Reinhart Partners LLC. Buys 1,080,072 Shares of YETI Holdings, Inc. $YETI

Key Points

• Reinhart Partners LLC increased its position in YETI Holdings, acquiring an additional 1,080,072 shares during the second quarter, bringing its total ownership to 2,142,818 shares.
• YETI Holdings reported a 2.4% increase in stock price with a current market cap of $2.89 billion, despite a 3.8% decline in revenue compared to the previous year.
• Analysts have mixed ratings for YETI, with five assigning a Buy rating and nine a Hold rating, while Citigroup raised its target price to $44.00.

Reinhart Partners LLC. increased its stake in shares of YETI Holdings, Inc. (NYSE:YETI - Free Report) by 101.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,142,818 shares of the company's stock after purchasing an additional 1,080,072 shares during the period. YETI accounts for 2.3% of Reinhart Partners LLC.'s investment portfolio, making the stock its 19th largest position. Reinhart Partners LLC. owned about 2.59% of YETI worth $67,542,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the stock. Costello Asset Management INC bought a new stake in shares of YETI during the first quarter valued at about $25,000. Parallel Advisors LLC grew its stake in YETI by 61.6% during the second quarter. Parallel Advisors LLC now owns 984 shares of the company's stock valued at $31,000 after acquiring an additional 375 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in YETI during the 1st quarter worth approximately $34,000. LRI Investments LLC purchased a new stake in YETI in the 1st quarter worth approximately $65,000. Finally, Quarry LP lifted its stake in YETI by 815.4% in the 1st quarter. Quarry LP now owns 2,682 shares of the company's stock worth $89,000 after purchasing an additional 2,389 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group restated a "buy" rating on shares of YETI in a research report on Tuesday. Raymond James Financial restated an "outperform" rating and set a $37.00 target price (up from $34.00) on shares of YETI in a research report on Friday, August 8th. UBS Group upped their target price on YETI from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Citigroup raised their price target on YETI from $36.00 to $44.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Stifel Nicolaus boosted their price objective on YETI from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Friday, August 8th. Five equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, YETI presently has a consensus rating of "Hold" and an average price target of $38.54.

YETI Price Performance

YETI stock traded up $0.46 during mid-day trading on Thursday, hitting $35.85. 1,540,633 shares of the stock were exchanged, compared to its average volume of 1,487,119. The business has a fifty day moving average price of $35.38 and a 200 day moving average price of $32.52. YETI Holdings, Inc. has a 12 month low of $26.61 and a 12 month high of $45.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.52 and a quick ratio of 1.48. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 2.50 and a beta of 1.86.

YETI (NYSE:YETI - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.12. The company had revenue of $445.89 million for the quarter, compared to analysts' expectations of $461.73 million. YETI had a return on equity of 24.60% and a net margin of 9.73%.YETI's revenue for the quarter was down 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.70 EPS. YETI has set its FY 2025 guidance at 2.340-2.480 EPS. On average, sell-side analysts anticipate that YETI Holdings, Inc. will post 2.57 EPS for the current year.

About YETI

YETI Holdings, Inc designs, retails, and distributes products for the outdoor and recreation market under the YETI brand. It offers coolers and equipment, including hard and soft coolers, cargo, bags, outdoor living, and associated accessories, as well as backpacks, duffel bags, luggage, packing cubes, carryalls, camp chairs, blankets, dog beds, dog bowls, and gear cases under the LoadOut, Panga, Crossroads, Camino, Hondo Base, Trailhead, Lowlands, Boomer, and SideKick Dry brands.