Magnetar Financial LLC Invests $1.08 Million in LCI Industries $LCII

Key Points

• Magnetar Financial LLC has acquired a new stake in LCI Industries, purchasing 12,325 shares valued at approximately $1,078,000 in the 1st quarter.
• LCI Industries has reported a quarterly earnings per share of $2.39, surpassing the consensus estimate of $2.22, indicating strong performance despite a stock price drop of 1.1% recently.
• The company has announced a quarterly dividend of $1.15 per share, resulting in an annualized dividend yield of 4.4%, and has a share repurchase plan allowing up to $300 million in share buybacks.

Magnetar Financial LLC bought a new position in shares of LCI Industries (NYSE:LCII - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,325 shares of the company's stock, valued at approximately $1,078,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of LCII. Boston Partners acquired a new stake in LCI Industries during the first quarter worth approximately $20,721,000. Jane Street Group LLC grew its position in LCI Industries by 651.1% during the first quarter. Jane Street Group LLC now owns 234,864 shares of the company's stock worth $20,534,000 after buying an additional 203,594 shares in the last quarter. Nuveen LLC acquired a new stake in LCI Industries during the first quarter worth approximately $8,355,000. Dimensional Fund Advisors LP grew its position in LCI Industries by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,326,349 shares of the company's stock worth $115,961,000 after buying an additional 89,230 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in LCI Industries by 9.3% during the first quarter. Victory Capital Management Inc. now owns 695,508 shares of the company's stock worth $60,808,000 after buying an additional 59,233 shares in the last quarter. Institutional investors and hedge funds own 99.71% of the company's stock.

Analyst Ratings Changes

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

LCI Industries Stock Down 0.4%

LCI Industries stock traded down $0.46 during midday trading on Wednesday, reaching $102.89. The stock had a trading volume of 170,278 shares, compared to its average volume of 381,813. LCI Industries has a 12 month low of $72.31 and a 12 month high of $129.38. The company has a market capitalization of $2.49 billion, a P/E ratio of 17.18 and a beta of 1.34. The company has a fifty day moving average price of $99.35 and a two-hundred day moving average price of $92.34. The company has a current ratio of 2.80, a quick ratio of 1.34 and a debt-to-equity ratio of 0.68.

LCI Industries (NYSE:LCII - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.22 by $0.17. LCI Industries had a return on equity of 11.57% and a net margin of 3.93%.The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the company posted $2.40 EPS. The firm's revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts expect that LCI Industries will post 6.76 EPS for the current fiscal year.

LCI Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.15 per share. The ex-dividend date is Friday, August 29th. This represents a $4.60 dividend on an annualized basis and a yield of 4.5%. LCI Industries's payout ratio is 76.79%.

LCI Industries declared that its board has initiated a share repurchase plan on Thursday, May 15th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to buy up to 13.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its shares are undervalued.

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.