Nuveen LLC Makes New $121.99 Million Investment in Citi Trends, Inc. (NASDAQ:CTRN)

Key Points

• Nuveen LLC acquired a new stake in Citi Trends, Inc. during the first quarter, purchasing 5,510,012 shares valued at approximately $121.99 million.
• Several hedge funds, including JPMorgan Chase & Co. and Shay Capital LLC, significantly increased their stakes in Citi Trends, indicating growing interest in the company.
• Analysts have downgraded Citi Trends' stock from a "buy" to a "hold" rating, reflecting a shift in market sentiment regarding the company's future performance.

Nuveen LLC bought a new position in Citi Trends, Inc. (NASDAQ:CTRN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,510,012 shares of the company's stock, valued at approximately $121,992,000. Nuveen LLC owned about 66.56% of Citi Trends at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. GAMMA Investing LLC purchased a new stake in Citi Trends during the 1st quarter valued at $63,000. Wells Fargo & Company MN boosted its holdings in shares of Citi Trends by 22.8% during the 4th quarter. Wells Fargo & Company MN now owns 3,745 shares of the company's stock valued at $98,000 after purchasing an additional 695 shares during the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Citi Trends during the 4th quarter valued at about $105,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Citi Trends during the 4th quarter valued at about $214,000. Finally, Envestnet Asset Management Inc. purchased a new stake in Citi Trends in the 4th quarter worth about $225,000.

Insider Activity at Citi Trends

In related news, VP Katrina George sold 750 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $33.94, for a total value of $25,455.00. Following the transaction, the vice president directly owned 6,150 shares of the company's stock, valued at $208,731. This trade represents a 10.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 10.70% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Citi Trends from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th.

Citi Trends Trading Down 1.9%

CTRN traded down $0.64 on Thursday, reaching $32.69. The stock had a trading volume of 48,072 shares, compared to its average volume of 51,536. The company has a market cap of $271.00 million, a P/E ratio of -7.00 and a beta of 2.05. The business's 50-day moving average price is $31.14 and its two-hundred day moving average price is $26.24. Citi Trends, Inc. has a 12-month low of $13.65 and a 12-month high of $34.63.

Citi Trends (NASDAQ:CTRN - Get Free Report) last posted its quarterly earnings results on Tuesday, June 3rd. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of ($0.19) by $0.36. The firm had revenue of $201.73 million for the quarter, compared to analyst estimates of $195.76 million. Citi Trends had a negative net margin of 5.06% and a negative return on equity of 27.90%. During the same period in the previous year, the business posted ($0.32) earnings per share.

Citi Trends Company Profile

Citi Trends, Inc operates as a value retailer of fashion apparel, accessories, and home goods. The company offers apparel, such as fashion sportswear and footwear for men and ladies, as well as apparel for kids, including newborns, infants, toddlers, boys, and girls; sleepwear, lingerie, and scrubs for ladies; and kids uniforms and accessories.