Bank of America Corp DE Has $22.18 Million Position in LCI Industries (NYSE:LCII)

Bank of America Corp DE trimmed its stake in shares of LCI Industries (NYSE:LCII - Free Report) by 6.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 214,501 shares of the company's stock after selling 15,289 shares during the quarter. Bank of America Corp DE owned about 0.84% of LCI Industries worth $22,177,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its position in shares of LCI Industries by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 367 shares of the company's stock valued at $37,000 after purchasing an additional 247 shares during the period. Headlands Technologies LLC purchased a new stake in shares of LCI Industries in the fourth quarter worth about $59,000. Blue Trust Inc. boosted its position in shares of LCI Industries by 60.2% in the fourth quarter. Blue Trust Inc. now owns 623 shares of the company's stock worth $64,000 after buying an additional 234 shares during the period. Covestor Ltd lifted its stake in shares of LCI Industries by 159.3% in the fourth quarter. Covestor Ltd now owns 765 shares of the company's stock worth $79,000 after acquiring an additional 470 shares in the last quarter. Finally, Lido Advisors LLC acquired a new position in shares of LCI Industries in the fourth quarter worth about $201,000. 99.71% of the stock is owned by institutional investors and hedge funds.

LCI Industries Price Performance

Shares of LCII stock traded down $1.42 during mid-day trading on Friday, hitting $87.42. 245,949 shares of the stock traded hands, compared to its average volume of 308,885. LCI Industries has a twelve month low of $72.31 and a twelve month high of $129.38. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 15.61 and a beta of 1.26. The company's 50-day simple moving average is $83.50 and its 200-day simple moving average is $99.10. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.03 and a current ratio of 2.82.

LCI Industries (NYSE:LCII - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.64. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $972.04 million. LCI Industries had a return on equity of 10.28% and a net margin of 3.82%. The firm's revenue for the quarter was up 8.0% on a year-over-year basis. During the same period last year, the firm earned $1.44 EPS. As a group, equities research analysts expect that LCI Industries will post 6.76 earnings per share for the current year.

LCI Industries announced that its Board of Directors 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 purchase up to 13.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

LCI Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a dividend of $1.15 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $4.60 annualized dividend and a dividend yield of 5.26%. LCI Industries's dividend payout ratio is 75.41%.

Analyst Upgrades and Downgrades

LCII has been the topic of several research reports. Truist Financial cut their price objective on LCI Industries from $108.00 to $80.00 and set a "hold" rating on the stock in a research note on Monday, April 14th. CJS Securities upgraded LCI Industries from a "market perform" rating to an "outperform" rating and set a $145.00 price objective on the stock in a research note on Wednesday, February 12th. Robert W. Baird cut their price objective on LCI Industries from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen cut LCI Industries from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, Baird R W cut LCI Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $112.50.

LCI Industries Company 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.