Lord Abbett & CO. LLC Raises Stock Position in YETI Holdings, Inc. $YETI

Key Points

• Lord Abbett & CO. LLC increased its holdings in YETI Holdings, Inc. by 36.0% in the first quarter, owning over 1.09 million shares valued at approximately $36 million.
• Several large investors, including Russell Investments Group Ltd. and Public Sector Pension Investment Board, have also boosted their stakes in YETI during the same period.
• The stock currently has an average rating of "Hold" from analysts, with a consensus target price of $38.54, reflecting mixed expectations for the company's performance.

Lord Abbett & CO. LLC raised its position in YETI Holdings, Inc. (NYSE:YETI - Free Report) by 36.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,093,357 shares of the company's stock after purchasing an additional 289,708 shares during the quarter. Lord Abbett & CO. LLC owned about 1.32% of YETI worth $36,190,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in YETI. Mystic Asset Management Inc. lifted its stake in shares of YETI by 2.0% in the first quarter. Mystic Asset Management Inc. now owns 19,278 shares of the company's stock valued at $638,000 after purchasing an additional 375 shares during the period. Azzad Asset Management Inc. ADV grew its holdings in YETI by 1.0% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 51,779 shares of the company's stock valued at $1,994,000 after purchasing an additional 497 shares during the period. Assetmark Inc. boosted its position in YETI by 9.7% in the 1st quarter. Assetmark Inc. now owns 6,421 shares of the company's stock valued at $213,000 after buying an additional 568 shares during the last quarter. Costello Asset Management INC acquired a new stake in shares of YETI during the first quarter valued at about $25,000. Finally, Bridge City Capital LLC increased its stake in shares of YETI by 1.3% in the first quarter. Bridge City Capital LLC now owns 58,887 shares of the company's stock worth $1,949,000 after buying an additional 755 shares during the last quarter.

YETI Price Performance

Shares of YETI stock traded up $0.07 during trading on Friday, reaching $33.98. 1,453,172 shares of the stock traded hands, compared to its average volume of 2,819,635. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 16.18, a P/E/G ratio of 2.77 and a beta of 1.84. YETI Holdings, Inc. has a 52-week low of $26.61 and a 52-week high of $45.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.52 and a quick ratio of 1.48. The business has a fifty day simple moving average of $33.44 and a two-hundred day simple moving average of $32.74.

YETI (NYSE:YETI - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.12. YETI had a net margin of 9.73% and a return on equity of 24.60%. The firm had revenue of $445.89 million for the quarter, compared to analyst estimates of $461.73 million. During the same period in the previous year, the company earned $0.70 earnings per share. The business's quarterly revenue was down 3.8% compared to the same quarter last year. Sell-side analysts expect that YETI Holdings, Inc. will post 2.57 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on YETI shares. Cowen restated a "hold" rating on shares of YETI in a research report on Friday, August 8th. Piper Sandler reduced their price objective on shares of YETI from $52.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Raymond James Financial reiterated an "outperform" rating and issued a $37.00 target price (up previously from $34.00) on shares of YETI in a report on Friday, August 8th. Jefferies Financial Group restated a "buy" rating and issued a $55.00 price objective on shares of YETI in a report on Monday, May 5th. Finally, The Goldman Sachs Group decreased their target price on YETI from $41.00 to $29.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $38.54.

About YETI

YETI Holdings, Inc designs, retails, and distributes products for the outdoor and recreation market under the YETI brand. It offers coolers and equipment, including hard and soft coolers, cargo, bags, outdoor living, and associated accessories, as well as backpacks, duffel bags, luggage, packing cubes, carryalls, camp chairs, blankets, dog beds, dog bowls, and gear cases under the LoadOut, Panga, Crossroads, Camino, Hondo Base, Trailhead, Lowlands, Boomer, and SideKick Dry brands.