LCI Industries $LCII Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in LCI Industries by 1.8%, owning approximately 1.24% of the company, valued at $27.46 million, after selling 5,682 shares in the first quarter.
• LCI Industries announced a $300 million share buyback plan, indicating management believes its shares are undervalued, allowing for the repurchase of up to 13.4% of its stock.
• The company recently reported $2.39 earnings per share (EPS) for the quarter, exceeding analysts' estimates, and achieved a revenue of $1.11 billion, reflecting a 5.1% year-over-year increase.

Northern Trust Corp decreased its position in shares of LCI Industries (NYSE:LCII - Free Report) by 1.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314,060 shares of the company's stock after selling 5,682 shares during the period. Northern Trust Corp owned approximately 1.24% of LCI Industries worth $27,458,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. LRI Investments LLC boosted its stake in shares of 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 during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of 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 during the period. SouthState Corp lifted its stake in LCI Industries by 4,483.3% in the first quarter. SouthState Corp now owns 550 shares of the company's stock worth $48,000 after acquiring an additional 538 shares during the period. Covestor Ltd lifted its stake in LCI Industries by 15.7% in the first quarter. Covestor Ltd now owns 885 shares of the company's stock worth $77,000 after acquiring an additional 120 shares during the period. Finally, Vestcor Inc purchased a new stake in shares of LCI Industries during the first quarter valued at about $158,000. Institutional investors own 99.71% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen lowered shares of LCI Industries from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. BMO Capital Markets increased their price target on shares of LCI Industries from $80.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday, August 6th. Robert W. Baird dropped their price objective on shares of LCI Industries from $100.00 to $95.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Finally, Truist Financial raised their price objective on shares of LCI Industries from $80.00 to $88.00 and gave the stock a "hold" rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $103.25.

LCI Industries Trading Up 2.0%

Shares of LCII stock traded up $2.06 on Thursday, hitting $105.11. 51,985 shares of the stock traded hands, compared to its average volume of 379,801. The firm's 50-day moving average price is $99.62 and its two-hundred day moving average price is $92.41. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.34 and a current ratio of 2.80. The stock has a market capitalization of $2.55 billion, a PE ratio of 17.54 and a beta of 1.34. LCI Industries has a twelve month low of $72.31 and a twelve month high of $129.38.

LCI Industries (NYSE:LCII - Get Free Report) last posted 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 net margin of 3.93% and a return on equity of 11.57%. The company had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.07 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. LCI Industries's revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, analysts anticipate that LCI Industries will post 6.76 EPS for the current year.

LCI Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 4.4%. 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 of Directors has initiated a stock buyback program on Thursday, May 15th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 13.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

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.