On September 18, 2023, it was reported that First Hawaiian Bank has acquired a new stake in shares of YETI Holdings, Inc. (NYSE:YETI) during the second quarter of this year. According to its latest filing with the Securities and Exchange Commission, the bank purchased 15,120 shares of YETI stock worth approximately $587,000.
YETI had recently announced its quarterly earnings results on August 10th. The company exceeded market expectations by reporting earnings per share (EPS) of $0.51 for the quarter, surpassing the consensus estimate of $0.42 by $0.09. However, its revenue for the quarter stood at $402.56 million as compared to analyst predictions of $410.70 million. Despite falling short in terms of revenue, YETI managed to achieve a return on equity (ROE) of 31.03% and a net margin of 4.19%. Analysts forecast that YETI Holdings, Inc.’s earnings per share for this year will amount to 2.06.
In other news related to YETI, CFO Michael John Mcmullen sold 2,460 shares of the company’s stock in a transaction that took place on August 30th at an average price of $48.08 per share. As a result of this sale, Mcmullen now holds 36,949 shares valued at approximately $1,776,507.92.
These recent developments shed light on how various stakeholders are engaging with YETI Holdings through their actions and investments in the company’s stock.
Source:
– Securities and Exchange Commission Filing
– Detailed financial announcements by YETI Holdings
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Institutional Investors Show Interest in YETI Holdings, Inc. as Analysts Give Varying Ratings
As of September 18, 2023, several institutional investors have made changes to their positions in YETI Holdings, Inc. (NYSE:YETI), a company known for its high-quality outdoor products. Bank of Montreal Can increased its holdings in YETI by a staggering 81.6% during the first quarter. The bank now owns 48,500 shares of the company’s stock valued at $3,082,000 after purchasing an additional 21,789 shares.
Another notable investor is the Commonwealth of Pennsylvania Public School Empls Retrmt SYS, which raised its stake in YETI by 10.5% during the first quarter. They now own 32,120 shares valued at $1,927,000 after acquiring an additional 3,063 shares in the last quarter.
BlackRock Inc., one of the largest investment management firms globally, also increased its stake in YETI by 1.2% during the first quarter. Their total ownership now amounts to 7,372,620 shares valued at $442,208,000.
Yousif Capital Management LLC was another investor that raised its stake in YETI by 1%. The firm now holds 47,220 shares valued at $2,832,000 after acquiring an additional 471 shares.
Additionally, Dimensional Fund Advisors LP increased its stake in YETI by an impressive 24.2%. This institutional investor now owns approximately 629,304 shares valued at $37,759,000.
Shares of YETI opened on the New York Stock Exchange (NYSE) at $47.67 on Monday. Over the past year alone, YETI’s stock has had a low point of $27.86 and reached a high of $51.27.
Currently sitting at a market capitalization of around $4.13 billion with a price-to-earnings (PE) ratio of 62.72, YETI holds a strong position in the outdoor market. The company has a price-to-earnings growth (PEG) ratio of 2.47 and a beta of 2.42, indicating its volatility compared to the overall market.
Based on the company’s performance, several brokerages have recently shared their insights on YETI. Raymond James raised their price target from $48.00 to $55.00 and provided an “outperform” rating for the stock in a research note on August 11th. Canaccord Genuity Group also increased their price target from $54.00 to $58.00, giving YETI a “buy” rating.
However, not all analysts are as optimistic about YETI’s prospects. KeyCorp downgraded the stock from “sector weight” to “underweight,” setting a price target of $34.00.
On the other hand, Bank of America lifted their price target from $45.00 to $50.00, while Morgan Stanley increased theirs from $47.00 to $50.00 and assigned an “equal weight” rating.
According to data from Bloomberg.com, YETI currently holds a consensus rating of “Hold,” with one analyst giving it a sell rating, seven assigning it a hold rating, and seven issuing a buy rating.
In conclusion, YETI Holdings, Inc., continues to attract attention from institutional investors who have been making significant changes to their positions in the company’s stock during the first quarter of this year. With varying opinions from analysts regarding its potential performance, industry observers will be curious to see how these developments shape YETI’s future trajectory in the outdoor products market.
