Principal Financial Group Inc. Decreases Position in LCI Industries (NYSE:LCII)

Principal Financial Group Inc. cut its stake in shares of LCI Industries (NYSE:LCII - Free Report) by 9.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 582,866 shares of the company's stock after selling 60,641 shares during the period. Principal Financial Group Inc. owned about 2.31% of LCI Industries worth $50,960,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of LCI Industries by 6.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 436,423 shares of the company's stock valued at $45,122,000 after acquiring an additional 25,145 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in LCI Industries by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 367 shares of the company's stock worth $37,000 after acquiring an additional 247 shares during the last quarter. Nuveen Asset Management LLC increased its stake in LCI Industries by 12.7% during the fourth quarter. Nuveen Asset Management LLC now owns 96,725 shares of the company's stock worth $10,000,000 after acquiring an additional 10,924 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in LCI Industries by 17.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 69,145 shares of the company's stock worth $7,149,000 after acquiring an additional 10,498 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in LCI Industries during the fourth quarter worth approximately $558,000. 99.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Truist Financial upped their target price on LCI Industries from $80.00 to $88.00 and gave the stock a "hold" rating in a report on Tuesday, June 3rd. Baird R W downgraded LCI Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Wall Street Zen downgraded LCI Industries from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, 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. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, LCI Industries has an average rating of "Hold" and an average target price of $114.50.

LCI Industries Stock Performance

LCII traded up $0.67 during midday trading on Tuesday, hitting $96.92. 16,097 shares of the company were exchanged, compared to its average volume of 317,478. The company's 50 day simple moving average is $88.77 and its 200 day simple moving average is $93.38. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 15.85 and a beta of 1.26. The company has a current ratio of 2.96, a quick ratio of 1.41 and a debt-to-equity ratio of 0.68. LCI Industries has a 1-year low of $72.31 and a 1-year high of $129.38.

LCI Industries (NYSE:LCII - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.19 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.64. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $972.04 million. LCI Industries had a return on equity of 11.63% and a net margin of 4.08%. The firm's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the firm earned $1.44 EPS. As a group, sell-side analysts predict that LCI Industries will post 6.76 earnings per share for the current year.

LCI Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date was Friday, May 30th. LCI Industries's dividend payout ratio (DPR) is presently 75.41%.

LCI Industries announced that its board has approved a share buyback plan on Thursday, May 15th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 13.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership 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.