Ameriprise Financial Inc. boosted its position in shares of Lannett Co. (NYSE:LCI) by 62.1% during the second quarter, Holdings Channel reports. The firm owned 403,101 shares of the company’s stock after buying an additional 154,489 shares during the period. Ameriprise Financial Inc. owned approximately 1.10% of Lannett worth $9,590,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Telemus Capital LLC raised its stake in Lannett by 26.9% in the second quarter. Telemus Capital LLC now owns 5,854,310 shares of the company’s stock valued at $139,274,000 after buying an additional 1,242,237 shares during the last quarter. BlackRock Fund Advisors raised its stake in Lannett by 1.2% in the first quarter. BlackRock Fund Advisors now owns 1,994,904 shares of the company’s stock valued at $35,769,000 after buying an additional 23,284 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in Lannett during the second quarter valued at about $10,382,000. Kennedy Capital Management Inc. bought a new stake in Lannett during the first quarter valued at about $5,429,000. Finally, Norges Bank bought a new stake in Lannett during the fourth quarter valued at about $11,128,000. Institutional investors own 77.22% of the company’s stock.
Lannett Co. (NYSE:LCI) traded down 0.82% during trading on Friday, hitting $26.57. The stock had a trading volume of 945,375 shares. The firm has a market capitalization of $980.22 million, a PE ratio of 22.14 and a beta of 1.76. Lannett Co. has a 1-year low of $16.91 and a 1-year high of $49.44. The firm has a 50 day moving average price of $31.47 and a 200-day moving average price of $25.35.
Lannett (NYSE:LCI) last announced its quarterly earnings results on Tuesday, August 23rd. The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.14. Lannett had a net margin of 7.91% and a return on equity of 23.75%. The business had revenue of $168.90 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 70.1% compared to the same quarter last year. On average, equities research analysts expect that Lannett Co. will post $3.39 EPS for the current year.
Several analysts recently issued reports on the company. TheStreet upgraded Lannett from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. Zacks Investment Research lowered Lannett from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Raymond James Financial Inc. upped their target price on Lannett from $31.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday, August 24th. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Lannett in a report on Tuesday, July 12th. Finally, Deutsche Bank AG assumed coverage on Lannett in a report on Wednesday, June 29th. They set a “hold” rating and a $26.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $31.36.
In other Lannett news, Director James M. Maher sold 1,478 shares of Lannett stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $33.91, for a total transaction of $50,118.98. Following the transaction, the director now owns 20,320 shares of the company’s stock, valued at approximately $689,051.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider G. Michael Landis sold 6,786 shares of Lannett stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $33.41, for a total transaction of $226,720.26. Following the transaction, the insider now directly owns 4,580 shares in the company, valued at approximately $153,017.80. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by corporate insiders.
Lannett Company Profile
Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc As of June 30, 2016, the Company’s products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules.
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