Citigroup Inc. Purchases 26,585 Shares of LCI Industries $LCII

Key Points

• Citigroup Inc. increased its holdings in LCI Industries by 34.2%, acquiring an additional 26,585 shares, which brought its total ownership to 104,289 shares valued at approximately $9.12 million.
• LCI Industries reported earnings of $2.39 per share for the quarter, exceeding analysts' expectations of $2.22, with revenue reaching $1.11 billion, a 5.1% increase year-over-year.
• The company has initiated a $300 million share buyback program, allowing it to repurchase up to 13.4% of its shares, indicating management’s belief that the shares are undervalued.

Citigroup Inc. increased its stake in LCI Industries (NYSE:LCII - Free Report) by 34.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 104,289 shares of the company's stock after purchasing an additional 26,585 shares during the quarter. Citigroup Inc. owned 0.41% of LCI Industries worth $9,118,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LCII. Dimensional Fund Advisors LP boosted its holdings in LCI Industries by 7.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,237,119 shares of the company's stock worth $127,904,000 after purchasing an additional 87,764 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in LCI Industries by 9.3% in the first quarter. Victory Capital Management Inc. now owns 695,508 shares of the company's stock worth $60,808,000 after purchasing an additional 59,233 shares during the last quarter. Stadium Capital Management LLC boosted its holdings in LCI Industries by 250.2% in the fourth quarter. Stadium Capital Management LLC now owns 70,069 shares of the company's stock worth $7,244,000 after purchasing an additional 50,058 shares during the last quarter. Twinbeech Capital LP purchased a new stake in LCI Industries in the fourth quarter worth approximately $5,065,000. Finally, Northern Trust Corp boosted its holdings in LCI Industries by 12.9% in the fourth quarter. Northern Trust Corp now owns 319,742 shares of the company's stock worth $33,058,000 after purchasing an additional 36,505 shares during the last quarter. Hedge funds and other institutional investors own 99.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LCII. Truist Financial raised their target price on shares of LCI Industries from $80.00 to $88.00 and gave the stock a "hold" rating in a report on Tuesday, June 3rd. BMO Capital Markets increased their price target on shares of LCI Industries from $80.00 to $85.00 and gave the stock an "underperform" rating in a research report on Wednesday, August 6th. Robert W. Baird decreased their price target on shares of LCI Industries from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded shares of LCI Industries from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $103.25.

LCI Industries Price Performance

Shares of LCII stock traded down $0.4320 on Thursday, hitting $101.4180. 177,520 shares of the stock traded hands, compared to its average volume of 337,677. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 16.93 and a beta of 1.25. LCI Industries has a 52 week low of $72.31 and a 52 week high of $129.38. The firm has a 50 day simple moving average of $96.63 and a two-hundred day simple moving average of $92.36. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.80 and a quick ratio of 1.34.

LCI Industries (NYSE:LCII - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.22 by $0.17. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.07 billion. LCI Industries had a net margin of 3.93% and a return on equity of 11.57%. The company's revenue was up 5.1% on a year-over-year basis. During the same period last year, the firm earned $2.40 EPS. As a group, equities research analysts predict that LCI Industries will post 6.76 earnings per share for the current fiscal year.

LCI Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Friday, August 29th. LCI Industries's dividend payout ratio (DPR) is presently 76.79%.

LCI Industries announced that its Board of Directors has approved a stock buyback plan on Thursday, May 15th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

LCI Industries Profile

LCI Industries, together with its subsidiaries, manufactures and supplies engineered components for the manufacturers of recreational vehicles (RVs) and adjacent industries in the United States and internationally. It operates through two segments: Original Equipment Manufacturers (OEM) and Aftermarket.