Citi Trends (NASDAQ:CTRN) Lifted to Hold at BidaskClub

BidaskClub upgraded shares of Citi Trends (NASDAQ:CTRN) from a sell rating to a hold rating in a research note released on Thursday, March 15th.

CTRN traded up $0.18 during trading hours on Thursday, reaching $32.00. 113,651 shares of the stock traded hands, compared to its average volume of 182,416. The firm has a market cap of $439.68, a price-to-earnings ratio of 25.40 and a beta of 0.22. Citi Trends has a fifty-two week low of $15.54 and a fifty-two week high of $32.30.

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Citi Trends (NASDAQ:CTRN) last released its quarterly earnings results on Friday, March 16th. The company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.06. The business had revenue of $212.14 million during 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 business’s revenue was up 14.4% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. analysts forecast that Citi Trends will post 1.63 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 20th. Investors of record on Tuesday, March 6th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Monday, March 5th. Citi Trends’s payout ratio is 25.40%.

Citi Trends announced that its board has authorized a share buyback plan on Friday, March 16th that permits the company to buyback $25.00 million in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

In other Citi Trends news, VP Ivy D. Council sold 4,156 shares of the firm’s stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $30.71, for a total transaction of $127,630.76. Following the completion of the transaction, the vice president now directly owns 80,984 shares of the company’s stock, valued at approximately $2,487,018.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Christina Short sold 2,752 shares of the firm’s stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $30.91, for a total transaction of $85,064.32. Following the transaction, the senior vice president now directly owns 50,078 shares of the company’s stock, valued at $1,547,910.98. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. grew its holdings in Citi Trends by 10.9% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 30,934 shares of the company’s stock worth $819,000 after acquiring an additional 3,040 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in Citi Trends during the 4th quarter worth $519,000. Sterling Capital Management LLC acquired a new position in Citi Trends during the 4th quarter worth $884,000. MetLife Investment Advisors LLC acquired a new position in Citi Trends during the 4th quarter worth $226,000. Finally, Macquarie Group Ltd. grew its holdings in Citi Trends by 883.9% during the 4th 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. 88.82% of the stock is owned by institutional investors.

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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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