New York State Common Retirement Fund lowered its position in Citi Trends, Inc. (NASDAQ:CTRN) by 21.7% during the 1st quarter, HoldingsChannel reports. The fund owned 13,700 shares of the company’s stock after selling 3,800 shares during the period. New York State Common Retirement Fund’s holdings in Citi Trends were worth $423,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in Citi Trends by 26.4% in the first quarter. JPMorgan Chase & Co. now owns 124,714 shares of the company’s stock worth $3,856,000 after acquiring an additional 26,082 shares in the last quarter. BlackRock Inc. boosted its holdings in Citi Trends by 2.3% in the first quarter. BlackRock Inc. now owns 1,412,244 shares of the company’s stock worth $43,653,000 after acquiring an additional 32,270 shares in the last quarter. Northern Trust Corp boosted its holdings in Citi Trends by 1.3% in the first quarter. Northern Trust Corp now owns 191,337 shares of the company’s stock worth $5,914,000 after acquiring an additional 2,379 shares in the last quarter. Alambic Investment Management L.P. boosted its holdings in Citi Trends by 222.2% in the first quarter. Alambic Investment Management L.P. now owns 54,771 shares of the company’s stock worth $1,693,000 after acquiring an additional 37,771 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Citi Trends by 29.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 127,070 shares of the company’s stock worth $3,928,000 after acquiring an additional 28,815 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.
In other news, Director Jonathan Duskin sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $29.94, for a total value of $359,280.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 8.41% of the stock is owned by company insiders.
Shares of Citi Trends opened at $28.66 on Wednesday, MarketBeat reports. The company has a market capitalization of $374.75 million, a price-to-earnings ratio of 19.43 and a beta of 0.22. Citi Trends, Inc. has a 52-week low of $17.43 and a 52-week high of $32.49.
Citi Trends (NASDAQ:CTRN) last posted its earnings results on Wednesday, May 23rd. The company reported $0.83 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.07). Citi Trends had a net margin of 2.22% and a return on equity of 9.21%. The company had revenue of $211.03 million during the quarter, compared to the consensus estimate of $210.70 million. During the same quarter in the prior year, the business earned $0.60 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. equities analysts expect that Citi Trends, Inc. will post 1.63 EPS for the current year.
Citi Trends declared that its board has authorized a share buyback plan on Friday, March 16th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 19th. Stockholders of record on Tuesday, June 5th were issued a $0.08 dividend. The ex-dividend date was Monday, June 4th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.12%. Citi Trends’s dividend payout ratio is presently 25.40%.
Several brokerages have issued reports on CTRN. ValuEngine upgraded Citi Trends from a “hold” rating to a “buy” rating in a report on Wednesday, May 16th. BidaskClub upgraded Citi Trends from a “hold” rating to a “buy” rating in a report on Saturday, March 24th. Finally, MKM Partners upgraded Citi Trends from a “neutral” rating to a “buy” rating and increased their price target for the stock from $25.00 to $32.00 in a report on Tuesday, March 20th.
About Citi Trends
Citi Trends, Inc operates as a value-priced retailer of urban fashion apparel and accessories. The company offers apparel, including fashion sportswear for men and women, as well as children, such as newborns, infants, toddlers, boys, and girls; accessories comprising handbags, jewelry, footwear, belts, intimate apparel, scrubs, and sleepwear; and functional and decorative home products, as well as beauty products, books, and toys.
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