California State Teachers Retirement System Sells 2,533 Shares of Multi-Color Corporation (LABL)
California State Teachers Retirement System lowered its position in Multi-Color Corporation (NASDAQ:LABL) by 9.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,268 shares of the business services provider’s stock after selling 2,533 shares during the quarter. California State Teachers Retirement System owned approximately 0.14% of Multi-Color Corporation worth $1,980,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Acrospire Investment Management LLC bought a new stake in shares of Multi-Color Corporation during the 2nd quarter worth about $105,000. Pinebridge Investments L.P. lifted its position in shares of Multi-Color Corporation by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,742 shares of the business services provider’s stock worth $143,000 after purchasing an additional 18 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Multi-Color Corporation by 79.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 2,613 shares of the business services provider’s stock worth $213,000 after purchasing an additional 1,153 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Multi-Color Corporation by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,697 shares of the business services provider’s stock worth $220,000 after purchasing an additional 404 shares during the last quarter. Finally, Atria Investments LLC lifted its position in shares of Multi-Color Corporation by 0.8% during the 2nd quarter. Atria Investments LLC now owns 2,968 shares of the business services provider’s stock worth $242,000 after purchasing an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 60.66% of the company’s stock.
Several equities analysts recently weighed in on LABL shares. Zacks Investment Research cut Multi-Color Corporation from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 13th. Robert W. Baird reaffirmed a “hold” rating and issued a $85.00 price target on shares of Multi-Color Corporation in a report on Thursday, October 12th. BMO Capital Markets reaffirmed a “hold” rating and issued a $88.00 price target on shares of Multi-Color Corporation in a report on Wednesday, October 25th. Finally, KeyCorp reaffirmed a “sell” rating and issued a $67.00 price target on shares of Multi-Color Corporation in a report on Friday, August 25th. Three investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $82.75.
In related news, CEO Michael Julian Henry bought 1,000 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was acquired at an average cost of $71.03 per share, with a total value of $71,030.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Nigel A. Vinecombe sold 25,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $80.23, for a total value of $2,005,750.00. Following the completion of the transaction, the insider now directly owns 54,309 shares of the company’s stock, valued at $4,357,211.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,846 shares of company stock valued at $5,194,386. Insiders own 19.40% of the company’s stock.
Multi-Color Corporation (LABL) opened at $72.10 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.96 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $1,480.92, a P/E ratio of 20.13 and a beta of 0.78. Multi-Color Corporation has a twelve month low of $63.05 and a twelve month high of $88.25.
Multi-Color Corporation (NASDAQ:LABL) last posted its quarterly earnings results on Tuesday, November 7th. The business services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.05). The firm had revenue of $256.03 million during the quarter, compared to analyst estimates of $246.61 million. Multi-Color Corporation had a net margin of 6.10% and a return on equity of 15.52%. The company’s revenue was up 10.3% on a year-over-year basis. During the same period last year, the company earned $0.99 EPS. equities research analysts expect that Multi-Color Corporation will post 3.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.20 annualized dividend and a yield of 0.28%. Multi-Color Corporation’s dividend payout ratio (DPR) is 5.90%.
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About Multi-Color Corporation
Multi-Color Corporation (Multi-Color) is engaged in label solutions business, supporting brands, including producers of home and personal care, wine and spirit, food and beverage, healthcare and specialty consumer products. The Company serves international brand owners in North, Central and South America, Europe, Australia, New Zealand, South Africa and China and Southeast Asia with a range of label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, Shrink Sleeve and Heat Transfer.
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