Gates Capital Management Inc. Has $76.67 Million Position in YETI Holdings, Inc. $YETI

Key Points

• Gates Capital Management Inc. reduced its stake in YETI Holdings by 34.1% in Q1, decreasing its ownership to 2,316,279 shares, which represents about 1.5% of its portfolio.
• Analysts have a generally positive outlook on YETI, with five rating it as a Buy and a price target consensus of $38.54, up from previous estimates.
• YETI reported earnings of $0.66 per share, exceeding expectations, but faced a revenue decline of 3.8% compared to the same quarter last year.

Gates Capital Management Inc. cut its holdings in shares of YETI Holdings, Inc. (NYSE:YETI - Free Report) by 34.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,316,279 shares of the company's stock after selling 1,198,540 shares during the quarter. YETI comprises 1.5% of Gates Capital Management Inc.'s investment portfolio, making the stock its 24th largest holding. Gates Capital Management Inc. owned approximately 2.80% of YETI worth $76,669,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Costello Asset Management INC acquired a new position in YETI during the 1st quarter valued at $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of YETI during the first quarter valued at about $34,000. LRI Investments LLC acquired a new position in shares of YETI during the first quarter valued at about $65,000. Quarry LP raised its position in shares of YETI by 815.4% during the first quarter. Quarry LP now owns 2,682 shares of the company's stock valued at $89,000 after buying an additional 2,389 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of YETI by 35.2% during the first quarter. Covestor Ltd now owns 4,683 shares of the company's stock valued at $155,000 after buying an additional 1,220 shares during the last quarter.

YETI Price Performance

YETI stock traded down $0.47 during midday trading on Tuesday, reaching $34.69. 1,684,172 shares of the company's stock traded hands, compared to its average volume of 2,116,826. The company has a 50-day simple moving average of $34.50 and a two-hundred day simple moving average of $32.59. YETI Holdings, Inc. has a 1-year low of $26.61 and a 1-year high of $45.25. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 2.48 and a beta of 1.86. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.09.

YETI (NYSE:YETI - Get Free Report) last released its quarterly earnings results 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. YETI had a return on equity of 24.60% and a net margin of 9.73%.The firm had revenue of $445.89 million during the quarter, compared to analysts' expectations of $461.73 million. During the same period last year, the firm posted $0.70 EPS. The business's revenue was down 3.8% on a year-over-year basis. YETI has set its FY 2025 guidance at 2.340-2.480 EPS. On average, analysts anticipate that YETI Holdings, Inc. will post 2.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Citigroup upped 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. Piper Sandler cut their price target on YETI from $52.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Cowen restated a "hold" rating on shares of YETI in a research note on Friday, August 8th. Canaccord Genuity Group upped their target price on YETI from $33.00 to $34.00 and gave the company a "hold" rating in a research note on Friday, August 8th. Finally, Stifel Nicolaus increased their price objective on shares of YETI from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $38.54.

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.