JPMorgan Chase & Co. raised its stake in shares of Citi Trends, Inc. (NASDAQ:CTRN) by 60.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,403 shares of the company’s stock after buying an additional 19,021 shares during the period. JPMorgan Chase & Co. owned about 0.34% of Citi Trends worth $857,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of CTRN. Russell Investments Group Ltd. purchased a new position in Citi Trends during the fourth quarter valued at $1,673,000. Dimensional Fund Advisors LP raised its position in shares of Citi Trends by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,245,996 shares of the company’s stock worth $23,474,000 after buying an additional 76,845 shares during the period. FMR LLC raised its position in shares of Citi Trends by 1.9% in the fourth quarter. FMR LLC now owns 1,580,353 shares of the company’s stock worth $29,774,000 after buying an additional 28,900 shares during the period. Teachers Advisors LLC raised its position in shares of Citi Trends by 85.9% in the fourth quarter. Teachers Advisors LLC now owns 58,093 shares of the company’s stock worth $1,094,000 after buying an additional 26,841 shares during the period. Finally, Trexquant Investment LP bought a new position in shares of Citi Trends during the first quarter worth approximately $398,000. Hedge funds and other institutional investors own 90.43% of the company’s stock.
Citi Trends, Inc. (CTRN) traded up 0.24% on Friday, hitting $20.84. 5,972 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $21.09 and a 200-day moving average price of $18.64. Citi Trends, Inc. has a 52-week low of $15.54 and a 52-week high of $22.73. The stock has a market cap of $306.74 million, a P/E ratio of 22.80 and a beta of 0.33.
Citi Trends (NASDAQ:CTRN) last announced its quarterly earnings results on Wednesday, May 17th. The company reported $0.68 EPS for the quarter, meeting the consensus estimate of $0.68. The firm had revenue of $200 million for the quarter, compared to analyst estimates of $197.10 million. Citi Trends had a return on equity of 6.56% and a net margin of 1.92%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. Analysts predict that Citi Trends, Inc. will post $1.30 earnings per share for the current fiscal year.
Citi Trends declared that its board has initiated a stock repurchase plan on Monday, April 10th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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A number of research firms have issued reports on CTRN. ValuEngine raised shares of Citi Trends from a “hold” rating to a “buy” rating in a report on Friday, May 19th. BidaskClub upgraded shares of Citi Trends from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, TheStreet upgraded shares of Citi Trends from a “c+” rating to a “b-” rating in a research report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Citi Trends presently has an average rating of “Hold” and a consensus price target of $19.00.
About Citi Trends
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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