T. Rowe Price Investment Management Inc. Sells 225,805 Shares of LCI Industries $LCII

Key Points

• T. Rowe Price Investment Management Inc. sold 73.1% of its shares in LCI Industries, reducing its holdings to approximately 83,050 shares valued at $7.26 million.
• LCI Industries reported earnings of $2.39 per share, surpassing analysts' estimates of $2.22, and announced a quarterly dividend of $1.15 per share with a yield of 4.3%.
• Several brokerages have updated their ratings for LCI Industries, with the average rating now at "Hold" and a consensus price target of $103.25.

T. Rowe Price Investment Management Inc. cut its stake in shares of LCI Industries (NYSE:LCII - Free Report) by 73.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,050 shares of the company's stock after selling 225,805 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.33% of LCI Industries worth $7,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LCII. LRI Investments LLC grew its position in LCI Industries by 345.6% during the fourth quarter. LRI Investments LLC now owns 401 shares of the company's stock valued at $41,000 after purchasing an additional 311 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in LCI Industries by 535.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 521 shares of the company's stock valued at $46,000 after purchasing an additional 439 shares in the last quarter. SouthState Corp grew its position in LCI Industries by 4,483.3% during the first quarter. SouthState Corp now owns 550 shares of the company's stock valued at $48,000 after purchasing an additional 538 shares in the last quarter. Covestor Ltd grew its position in LCI Industries by 15.7% during the first quarter. Covestor Ltd now owns 885 shares of the company's stock valued at $77,000 after purchasing an additional 120 shares in the last quarter. Finally, Vestcor Inc purchased a new position in LCI Industries during the first quarter valued at approximately $158,000. 99.71% of the stock is owned by hedge funds and other institutional investors.

LCI Industries Stock Performance

Shares of NYSE LCII traded down $1.60 during trading hours on Thursday, hitting $106.38. 165,149 shares of the stock were exchanged, compared to its average volume of 385,889. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.80 and a quick ratio of 1.34. The company's 50 day moving average is $98.12 and its 200 day moving average is $92.52. The firm has a market capitalization of $2.58 billion, a P/E ratio of 17.76 and a beta of 1.25. LCI Industries has a one year low of $72.31 and a one year high of $129.38.

LCI Industries (NYSE:LCII - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.17. The business had revenue of $1.11 billion during 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%. LCI Industries's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.40 EPS. On average, research analysts expect that LCI Industries will post 6.76 EPS for the current year.

LCI Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, August 29th. LCI Industries's dividend payout ratio is currently 76.79%.

LCI Industries announced that its board has initiated a stock buyback program on Thursday, May 15th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

LCII has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of LCI Industries from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Truist Financial lifted their target price on shares of LCI Industries from $80.00 to $88.00 and gave the company a "hold" rating in a research note on Tuesday, June 3rd. Robert W. Baird reduced their target price on shares of LCI Industries from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Finally, BMO Capital Markets lifted their target price on shares of LCI Industries from $80.00 to $85.00 and gave the company an "underperform" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $103.25.

About LCI Industries

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.