Landec Corp. (NASDAQ:LNDC) shares saw an uptick in trading volume on Wednesday following a stronger than expected earnings report. 231,461 shares were traded during trading, an increase of 198% from the previous session’s volume of 77,731 shares.The stock last traded at $13.04 and had previously closed at $12.97.
The company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.02. Landec Corp. had a positive return on equity of 4.53% and a negative net margin of 2.15%. The business had revenue of $132.40 million for the quarter. During the same quarter in the prior year, the company posted $0.11 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis.
A number of research analysts have recently issued reports on the company. Zacks Investment Research upgraded Landec Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, August 9th. Maxim Group assumed coverage on Landec Corp. in a research report on Tuesday, June 7th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Wedbush assumed coverage on Landec Corp. in a research report on Thursday, July 7th. They set a “neutral” rating and a $12.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $14.32.
In related news, COO Ronald Lane Midyett sold 7,000 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $12.02, for a total value of $84,140.00. Following the completion of the transaction, the chief operating officer now directly owns 111,169 shares of the company’s stock, valued at approximately $1,336,251.38. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gary T. Steele sold 34,484 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $12.47, for a total value of $430,015.48. The disclosure for this sale can be found here. 4.89% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Interstate Bank increased its position in Landec Corp. by 21.3% in the second quarter. First Interstate Bank now owns 12,590 shares of the company’s stock valued at $135,000 after buying an additional 2,210 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Landec Corp. during the second quarter valued at approximately $161,000. Highbridge Capital Management LLC purchased a new position in Landec Corp. during the second quarter valued at approximately $197,000. Prudential Financial Inc. increased its position in Landec Corp. by 8.8% in the second quarter. Prudential Financial Inc. now owns 27,094 shares of the company’s stock valued at $292,000 after buying an additional 2,200 shares in the last quarter. Finally, Teachers Advisors Inc. increased its position in Landec Corp. by 7.3% in the second quarter. Teachers Advisors Inc. now owns 45,646 shares of the company’s stock valued at $491,000 after buying an additional 3,111 shares in the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.
The company’s 50-day moving average is $12.62 and its 200-day moving average is $11.43. The stock’s market capitalization is $355.84 million.
Landec Corp. Company Profile
Landec Corporation designs, develops, manufactures and sells differentiated products for food and biomaterials markets and licenses technology applications to partners. The Company’s segments include Food Products Technology, Food Export and Hyaluronan-based Biomaterials. The Company’s Food Products Technology segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables.
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