Shares of Citi Trends, Inc. (NASDAQ:CTRN) hit a new 52-week high and low during mid-day trading on Monday . The stock traded as low as $31.92 and last traded at $31.10, with a volume of 93965 shares. The stock had previously closed at $30.91.
CTRN has been the topic of several analyst reports. BidaskClub downgraded Citi Trends from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 6th. MKM Partners raised Citi Trends from a “neutral” rating to a “buy” rating and boosted their target price for the company from $25.00 to $32.00 in a research report on Tuesday, March 20th.
The stock has a market cap of $424.70, a price-to-earnings ratio of 24.53 and a beta of 0.21.
Citi Trends (NASDAQ:CTRN) last released its earnings results on Friday, March 16th. The company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.06. The firm had revenue of $212.14 million for the quarter, compared to the consensus estimate of $211.00 million. Citi Trends had a return on equity of 8.39% and a net margin of 1.93%. The company’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. equities research analysts forecast that Citi Trends, Inc. will post 1.63 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 20th. Stockholders of record on Tuesday, March 6th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Monday, March 5th. Citi Trends’s dividend payout ratio is currently 25.40%.
Citi Trends declared that its board has authorized a stock buyback plan on Friday, March 16th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTRN. BlackRock Inc. grew its position in Citi Trends by 16.8% in the 4th quarter. BlackRock Inc. now owns 1,379,974 shares of the company’s stock valued at $36,514,000 after acquiring an additional 198,714 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Citi Trends by 4.2% during the 4th quarter. Alliancebernstein L.P. now owns 1,125,634 shares of the company’s stock worth $29,784,000 after buying an additional 45,530 shares in the last quarter. State Street Corp grew its position in shares of Citi Trends by 5.7% during the 2nd quarter. State Street Corp now owns 296,756 shares of the company’s stock worth $6,296,000 after buying an additional 15,901 shares in the last quarter. Garnet Equity Capital Holdings Inc. bought a new position in shares of Citi Trends during the 4th quarter worth $6,906,000. Finally, Algert Global LLC grew its position in shares of Citi Trends by 136.1% during the 3rd quarter. Algert Global LLC now owns 233,938 shares of the company’s stock worth $4,648,000 after buying an additional 134,839 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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