Assenagon Asset Management S.A. Sells 9,767 Shares of Citi Trends, Inc. $CTRN

Assenagon Asset Management S.A. trimmed its holdings in shares of Citi Trends, Inc. (NASDAQ:CTRN) by 11.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 77,229 shares of the company’s stock after selling 9,767 shares during the period. Assenagon Asset Management S.A.’s holdings in Citi Trends were worth $3,346,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CTRN. BNP Paribas Financial Markets raised its stake in shares of Citi Trends by 143.3% in the third quarter. BNP Paribas Financial Markets now owns 1,051 shares of the company’s stock worth $33,000 after purchasing an additional 619 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Citi Trends by 175.0% during the fourth quarter. New York State Common Retirement Fund now owns 1,100 shares of the company’s stock valued at $46,000 after buying an additional 700 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Citi Trends in the 4th quarter worth about $51,000. Meeder Asset Management Inc. increased its holdings in Citi Trends by 277.1% in the 4th quarter. Meeder Asset Management Inc. now owns 1,648 shares of the company’s stock worth $68,000 after buying an additional 1,211 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Citi Trends by 7,843.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,355 shares of the company’s stock worth $197,000 after buying an additional 6,275 shares during the last quarter.

Insider Activity at Citi Trends

In other news, Director Margaret L. Jenkins sold 2,000 shares of the firm’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $45.91, for a total value of $91,820.00. Following the transaction, the director owned 14,163 shares of the company’s stock, valued at $650,223.33. This trade represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CTRN has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Citi Trends from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 29th. Wall Street Zen upgraded shares of Citi Trends from a “hold” rating to a “buy” rating in a research note on Monday. DA Davidson boosted their price objective on shares of Citi Trends from $68.00 to $73.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, Craig Hallum restated a “buy” rating on shares of Citi Trends in a research report on Wednesday, March 18th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Citi Trends Price Performance

NASDAQ:CTRN opened at $57.84 on Wednesday. The firm has a market capitalization of $481.81 million, a price-to-earnings ratio of 41.61 and a beta of 1.88. Citi Trends, Inc. has a one year low of $28.44 and a one year high of $66.38. The business has a fifty day moving average price of $48.66 and a 200-day moving average price of $46.28.

Citi Trends (NASDAQ:CTRN) last released its earnings results on Tuesday, June 2nd. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.59. Citi Trends had a return on equity of 2.09% and a net margin of 1.42%.The company had revenue of $230.86 million for the quarter, compared to the consensus estimate of $217.42 million. During the same period in the previous year, the business earned $0.11 earnings per share.

Citi Trends Company Profile

Citi Trends, Inc (NASDAQ: CTRN) is an off-price retail apparel chain that focuses on value-priced urban fashion apparel and accessories for men, women, and children. Headquartered in Savannah, Georgia, the company offers a broad assortment of merchandise, including denim, sportswear, activewear, and seasonal styles, complemented by footwear, jewelry, cosmetics, and home goods. Through its purchasing model, Citi Trends sources closeouts, overstocks and canceled orders from name-brand vendors, enabling it to offer trending styles at competitive price points.

The company operates more than 500 stores across the Southeastern and Mid-Atlantic regions of the United States, with typical store footprints of approximately 11,000 square feet.