Millennium Management LLC Purchases 526,378 Shares of LCI Industries $LCII

Key Points

• Millennium Management LLC significantly increased its holdings in LCI Industries by 482.2% in the first quarter, owning 2.52% of the company, valued at approximately $55.57 million.
• LCI Industries reported a quarterly earnings per share of $2.39, exceeding analyst estimates, and had a revenue of $1.11 billion, marking a 5.1% increase year-over-year.
• The company has authorized a $300 million share repurchase plan, indicating management's belief that the stock may be undervalued.

Millennium Management LLC raised its holdings in LCI Industries (NYSE:LCII - Free Report) by 482.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 635,540 shares of the company's stock after buying an additional 526,378 shares during the period. Millennium Management LLC owned about 2.52% of LCI Industries worth $55,565,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in LCII. Northern Trust Corp increased its stake in shares of LCI Industries by 12.9% during 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 period. Ameriprise Financial Inc. increased its stake in shares of LCI Industries by 3.1% during the fourth quarter. Ameriprise Financial Inc. now owns 112,356 shares of the company's stock worth $11,617,000 after purchasing an additional 3,349 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of LCI Industries by 1.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 52,537 shares of the company's stock worth $5,432,000 after purchasing an additional 740 shares during the period. Crestline Management LP bought a new position in shares of LCI Industries during the fourth quarter worth approximately $257,000. Finally, Deutsche Bank AG increased its stake in shares of LCI Industries by 48.4% during the fourth quarter. Deutsche Bank AG now owns 22,301 shares of the company's stock worth $2,306,000 after purchasing an additional 7,270 shares during the period. Institutional investors own 99.71% of the company's stock.

LCI Industries Price Performance

Shares of NYSE LCII traded down $3.69 during mid-day trading on Friday, hitting $100.32. 143,980 shares of the stock traded hands, compared to its average volume of 226,278. 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 has a twelve month low of $72.31 and a twelve month high of $129.38. The company has a market cap of $2.43 billion, a PE ratio of 16.75 and a beta of 1.34. The firm has a 50 day simple moving average of $100.85 and a two-hundred day simple moving average of $92.13.

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

LCI Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were given a $1.15 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $4.60 annualized dividend and a dividend yield of 4.6%. LCI Industries's dividend payout ratio (DPR) is 76.79%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Truist Financial increased their price target on LCI Industries from $80.00 to $88.00 and gave the stock a "hold" rating in a research report on Tuesday, June 3rd. 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, Wall Street Zen downgraded LCI Industries from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $103.25.

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.