Mallinckrodt PLC (NYSE:MNK) Short Interest Down 5.1% in May

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Mallinckrodt PLC (NYSE:MNK) saw a large decline in short interest in May. As of May 15th, there was short interest totalling 52,080,000 shares, a decline of 5.1% from the April 30th total of 54,860,000 shares. Based on an average daily volume of 8,170,000 shares, the short-interest ratio is presently 6.4 days. Approximately 62.6% of the shares of the stock are short sold.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MNK. Amundi Pioneer Asset Management Inc. increased its position in shares of Mallinckrodt by 126.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 40,149 shares of the company’s stock valued at $873,000 after purchasing an additional 22,417 shares during the last quarter. California Public Employees Retirement System grew its position in Mallinckrodt by 30.2% in the 4th quarter. California Public Employees Retirement System now owns 182,200 shares of the company’s stock valued at $636,000 after acquiring an additional 42,300 shares during the last quarter. World Asset Management Inc grew its position in Mallinckrodt by 55.3% in the 4th quarter. World Asset Management Inc now owns 21,146 shares of the company’s stock valued at $74,000 after acquiring an additional 7,526 shares during the last quarter. Prestige Wealth Management Group LLC grew its position in Mallinckrodt by 51.6% in the 4th quarter. Prestige Wealth Management Group LLC now owns 50,465 shares of the company’s stock valued at $176,000 after acquiring an additional 17,178 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Mallinckrodt by 648.0% in the 4th quarter. Russell Investments Group Ltd. now owns 54,232 shares of the company’s stock valued at $187,000 after acquiring an additional 46,982 shares during the last quarter. 89.79% of the stock is currently owned by hedge funds and other institutional investors.

NYSE MNK opened at $3.37 on Friday. The company has a market cap of $285.46 million, a P/E ratio of -0.24, a P/E/G ratio of 0.04 and a beta of 3.57. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.20 and a current ratio of 1.46. The business’s 50 day moving average price is $3.15 and its 200-day moving average price is $3.55. Mallinckrodt has a fifty-two week low of $1.00 and a fifty-two week high of $10.54.

Mallinckrodt (NYSE:MNK) last released its earnings results on Tuesday, May 5th. The company reported $1.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.21. The firm had revenue of $665.80 million for the quarter, compared to the consensus estimate of $687.07 million. Mallinckrodt had a positive return on equity of 29.14% and a negative net margin of 39.56%. The company’s revenue for the quarter was down 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 EPS. As a group, equities analysts predict that Mallinckrodt will post 5.91 EPS for the current year.

A number of research analysts recently commented on the company. SVB Leerink boosted their price target on Mallinckrodt from $2.00 to $3.00 and gave the stock a “market perform” rating in a report on Wednesday, May 6th. Citigroup assumed coverage on Mallinckrodt in a report on Friday, April 24th. They issued a “sell” rating on the stock. ValuEngine raised Mallinckrodt from a “strong sell” rating to a “sell” rating in a research note on Friday, May 8th. Cfra reduced their price objective on Mallinckrodt from $6.00 to $4.00 and set a “hold” rating on the stock in a research note on Wednesday, April 1st. Finally, JPMorgan Chase & Co. downgraded Mallinckrodt from a “neutral” rating to an “underweight” rating in a research note on Tuesday, May 19th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $8.13.

About Mallinckrodt

Mallinckrodt plc, together with its subsidiaries, develops, manufactures, markets, and distributes specialty pharmaceutical products and therapies in the United States, Europe, the Middle East, Africa, and internationally. It operates in two segments, Specialty Brands, and Specialty Generics and Amitiza.

See Also: Margin

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