Wedge Capital Management L L P NC Reduces Position in YETI Holdings, Inc. (NYSE:YETI)

Wedge Capital Management L L P NC cut its holdings in shares of YETI Holdings, Inc. (NYSE:YETI) by 35.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,182 shares of the company’s stock after selling 36,409 shares during the period. Wedge Capital Management L L P NC owned 0.08% of YETI worth $2,487,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. acquired a new stake in YETI in the second quarter valued at $210,000. Alhambra Investment Management LLC acquired a new stake in YETI in the second quarter valued at approximately $332,000. Chatham Capital Group Inc. grew its position in YETI by 1.3% in the second quarter. Chatham Capital Group Inc. now owns 49,584 shares of the company’s stock valued at $1,892,000 after acquiring an additional 625 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of YETI by 9.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 5,944 shares of the company’s stock valued at $227,000 after buying an additional 500 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of YETI by 70.9% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 38,126 shares of the company’s stock valued at $1,455,000 after buying an additional 15,811 shares during the last quarter.

YETI Price Performance

Shares of YETI stock traded up $1.94 on Thursday, hitting $41.95. 1,355,495 shares of the company traded hands, compared to its average volume of 1,626,320. The company has a current ratio of 2.29, a quick ratio of 1.22 and a debt-to-equity ratio of 0.11. The firm’s 50-day simple moving average is $39.58 and its 200 day simple moving average is $39.45. YETI Holdings, Inc. has a 12-month low of $33.88 and a 12-month high of $54.15. The company has a market cap of $3.58 billion, a P/E ratio of 20.87, a P/E/G ratio of 1.23 and a beta of 2.14.

YETI (NYSE:YETI) last issued its earnings results on Thursday, August 8th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.06. The business had revenue of $463.50 million during the quarter, compared to analyst estimates of $452.42 million. YETI had a return on equity of 28.83% and a net margin of 10.66%. YETI’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 earnings per share. Analysts expect that YETI Holdings, Inc. will post 2.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on YETI. Morgan Stanley raised their price target on YETI from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Friday, May 10th. Bank of America raised YETI from a “neutral” rating to a “buy” rating and raised their price objective for the company from $46.00 to $55.00 in a research note on Thursday, August 8th. Roth Mkm lifted their price target on YETI from $42.00 to $43.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 price target on shares of YETI in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group boosted their target price on YETI from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $46.29.

About YETI

YETI Holdings, Inc designs, retails, and distributes products for the outdoor and recreation market under the YETI brand. It offers coolers and equipment, including hard and soft coolers, cargo, bags, outdoor living, and associated accessories, as well as backpacks, duffel bags, luggage, packing cubes, carryalls, camp chairs, blankets, dog beds, dog bowls, and gear cases under the LoadOut, Panga, Crossroads, Camino, Hondo Base, Trailhead, Lowlands, Boomer, and SideKick Dry brands.