Citi Trends (NASDAQ:CTRN) was upgraded by equities research analysts at MKM Partners from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $32.00 target price on the stock. MKM Partners’ price target indicates a potential upside of 11.19% from the stock’s previous close.
Separately, BidaskClub raised shares of Citi Trends from a “sell” rating to a “hold” rating in a research report on Thursday, March 15th.
Shares of Citi Trends (NASDAQ CTRN) traded up $1.15 during mid-day trading on Tuesday, hitting $28.78. 47,762 shares of the stock were exchanged, compared to its average volume of 108,209. The company has a market capitalization of $363.69, a price-to-earnings ratio of 28.24 and a beta of 0.50. Citi Trends has a twelve month low of $15.54 and a twelve month high of $29.15.
Citi Trends (NASDAQ:CTRN) last announced its quarterly earnings data on Friday, March 16th. The company reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.06. The business had revenue of $212.14 million for the quarter, compared to analyst estimates of $211.00 million. Citi Trends had a net margin of 1.93% and a return on equity of 8.39%. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. analysts forecast that Citi Trends will post 1.63 EPS for the current fiscal year.
Citi Trends announced that its board has initiated a stock buyback program on Friday, March 16th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the business. First Trust Advisors LP bought a new stake in Citi Trends during the third quarter worth $216,000. Paloma Partners Management Co bought a new stake in Citi Trends during the fourth quarter worth $216,000. MetLife Investment Advisors LLC bought a new stake in Citi Trends during the fourth quarter worth $226,000. Macquarie Group Ltd. raised its position in Citi Trends by 883.9% during the fourth quarter. Macquarie Group Ltd. now owns 9,839 shares of the company’s stock worth $260,000 after acquiring an additional 8,839 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Citi Trends by 8.0% during the second quarter. The Manufacturers Life Insurance Company now owns 13,014 shares of the company’s stock worth $276,000 after acquiring an additional 959 shares in the last quarter. 88.82% of the stock is currently owned by hedge funds and other institutional investors.
Citi Trends Company Profile
Citi Trends, Inc is a retailer of urban fashion apparel and accessories. The Company’s segment is retail operations. The Company operates approximately 520 stores in both urban and rural markets in over 30 states. The Company offers products under its brands, such as Citi Steps and Red Ape. The Company’s merchandise includes apparel, accessories and home.
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