Bank of New York Mellon Corp Has $29.90 Million Stake in LCI Industries (NYSE:LCII)

Bank of New York Mellon Corp reduced its holdings in shares of LCI Industries (NYSE:LCII) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 342,016 shares of the company’s stock after selling 15,613 shares during the period. Bank of New York Mellon Corp’s holdings in LCI Industries were worth $29,902,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in LCI Industries by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 2,913,270 shares of the company’s stock valued at $301,203,000 after buying an additional 56,794 shares during the period. Dimensional Fund Advisors LP boosted its position in LCI Industries by 7.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,237,119 shares of the company’s stock worth $127,904,000 after purchasing an additional 87,764 shares during the last quarter. Northern Trust Corp lifted its position in shares of LCI Industries by 12.9% during the 4th quarter. Northern Trust Corp now owns 319,742 shares of the company’s stock valued at $33,058,000 after buying an additional 36,505 shares in the last quarter. Frontier Capital Management Co. LLC lifted its holdings in LCI Industries by 5.6% during the fourth quarter. Frontier Capital Management Co. LLC now owns 292,028 shares of the company’s stock valued at $30,193,000 after purchasing an additional 15,408 shares in the last quarter. Finally, Norges Bank purchased a new position in LCI Industries during the fourth quarter valued at approximately $26,402,000. Institutional investors and hedge funds own 99.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LCII. Truist Financial boosted their price objective on shares of LCI Industries from $80.00 to $88.00 and gave the company a “hold” rating in a research report on Tuesday, June 3rd. Robert W. Baird decreased their price target on shares of LCI Industries from $100.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of LCI Industries from a “hold” rating to a “buy” rating in a report on Monday. Finally, Baird R W downgraded shares of LCI Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $114.50.

LCI Industries Price Performance

LCII stock opened at $96.93 on Wednesday. The company has a market capitalization of $2.45 billion, a P/E ratio of 15.89 and a beta of 1.26. LCI Industries has a twelve month low of $72.31 and a twelve month high of $129.38. The business has a 50 day simple moving average of $91.18 and a 200-day simple moving average of $93.28. The company has a current ratio of 2.96, a quick ratio of 1.41 and a debt-to-equity ratio of 0.68.

LCI Industries (NYSE:LCII) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.64. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $972.04 million. LCI Industries had a return on equity of 11.63% and a net margin of 4.08%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the company earned $1.44 EPS. As a group, equities analysts anticipate that LCI Industries will post 6.76 EPS for the current year.

LCI Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 4.75%. The ex-dividend date was Friday, May 30th. LCI Industries’s payout ratio is currently 75.41%.

LCI Industries announced that its board has approved a stock buyback plan on Thursday, May 15th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

LCI Industries Company Profile

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.