Zacks Investment Research upgraded shares of Leucadia National Corp. (NYSE:LUK) from a hold rating to a buy rating in a research report report published on Wednesday morning. The brokerage currently has $21.00 price target on the stock.
According to Zacks, “LEUCADIA NATL is a diversified financial services holding company principally engaged in personal and commercial lines of property and casualty insurance, life insurance, banking and lending and manufacturing. The Company concentrates on return on investment and cash flow to build long-term shareholder value, rather than emphasizing volume or market share. Additionally, the Company continuously evaluates the retention and disposition of its existing operations and investigates possible acquisitions of new businesses in order to maximize shareholder value. “
Several other research firms have also weighed in on LUK. Oppenheimer Holdings Inc. raised their price objective on Leucadia National Corp. from $22.00 to $23.00 and gave the stock an outperform rating in a research note on Friday, August 5th. TheStreet raised Leucadia National Corp. from a sell rating to a hold rating in a research note on Wednesday, August 10th.
Shares of Leucadia National Corp. (NYSE:LUK) opened at 19.51 on Wednesday. Leucadia National Corp. has a 12 month low of $14.27 and a 12 month high of $20.72. The stock’s market cap is $7.03 billion. The stock has a 50 day moving average price of $19.01 and a 200 day moving average price of $17.80.
Leucadia National Corp. (NYSE:LUK) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.25 by $0.10. Leucadia National Corp. had a negative return on equity of 2.61% and a negative net margin of 2.95%. Equities analysts anticipate that Leucadia National Corp. will post $0.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were issued a $0.0625 dividend. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.28%. Leucadia National Corp.’s payout ratio is currently -32.47%.
In other news, Chairman Joseph S. Steinberg sold 200,000 shares of the stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $19.04, for a total value of $3,808,000.00. Following the completion of the sale, the chairman now owns 1,992,687 shares in the company, valued at $37,940,760.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.50% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Scopia Capital Management LP purchased a new stake in shares of Leucadia National Corp. during the first quarter valued at about $106,120,000. Capital Research Global Investors purchased a new stake in shares of Leucadia National Corp. during the second quarter valued at about $85,749,000. Norges Bank purchased a new stake in shares of Leucadia National Corp. during the fourth quarter valued at about $42,612,000. Kovitz Investment Group Partners LLC purchased a new stake in shares of Leucadia National Corp. during the first quarter valued at about $36,530,000. Finally, First Pacific Advisors LLC raised its stake in shares of Leucadia National Corp. by 7.7% in the second quarter. First Pacific Advisors LLC now owns 22,520,090 shares of the company’s stock valued at $390,273,000 after buying an additional 1,617,090 shares in the last quarter. Institutional investors and hedge funds own 73.14% of the company’s stock.
About Leucadia National Corp.
Leucadia National Corporation (Leucadia) is a diversified holding company focused on return on investment and long-term value creation to maximize shareholder value. The Company’s financial services businesses include Jefferies Group LLC (investment banking and capital markets), Leucadia Asset Management (asset management), Berkadia (commercial mortgage banking and servicing), FXCM (a publicly traded company providing online foreign exchange trading), HomeFed Corporation (HomeFed) (a publicly traded real estate company) and Foursight Capital and Chrome Capital (vehicle finance).
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