M&T Bank Corp Takes Position in LCI Industries (LCII)
M&T Bank Corp bought a new position in LCI Industries (NASDAQ:LCII) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,979 shares of the company’s stock, valued at approximately $203,000.
Other institutional investors have also modified their holdings of the company. Congress Asset Management Co. MA raised its holdings in shares of LCI Industries by 11.4% during the second quarter. Congress Asset Management Co. MA now owns 14,950 shares of the company’s stock worth $1,531,000 after acquiring an additional 1,534 shares in the last quarter. Bowling Portfolio Management LLC raised its holdings in shares of LCI Industries by 39.5% during the second quarter. Bowling Portfolio Management LLC now owns 6,892 shares of the company’s stock worth $706,000 after acquiring an additional 1,953 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of LCI Industries by 4.6% during the second quarter. Great West Life Assurance Co. Can now owns 35,853 shares of the company’s stock worth $3,667,000 after acquiring an additional 1,569 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of LCI Industries by 8.1% during the second quarter. State of New Jersey Common Pension Fund D now owns 200,000 shares of the company’s stock worth $20,480,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Texas Permanent School Fund raised its holdings in shares of LCI Industries by 1.4% during the second quarter. Texas Permanent School Fund now owns 18,183 shares of the company’s stock worth $1,862,000 after acquiring an additional 259 shares in the last quarter.
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In related news, insider Jamie Schnur sold 1,100 shares of the company’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $115.46, for a total value of $127,006.00. Following the completion of the transaction, the insider now directly owns 6,347 shares of the company’s stock, valued at approximately $732,824.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Scott T. Mereness bought 3,000 shares of LCI Industries stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average cost of $94.50 per share, with a total value of $283,500.00. Following the completion of the purchase, the president now owns 204,824 shares in the company, valued at approximately $19,355,868. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 25,210 shares of company stock valued at $2,886,934.
LCII has been the subject of several recent research reports. Robert W. Baird reiterated a “buy” rating and set a $115.00 price objective on shares of LCI Industries in a report on Thursday, September 28th. BidaskClub upgraded LCI Industries from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 3rd. Finally, Zacks Investment Research lowered LCI Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. LCI Industries currently has an average rating of “Hold” and an average price target of $112.33.
Shares of LCI Industries (LCII) opened at 121.70 on Tuesday. LCI Industries has a one year low of $80.65 and a one year high of $121.85. The stock has a market capitalization of $3.03 billion and a price-to-earnings ratio of 21.98. The company’s 50 day moving average price is $108.60 and its 200 day moving average price is $100.31.
LCI Industries (NASDAQ:LCII) last announced its earnings results on Friday, August 4th. The company reported $1.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.03. The firm had revenue of $547.00 million during the quarter, compared to analyst estimates of $507.56 million. LCI Industries had a net margin of 7.33% and a return on equity of 26.74%. The firm’s revenue was up 24.0% on a year-over-year basis. On average, analysts expect that LCI Industries will post $5.78 earnings per share for the current fiscal year.
About LCI Industries
LCI Industries, formerly Drew Industries Incorporated, through its subsidiary, Lippert Components, Inc and its subsidiaries (LCI), supplies an array of components for the original equipment manufacturers (OEMs) of recreational vehicles (RVs) and adjacent industries. The Company’s segments include OEM Segment and Aftermarket Segment.
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