BlackRock Inc. Acquires New Holdings in Citi Trends, Inc. $CTRN

Key Points

• BlackRock acquired a new 6.1% stake in Citi Trends during the second quarter, purchasing 508,301 shares valued at approximately $29.4 million.
• Other institutional investors also increased their positions, including Marshall Wace, which raised its holdings by 61.1%, and AQR Capital Management, which increased its stake by 239.6%.
• Analysts maintain a generally positive outlook, with Citi Trends receiving a “Moderate Buy” consensus rating and an $81 price target. The company also exceeded quarterly EPS expectations, reporting $0.05 versus the estimated loss of $0.32.

BlackRock Inc. bought a new stake in shares of Citi Trends, Inc. (NASDAQ:CTRN - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 508,301 shares of the company's stock, valued at approximately $29,400,000. BlackRock Inc. owned 6.10% of Citi Trends as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CTRN. Vanguard Group Inc. raised its holdings in shares of Citi Trends by 10.2% during the third quarter. Vanguard Group Inc. now owns 373,685 shares of the company's stock valued at $11,595,000 after buying an additional 34,450 shares during the last quarter. AWM Investment Company Inc. grew its holdings in Citi Trends by 3.9% in the 4th quarter. AWM Investment Company Inc. now owns 241,657 shares of the company's stock worth $10,043,000 after buying an additional 9,180 shares in the last quarter. Marshall Wace LLP increased its position in Citi Trends by 61.1% in the 4th quarter. Marshall Wace LLP now owns 197,641 shares of the company's stock valued at $8,214,000 after acquiring an additional 74,994 shares during the period. AQR Capital Management LLC increased its position in Citi Trends by 239.6% in the 4th quarter. AQR Capital Management LLC now owns 182,133 shares of the company's stock valued at $7,569,000 after acquiring an additional 128,508 shares during the period. Finally, Broad Bay Capital Management LP bought a new stake in Citi Trends during the 4th quarter valued at $6,650,000.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CTRN shares. Weiss Ratings reissued a "hold (c)" rating on shares of Citi Trends in a research note on Wednesday, August 26th. Wall Street Zen upgraded shares of Citi Trends from a "hold" rating to a "buy" rating in a research note on Monday, June 29th. Finally, DA Davidson set a $81.00 price objective on shares of Citi Trends in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Citi Trends has an average rating of "Moderate Buy" and a consensus target price of $81.00.

Citi Trends Price Performance

Shares of NASDAQ:CTRN opened at $67.87 on Wednesday. Citi Trends, Inc. has a 12 month low of $29.60 and a 12 month high of $77.91. The stock has a market cap of $565.36 million, a price-to-earnings ratio of 82.77 and a beta of 1.82. The stock's 50 day moving average price is $65.76 and its 200 day moving average price is $53.42.

Citi Trends (NASDAQ:CTRN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 25th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.32) by $0.37. Citi Trends had a return on equity of 8.25% and a net margin of 0.84%.The firm had revenue of $211.63 million during the quarter, compared to analyst estimates of $211.60 million.

About Citi Trends

Citi Trends, Inc NASDAQ: CTRN is an off-price retail apparel chain that focuses on value-priced urban fashion apparel and accessories for men, women, and children. Headquartered in Savannah, Georgia, the company offers a broad assortment of merchandise, including denim, sportswear, activewear, and seasonal styles, complemented by footwear, jewelry, cosmetics, and home goods. Through its purchasing model, Citi Trends sources closeouts, overstocks and canceled orders from name-brand vendors, enabling it to offer trending styles at competitive price points.

The company operates more than 500 stores across the Southeastern and Mid-Atlantic regions of the United States, with typical store footprints of approximately 11,000 square feet.

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