BATH & BODY WORKS INC BBWI
COM · Common Stock · CUSIP 070830104 · ISIN US0708301041
American retailer under the L Brands (formerly Limited Brands) umbrella, along with Victoria's Secret
- SectorConsumer discretionary
- IndustryRetail-Retail Stores, NEC
- HeadquartersColumbus, OH
- Founded1990
- Websitebathandbodyworks.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($24.6m this quarter). Holder counts are more reliable. Shares outstanding: 206.2m as of 2025-08-22, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $25.77. Options: 21 managers hold calls ($101.4m notional), 21 hold puts ($382.5m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 471 |
| Q4 2022 | 513 |
| Q1 2023 | 496 |
| Q2 2023 | 486 |
| Q3 2023 | 472 |
| Q4 2023 | 489 |
| Q1 2024 | 512 |
| Q2 2024 | 524 |
| Q3 2024 | 475 |
| Q4 2024 | 487 |
| Q1 2025 | 470 |
| Q2 2025 | 477 |
| Q3 2025 | 476 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 214 | 244 |
| Q1 2024 | 238 | 248 |
| Q2 2024 | 271 | 233 |
| Q3 2024 | 229 | 291 |
| Q4 2024 | 264 | 259 |
| Q1 2025 | 266 | 235 |
| Q2 2025 | 256 | 240 |
| Q3 2025 | 263 | 245 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $154.3m | $244.4m | 1.58 |
| Q1 2025 | $117.4m | $191.2m | 1.63 |
| Q2 2025 | $103.3m | $356.4m | 3.45 |
| Q3 2025 | $101.4m | $382.5m | 3.77 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +6.2m |
| AMERICAN CENTURY COMPANIES INC | Added | +4.9m |
| FMR LLC | Added | +4.8m |
| JUPITER ASSET MANAGEMENT LTD | Added | +3.1m |
| RENAISSANCE TECHNOLOGIES LLC | Added | +1.8m |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | New | +1.7m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.6m |
| MORGAN STANLEY | Added | +1.4m |
| TWO SIGMA INVESTMENTS, LP | Added | +1.3m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | New | +1.2m |
Biggest sellers
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -4.5m |
| Point72 Asset Management, L.P. | Reduced | -3.5m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -2.7m |
| FULLER & THALER ASSET MANAGEMENT, INC. | Reduced | -2.0m |
| FRANKLIN RESOURCES INC | Reduced | -1.7m |
| Freestone Grove Partners LP | Reduced | -1.3m |
| T. Rowe Price Investment Management, Inc. | Sold out | -1.2m |
| Balyasny Asset Management L.P. | Sold out | -1.1m |
| JANE STREET GROUP, LLC | Reduced | -765.5k |
| GMT Capital Corp | Reduced | -600.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $19.8m770.4k shares |
| CITADEL ADVISORS LLC | Reduced | $12.6m487.8k shares |
| Shay Capital LLC | New | $12.2m473.0k shares |
| COOPER CREEK PARTNERS MANAGEMENT LLC | New | $9.0m350.0k shares |
| JANE STREET GROUP, LLC | Added | $7.5m290.0k shares |
| Squarepoint Ops LLC | Added | $6.9m269.5k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $6.7m261.8k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $5.5m214.5k shares |
| IMC-Chicago, LLC | Added | $4.3m166.2k shares |
| SIMPLEX TRADING, LLC | Added | $3.6m141.7k shares |
Biggest puts
| BARCLAYS PLC | Added | $101.0m3.9m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $84.8m3.3m shares |
| IMC-Chicago, LLC | Added | $51.9m2.0m shares |
| CITADEL ADVISORS LLC | Added | $24.3m942.3k shares |
| Caption Management, LLC | Reduced | $23.4m909.0k shares |
| JANE STREET GROUP, LLC | Reduced | $19.1m742.5k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $19.0m738.7k shares |
| UBS Group AG | Added | $17.2m666.0k shares |
| SIMPLEX TRADING, LLC | Added | $8.1m314.0k shares |
| GROUP ONE TRADING LLC | Added | $7.2m281.4k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| FMR LLC 13G · institution +2.1 pts · filed 2026-04-07 | 10.4% |
| BlackRock, Inc. 13G · institution filed 2025-04-17 | 8.8% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.3% |
Fell to 5% or below in the last year: AQR CAPITAL MANAGEMENT LLC (3.8%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 2 | $776.0k | — |
| Q2 2024 | 0 | — | 1 | $2.0m | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 1 | $177.8k | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 26.5m $683.5m | Reduced -432.4k |
| BlackRock, Inc. 0.01% of their portfolio | 21.1m $544.3m | Reduced -169.6k |
