On June 16, 2023, Cascade Investment Group Inc. announced that it had acquired a new position in shares of Camping World Holdings, Inc. (NYSE:CWH). According to its most recent 13F filing with the Securities & Exchange Commission, Cascade Investment Group Inc. had acquired 28,274 shares of the company’s stock valued at approximately $631,000. The announcement generated some buzz in the investment community as analysts continue to track Camping World’s progress.
Several equity research analysts have recently issued reports on Camping World’s stock rating and price objectives. BMO Capital Markets upgraded the stock from a “market perform” rating to an “outperform” rating and raised its price objective from $26.00 to $35.00 on May 24th. Meanwhile, The Street downgraded the stock from a “b-” rating to a “c” rating due to underwhelming performance on February 21st. Raymond James lowered its price target on Camping World’s stock from $28.00 to $27.00 in a research report on May 4th.
In contrast, KeyCorp initiated coverage on CWH with an “overweight” rating and set a price target of $25.00 for the company in April while Stephens maintained an “overweight” rating and set a price target of $31.00 for CWH in February this year during their research report.
Camping World’s moderate buy consensus rating may also build optimism among investors as data shows that eight investment analysts have assigned ratings for CWH’s stocks, where two have given hold ratings while six assigned buy ratings.
As of trading on Friday [June 16], NYSE:CWH opened at $28.85 with a market capitalization worth about $2.42 billion over one year low of $18.69 and one year high of $33.99 respectively amongst having appropriate debt-to-equity ratios as well as quick and current ratio figures. Furthermore, the stock has a 50 day simple moving average of $24.91 and a 200-day simple moving average of $23.93.
It is to be noted that all trading securities involve some degree of risk, making it necessary for investors to make informed decisions before investing in any company’s shares. While investing money in CWH’s stocks come with its own risk, Cascade Investment Group Inc.’s recent acquisition could be taken as an encouraging sign by potential investors who are following Camping World’s growth story closely.
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Camping World’s Stock Ownership Reshuffle and Positive Analyst Ratings Spark Investor Interest
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CWH” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Camping World Holdings, Inc. (NYSE:CWH) has been making headlines in the investment world lately due to recent changes in the company’s stock ownership. Raymond James & Associates, Bank of New York Mellon Corp, Cambridge Investment Research Advisors Inc., MetLife Investment Management LLC, and Great West Life Assurance Co. Can are among several other hedge funds and institutional investors who have both bought and sold shares of CWH recently.
Raymond James & Associates increased its position by 5.2% in the first quarter to now own 49,959 shares worth $1,396,000 after purchasing an additional 2,448 shares during the last quarter. Bank of New York Mellon Corp also increased its position by 3.4% during the same period, owning a total of 525,929 shares valued at $14,700,000 after purchasing an additional 17,443 shares during the last quarter.
Cambridge Investment Research Advisors Inc. saw a huge increase of up to 63.9% in their first-quarter position for CWH that now amounts to 45,766 shares with a value of $1,279,000 after buying an additional 17,848 shares last quarter. MetLife Investment Management LLC also increased its position by over 51%, owning 23,224 shares with a value of $649,000 after adding an additional 7k+ more stocks during the same period.
There was no indication as to why Great West Life Assurance Co. Can went on such an aggressive purchase spree within Q1 ’23 given its previous non-existence on Camping World’s shareholder list but it nonetheless purchased 369k+ stocks worth $10.3m and now holds 36.92% ownership.
Further news from the company showed that Director Kent Dillon Schickli had sold more than ten thousand stocks for a total amount exceeding $272k at average price per share at $27.00. Though this information was obtained from a legal SEC filing, the company did not give any explanation for the sale by the official.
However, it can be observed that all these changes in CWH’s stock ownership come as no surprise since several analysts from firms such as BMO Capital Markets and KeyCorp have recently upgraded their ratings and given positive recommendations for investors to buy more of CWH stock after more detailed analysis.
Bloomberg reported that Camping World now has a consensus rating of “Moderate Buy” and a consensus price target of $30.86 from various industry experts. The company posted earnings data last on May 2nd which showed earnings per share of $0.09 putting it ahead of the estimated ($0.13) forecasts made by many experts.
The business had revenue amounting to $1.49 billion during Q1 against estimates that came close at $1.50 billion with analysts forecasting that Camping World Holdings, Inc.’s full-year EPS would be 1.21.
Camping World then declared quarterly dividends earlier in June which many saw as an opportunity while giving an annualized yield percentage of 8.67% to shareholders or those who’ll still own stock before June 14th- the day investors trying to purchase new shares become ineligible for receiving dividends.
In conclusion, while there seems to be some perplexity surrounding CWH’s stock value, history has shown that sporting events such as camping tend to have recurring patronage during summer months so one can only speculate whether making purchases now is a smart move or not.
