First Trust Advisors LP Grows Holdings in Lannett Company, Inc. (LCI)
First Trust Advisors LP raised its holdings in shares of Lannett Company, Inc. (NYSE:LCI) by 17.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,463 shares of the company’s stock after purchasing an additional 5,099 shares during the quarter. First Trust Advisors LP owned 0.09% of Lannett worth $469,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in Lannett by 350.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 219,102 shares of the company’s stock valued at $2,980,000 after purchasing an additional 170,425 shares during the last quarter. Factorial Partners LLC lifted its position in Lannett by 17.0% during the second quarter. Factorial Partners LLC now owns 58,500 shares of the company’s stock valued at $796,000 after purchasing an additional 8,500 shares during the last quarter. Millennium Management LLC bought a new position in Lannett during the first quarter valued at $685,000. BlackRock Inc. lifted its position in Lannett by 2.8% during the first quarter. BlackRock Inc. now owns 4,005,500 shares of the company’s stock valued at $64,288,000 after purchasing an additional 108,343 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in Lannett by 5.3% during the first quarter. Rhumbline Advisers now owns 75,111 shares of the company’s stock valued at $1,206,000 after purchasing an additional 3,782 shares during the last quarter. Institutional investors and hedge funds own 97.54% of the company’s stock.
LCI has been the subject of several research reports. Zacks Investment Research lowered shares of Lannett from a “hold” rating to a “sell” rating in a research report on Wednesday, August 22nd. BMO Capital Markets lowered their price objective on shares of Lannett from $19.00 to $8.00 and set a “market perform” rating for the company in a research report on Monday, August 20th. Craig Hallum lowered shares of Lannett from a “buy” rating to a “hold” rating in a research report on Monday, August 20th. Raymond James lowered shares of Lannett from an “outperform” rating to a “market perform” rating and set a $43.00 target price for the company. in a report on Monday, August 20th. Finally, Roth Capital lowered shares of Lannett from a “buy” rating to a “neutral” rating and raised their target price for the stock from $23.00 to $27.50 in a report on Monday, August 20th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $24.10.
Lannett (NYSE:LCI) last released its earnings results on Tuesday, August 28th. The company reported $0.64 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.64. The firm had revenue of $170.90 million during the quarter, compared to analyst estimates of $171.21 million. Lannett had a net margin of 4.19% and a return on equity of 19.92%. The business’s revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the business earned $0.40 EPS. research analysts forecast that Lannett Company, Inc. will post 2.09 EPS for the current year.
In other news, Director Patrick G. Lepore bought 25,000 shares of the stock in a transaction dated Friday, August 31st. The stock was purchased at an average price of $5.34 per share, for a total transaction of $133,500.00. Following the acquisition, the director now owns 67,895 shares of the company’s stock, valued at $362,559.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 14.72% of the stock is currently owned by company insiders.
Lannett Company Profile
Lannett Company, Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States. The company offers solid oral and extended release, topical, liquid, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, suspension, soft gel, and injectable dosages.
Further Reading: Book Value Per Share – BVPS
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