YETI (NYSE:YETI) Price Target Cut to $50.00 by Analysts at Citigroup

YETI (NYSE:YETI) had its target price cut by Citigroup from $53.00 to $50.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the company. Morgan Stanley decreased their price objective on YETI from $49.00 to $48.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 27th. Canaccord Genuity Group cut their target price on shares of YETI from $46.00 to $42.00 and set a “hold” rating on the stock in a research report on Friday. UBS Group set a $44.00 price objective on shares of YETI in a research report on Thursday, October 15th. Piper Sandler lowered shares of YETI from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $58.00 to $39.00 in a report on Friday. Finally, Robert W. Baird decreased their price objective on YETI from $57.00 to $50.00 and set an “outperform” rating for the company in a report on Friday. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.67.

YETI Price Performance

Shares of NYSE YETI traded up $1.04 during trading on Friday, reaching $39.34. The company had a trading volume of 4,652,515 shares, compared to its average volume of 1,810,075. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 1.77. YETI has a 52 week low of $34.90 and a 52 week high of $53.99. The stock has a market cap of $2.87 billion, a PE ratio of 16.33, a PEG ratio of 1.01 and a beta of 1.63. The business’s 50 day moving average price is $42.09 and its 200-day moving average price is $43.84.

YETI (NYSE:YETI) last posted its quarterly earnings results on Thursday, November 12th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. YETI had a return on equity of 27.19% and a net margin of 9.39%. The company had revenue of $509.42 million for the quarter, compared to the consensus estimate of $523.07 million. During the same quarter in the prior year, the business posted $0.48 EPS. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. Analysts expect that YETI will post 2.56 earnings per share for the current year.

Hedge Funds Weigh In On YETI

A number of institutional investors and hedge funds have recently made changes to their positions in YETI. Reinhart Partners LLC. lifted its holdings in shares of YETI by 5.1% during the 2nd quarter. Reinhart Partners LLC. now owns 3,277,296 shares of the company’s stock valued at $162,423,000 after buying an additional 158,957 shares during the period. Dimensional Fund Advisors LP raised its holdings in YETI by 3.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,887,097 shares of the company’s stock valued at $69,043,000 after buying an additional 70,273 shares during the period. Quantinno Capital Management LP grew its stake in shares of YETI by 46.0% during the first quarter. Quantinno Capital Management LP now owns 1,871,188 shares of the company’s stock valued at $68,467,000 after buying an additional 589,205 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in YETI in the 2nd quarter worth about $57,971,000. Finally, Fort Washington Investment Advisors Inc. OH raised its position in YETI by 38.5% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 847,874 shares of the company’s stock valued at $34,780,000 after purchasing an additional 235,490 shares in the last quarter.

YETI News Roundup

Investors following YETI have been watching these news items:

• Positive Sentiment: Third-quarter EPS was $0.91, above the roughly $0.84 consensus, while adjusted sales rose 6% to $518 million. International sales increased 19% to $119 million, offering a bright spot. Article: YETI: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Several firms cut price targets, but many maintained bullish ratings: Citigroup and Stifel kept “buy,” while Roth Capital, KeyCorp and Baird also retained positive ratings. The lower targets nevertheless reflect more cautious expectations. Citigroup rating
• Negative Sentiment: Piper Sandler downgraded YETI from “overweight” to “neutral” and cut its price target to $39 from $58. Canaccord also moved to “hold,” while multiple other analysts reduced targets, reinforcing the cautious outlook. Piper Sandler rating

About YETI

YETI Holdings, Inc. designs, markets and distributes premium outdoor products. Founded in 2006 by brothers Roy and Ryan Seiders, the company is headquartered in Austin, Texas. Its product lineup includes hard and soft coolers, insulated drinkware, bags, outdoor and camping equipment, and related accessories. YETI sells through its website, company-operated stores and a network of retail partners. The company serves customers in the United States and international markets, including Canada, Europe, Australia and parts of Asia.