| FMR LLC 0.02% of their portfolio | 17.2m $442.5m | Added +4.8m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 13.3m $342.0m | Added +6.2m |
| VICTORY CAPITAL MANAGEMENT INC 0.13% of their portfolio | 8.5m $219.2m | Reduced -4.5m |
| STATE STREET CORP 0.01% of their portfolio | 6.9m $177.1m | Reduced -34.0k |
| ALLIANCEBERNSTEIN L.P. 0.05% of their portfolio | 5.9m $151.0m | Added +123.6k |
| AMERICAN CENTURY COMPANIES INC 0.07% of their portfolio | 5.2m $133.3m | Added +4.9m |
| COOPER CREEK PARTNERS MANAGEMENT LLC 4.82% of their portfolio | 5.0m $129.0m | Reduced -403.0k |
| AQR CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 4.9m $126.8m | Added +718.6k |
| MORGAN STANLEY 0.01% of their portfolio | 4.0m $102.7m | Added +1.4m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 3.8m $99.2m | Added +161.1k |
| JUPITER ASSET MANAGEMENT LTD 0.82% of their portfolio | 3.7m $95.7m | Added +3.1m |
| GMT Capital Corp 4.05% of their portfolio | 3.5m $89.3m | Reduced -600.5k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 3.4m $87.6m | Reduced -57.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.09% of their portfolio | 2.6m $67.0m | Added +1.8m |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 2.6m $66.3m | Added +168.1k |
| Erste Asset Management GmbH 0.63% of their portfolio | 2.5m $65.7m | Added +419.2k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.21% of their portfolio | 2.3m $60.4m | Reduced -2.0m |
| Point72 Asset Management, L.P. 0.12% of their portfolio | 2.1m $53.4m | Reduced -3.5m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.1m $52.9m | Reduced -114.5k |
| Anomaly Capital Management, LP 1.53% of their portfolio | 2.0m $52.2m | Added +624.0k |
| Champlain Investment Partners, LLC 0.38% of their portfolio | 1.9m $50.0m | Added +659.8k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.8m $47.5m | Added +12.1k |
| Forest Avenue Capital Management LP 3.48% of their portfolio | 1.8m $46.4m | Reduced -15.3k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 1.7m $44.5m | Added +1.6m |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. 0.39% of their portfolio | 1.7m $43.1m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 1.7m $42.6m | Added +295.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.6m $40.3m | Added +2.5k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 1.5m $38.6m | Added +531.5k |
| JANUS HENDERSON GROUP PLC 0.02% of their portfolio | 1.5m $38.5m | Reduced -24.8k |
| UBS Group AG 0.01% of their portfolio | 1.4m $37.2m | Added +718.3k |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 1.4m $37.2m | Added +1.3m |
| MARSHALL WACE, LLP 0.04% of their portfolio | 1.4m $36.7m | Added +941.4k |
| Makaira Partners LLC 18.12% of their portfolio | 1.4m $35.3m | Reduced -469.0k |
| DNB Asset Management AS 0.13% of their portfolio | 1.3m $34.4m | Reduced -162.3k |
| Pacer Advisors, Inc. 0.09% of their portfolio | 1.3m $34.3m | Reduced -400.1k |
| Boston Partners 0.03% of their portfolio | 1.3m $32.6m | Added +83.7k |
| EARNEST PARTNERS LLC 0.14% of their portfolio | 1.3m $32.4m | Reduced -37.9k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 1.2m $31.9m | New |
| Fund 1 Investments, LLC 3.88% of their portfolio | 1.2m $31.6m | Added +629.2k |
| ROYCE & ASSOCIATES LP 0.30% of their portfolio | 1.2m $29.8m | Added +902.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 1.1m $27.2m | Reduced -2.7m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 1.0m $26.2m | Added +856.7k |
| LOOMIS SAYLES & CO L P 0.03% of their portfolio | 1.0m $25.8m | Added +212.2k |
| Gotham Asset Management, LLC 0.11% of their portfolio | 951.4k $24.5m | Added +12.7k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 936.1k $24.2m | Reduced -1.7m |
| D. E. Shaw & Co., Inc. 0.02% of their portfolio | 925.1k $23.8m | Added +452.4k |
| Capital International Investors 0.00% of their portfolio | 916.4k $23.6m | New |
| Nuveen, LLC 0.01% of their portfolio | 881.6k $22.7m | Added +150.2k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 879.7k $22.7m | Added +186.7k |
