California Public Employees Retirement System cut its stake in shares of Lannett Co. (NYSE:LCI) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 89,100 shares of the company’s stock after selling 400 shares during the period. California Public Employees Retirement System owned 0.24% of Lannett worth $2,120,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC bought a new stake in Lannett during the first quarter valued at $105,000. Legal & General Group Plc raised its position in shares of Lannett by 4.4% in the first quarter. Legal & General Group Plc now owns 6,620 shares of the company’s stock valued at $117,000 after buying an additional 282 shares in the last quarter. Adams Diversified Equity Fund Inc. purchased a new position in shares of Lannett during the second quarter valued at approximately $197,000. BNP Paribas Arbitrage SA raised its position in shares of Lannett by 90.7% in the second quarter. BNP Paribas Arbitrage SA now owns 9,598 shares of the company’s stock valued at $228,000 after buying an additional 4,565 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Lannett by 2.1% in the first quarter. Arizona State Retirement System now owns 14,262 shares of the company’s stock valued at $256,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 77.22% of the company’s stock.
Lannett Co. (NYSE:LCI) traded up 3.32% during midday trading on Wednesday, reaching $28.00. The company had a trading volume of 460,440 shares. The company has a market capitalization of $1.03 billion, a P/E ratio of 23.33 and a beta of 1.93. 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 of $31.20 and a 200 day moving average of $25.56.
Lannett (NYSE:LCI) last announced its quarterly earnings data on Tuesday, August 23rd. The company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.14. The company had revenue of $168.90 million for the quarter, compared to the consensus estimate of $161.55 million. Lannett had a return on equity of 23.75% and a net margin of 7.91%. Lannett’s quarterly revenue was up 70.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 EPS. On average, equities research analysts forecast that Lannett Co. will post $3.39 EPS for the current year.
Several equities analysts have commented on the company. TheStreet raised Lannett from a “hold” rating to a “buy” rating in a research report on Tuesday, August 23rd. Zacks Investment Research lowered Lannett from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Raymond James Financial Inc. raised their price objective on Lannett from $31.00 to $43.00 and gave the company an “outperform” rating in a research report on Wednesday, August 24th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Lannett in a research report on Tuesday, July 12th. Finally, Deutsche Bank AG assumed coverage on Lannett in a research report on Wednesday, June 29th. They set a “hold” rating and a $26.00 price objective for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Lannett presently has an average rating of “Hold” and a consensus target price of $31.36.
In other Lannett news, Director James M. Maher sold 1,478 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $33.91, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider G. Michael Landis sold 4,334 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $32.30, for a total value of $139,988.20. Following the completion of the transaction, the insider now directly owns 6,461 shares in the company, valued at approximately $208,690.30. The disclosure for this sale can be found here. 15.10% of the stock is owned by company insiders.
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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