. Ascena Retail Group Inc (NASDAQ:ASNA) has seen its revenues tumble for the 4th consecutive quarter after reporting $1.15 billion for the thirteen weeks ending April 25, 2015, which is still 0.5% higher than the figure reported for the same period of 2014. Earnings per share stand at $0.17 and are 37% lower year-over-year, signaling an increase in total expenses that have surpassed the increase in revenues. Analysts expect the company to post revenues of $1.16 billion and earnings per share of $0.05 for the current quarter.

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