LCI Industries (NYSE:LCII) Cut to Hold at Wall Street Zen

Key Points

• LCI Industries' stock rating has been downgraded from "buy" to "hold" by Wall Street Zen, reflecting a shift in analysts' perspectives on the company.
• The company reported earnings of $2.19 per share for the last quarter, exceeding expectations and indicating strong quarterly revenue growth of 8% year-over-year.
• LCI Industries has approved a stock buyback program worth $300 million, which typically signals management's belief that the company's shares are undervalued.

Wall Street Zen cut shares of LCI Industries (NYSE:LCII - Free Report) from a buy rating to a hold rating in a report published on Saturday.

LCII has been the topic of a number of other research reports. Truist Financial increased their target price on shares of LCI Industries from $80.00 to $88.00 and gave the stock a "hold" rating in a research report on Tuesday, June 3rd. Baird R W cut shares of LCI Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Robert W. Baird cut their price objective on shares of LCI Industries from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $108.60.

LCI Industries Stock Down 0.2%

Shares of NYSE LCII traded down $0.18 on Friday, hitting $95.86. The company had a trading volume of 110,090 shares, compared to its average volume of 394,485. The business has a 50 day moving average of $93.85 and a two-hundred day moving average of $92.70. LCI Industries has a 12-month low of $72.31 and a 12-month high of $129.38. The firm has a market capitalization of $2.42 billion, a P/E ratio of 15.71 and a beta of 1.25. The company has a quick ratio of 1.41, a current ratio of 2.96 and a debt-to-equity ratio of 0.68.

LCI Industries (NYSE:LCII - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.22 by $0.17. LCI Industries had a return on equity of 11.63% and a net margin of 4.08%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the business earned $2.40 earnings per share. The firm's revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that LCI Industries will post 6.76 earnings per share for the current fiscal year.

LCI Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $1.15 dividend. The ex-dividend date was Friday, May 30th. This represents a $4.60 annualized dividend and a dividend yield of 4.8%. LCI Industries's dividend payout ratio is presently 75.41%.

LCI Industries announced that its Board of Directors has authorized a share buyback program on Thursday, May 15th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of LCI Industries

Several hedge funds have recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of LCI Industries during the 2nd quarter valued at $26,000. NewSquare Capital LLC lifted its position in shares of LCI Industries by 23.1% during the second quarter. NewSquare Capital LLC now owns 75,500 shares of the company's stock worth $6,885,000 after purchasing an additional 14,163 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of LCI Industries by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 347,608 shares of the company's stock worth $31,698,000 after purchasing an additional 5,592 shares in the last quarter. Bank of Montreal Can increased its stake in shares of LCI Industries by 70.4% in the second quarter. Bank of Montreal Can now owns 435,844 shares of the company's stock worth $39,745,000 after buying an additional 180,060 shares during the last quarter. Finally, World Investment Advisors bought a new stake in LCI Industries during the second quarter valued at $264,000. Institutional investors and hedge funds own 99.71% of the company's stock.

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.