| TREMBLANT CAPITAL GROUP 2.33% of their portfolio | 874.6k $22.5m | Added +90.7k |
| BARCLAYS PLC 0.01% of their portfolio | 843.0k $21.7m | Added +360.3k |
| South Dakota Investment Council 0.40% of their portfolio | 798.8k $20.6m | Added +314.6k |
| PANAGORA ASSET MANAGEMENT INC 0.08% of their portfolio | 790.5k $20.4m | Added +782.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 786.3k $20.3m | Added +592.5k |
| Retirement Systems of Alabama 0.07% of their portfolio | 772.3k $19.9m | Added +223.1k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 738.3k $18.9m | Added +322.9k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 719.8k $18.5m | Reduced -130.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 683.8k $17.6m | Added +413.2k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 634.0k $16.3m | Added +137.2k |
| ARGA Investment Management, LP 0.42% of their portfolio | 621.1k $16.0m | New |
| DEPRINCE RACE & ZOLLO INC 0.32% of their portfolio | 612.1k $15.8m | New |
| Verition Fund Management LLC 0.09% of their portfolio | 580.4k $15.0m | Reduced -172.8k |
| FEDERATED HERMES, INC. 0.03% of their portfolio | 559.7k $14.4m | Added +129.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 558.7k $14.4m | Reduced -498.6k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 548.1k $14.1m | Reduced -11.3k |
| TWO SIGMA ADVISERS, LP 0.03% of their portfolio | 527.6k $13.6m | Added +461.6k |
| BAYPOINTE PARTNERS LLC 5.89% of their portfolio | 500.0k $12.9m | Added +450.0k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 476.1k $12.3m | Added +17.3k |
| Man Group plc 0.02% of their portfolio | 471.2k $12.1m | Added +223.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 470.3k $12.1m | Reduced -12.7k |
| Invesco Ltd. 0.00% of their portfolio | 454.7k $11.7m | Reduced -94.1k |
| OLD NATIONAL BANCORP /IN/ 0.19% of their portfolio | 438.8k $11.3m | Added +67.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 430.2k $11.1m | Reduced -13.7k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 414.0k $10.7m | Added +147.7k |
| SEGALL BRYANT & HAMILL, LLC 0.14% of their portfolio | 411.9k $10.6m | Added +33.7k |
| California Public Employees Retirement System 0.01% of their portfolio | 398.2k $10.3m | Added +22.9k |
| Governors Lane LP 1.41% of their portfolio | 394.6k $10.2m | Added +91.7k |
| Swiss National Bank 0.01% of their portfolio | 389.4k $10.0m | Added +500 |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 386.7k $10.0m | New |
| LONE PEAK GLOBAL INVESTORS LLC 1.69% of their portfolio | 380.4k $9.8m | New |
| Diamond Hill Capital Management, LLC (Investment Advisor) 0.05% of their portfolio | 369.5k $9.5m | Added +85.0k |
| IEQ CAPITAL, LLC 0.03% of their portfolio | 361.4k $9.3m | Added +54.0k |
| Mitsubishi UFJ Trust & Banking Corp 0.02% of their portfolio | 360.6k $9.3m | Added +88.9k |
| PRIMECAP MANAGEMENT CO/CA/ 0.01% of their portfolio | 354.9k $9.1m | Reduced -72.7k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 352.4k $9.1m | Added +26.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 322.9k $8.3m | Added +157.9k |
| Legal & General Group Plc 0.00% of their portfolio | 322.9k $8.3m | Reduced -15.7k |
| NATIXIS ADVISORS, LLC 0.01% of their portfolio | 319.5k $8.2m | Added +252.7k |
| Bridgewater Associates, LP 0.03% of their portfolio | 311.3k $8.0m | Added +48.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 311.0k $8.0m | Added +31.1k |
| Ceredex Value Advisors LLC 0.18% of their portfolio | 302.9k $7.8m | Added +26.2k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 302.2k $7.8m | Reduced -765.5k |
| BRIDGER MANAGEMENT, LLC 4.17% of their portfolio | 300.6k $7.7m | Unchanged |
| Squarepoint Ops LLC 0.02% of their portfolio | 288.6k $7.4m | Reduced -86.7k |
| Newport Trust Company, LLC 0.02% of their portfolio | 286.7k $7.4m | Reduced -13.5k |
| CAPITAL FUND MANAGEMENT S.A. 0.07% of their portfolio | 281.4k $7.2m | Reduced -178.0k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 263.6k $6.8m | Added +97.6k |
| Western Standard LLC 3.62% of their portfolio | 263.1k $6.8m | New |