Sei Investments Co. Buys 22,964 Shares of Citi Trends, Inc. $CTRN

Key Points

• Sei Investments more than doubled its Citi Trends stake in the first quarter, buying 22,964 additional shares to own 45,536 shares valued at approximately $1.97 million, or 0.55% of the company.
• Analyst sentiment is broadly positive: Citi Trends has a consensus “Moderate Buy” rating and a $73 target price, while DA Davidson raised its target to $73.
• Citi Trends reported a strong quarterly performance, with earnings of $0.91 per share versus the $0.32 consensus estimate and revenue of $230.86 million, above expectations of $217.42 million.

Sei Investments Co. increased its stake in Citi Trends, Inc. (NASDAQ:CTRN - Free Report) by 101.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,536 shares of the company's stock after purchasing an additional 22,964 shares during the period. Sei Investments Co. owned approximately 0.55% of Citi Trends worth $1,973,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CTRN. BNP Paribas Financial Markets grew its stake in shares of Citi Trends by 143.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company's stock worth $33,000 after acquiring an additional 619 shares in the last quarter. New York State Common Retirement Fund grew its position in Citi Trends by 175.0% in the fourth quarter. New York State Common Retirement Fund now owns 1,100 shares of the company's stock valued at $46,000 after purchasing an additional 700 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Citi Trends in the 4th quarter valued at $51,000. Meeder Asset Management Inc. lifted its position in Citi Trends by 277.1% during the 4th quarter. Meeder Asset Management Inc. now owns 1,648 shares of the company's stock worth $68,000 after buying an additional 1,211 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Citi Trends by 46.2% during the 4th quarter. Wells Fargo & Company MN now owns 5,356 shares of the company's stock worth $223,000 after buying an additional 1,693 shares during the last quarter.

Analyst Ratings Changes

CTRN has been the topic of a number of recent research reports. Wall Street Zen raised Citi Trends from a "hold" rating to a "buy" rating in a research report on Monday, June 29th. Weiss Ratings upgraded Citi Trends from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 29th. Finally, DA Davidson raised their target price on shares of Citi Trends from $68.00 to $73.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Citi Trends currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Citi Trends Stock Performance

NASDAQ CTRN opened at $72.69 on Monday. The stock has a market cap of $605.51 million, a PE ratio of 52.30 and a beta of 1.82. The firm has a 50-day moving average of $58.89 and a 200-day moving average of $50.15. Citi Trends, Inc. has a 52-week low of $29.20 and a 52-week high of $73.39.

Citi Trends (NASDAQ:CTRN - Get Free Report) last released its quarterly earnings results on Tuesday, June 2nd. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.59. The firm had revenue of $230.86 million for the quarter, compared to analysts' expectations of $217.42 million. Citi Trends had a net margin of 1.42% and a return on equity of 2.09%. During the same period in the prior year, the firm earned $0.11 EPS.

About Citi Trends

Citi Trends, Inc NASDAQ: CTRN is an off-price retail apparel chain that focuses on value-priced urban fashion apparel and accessories for men, women, and children. Headquartered in Savannah, Georgia, the company offers a broad assortment of merchandise, including denim, sportswear, activewear, and seasonal styles, complemented by footwear, jewelry, cosmetics, and home goods. Through its purchasing model, Citi Trends sources closeouts, overstocks and canceled orders from name-brand vendors, enabling it to offer trending styles at competitive price points.

The company operates more than 500 stores across the Southeastern and Mid-Atlantic regions of the United States, with typical store footprints of approximately 11,000 square feet.

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