Magnus Financial Group LLC Purchases New Holdings in Lannett Company, Inc. (LCI)
Magnus Financial Group LLC purchased a new stake in shares of Lannett Company, Inc. (NYSE:LCI) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 14,569 shares of the company’s stock, valued at approximately $72,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. purchased a new position in Lannett during the 4th quarter valued at approximately $60,000. State of Alaska Department of Revenue grew its holdings in Lannett by 15.2% during the 4th quarter. State of Alaska Department of Revenue now owns 11,478 shares of the company’s stock valued at $56,000 after buying an additional 1,515 shares in the last quarter. Advisor Partners LLC purchased a new position in Lannett during the 4th quarter valued at approximately $60,000. Oregon Public Employees Retirement Fund purchased a new position in Lannett during the 4th quarter valued at approximately $64,000. Finally, Brave Asset Management Inc. purchased a new position in Lannett during the 4th quarter valued at approximately $65,000. Institutional investors and hedge funds own 81.87% of the company’s stock.
In other Lannett news, CEO Timothy C. Crew purchased 4,000 shares of the firm’s stock in a transaction that occurred on Monday, February 11th. The stock was purchased at an average cost of $8.48 per share, with a total value of $33,920.00. Following the purchase, the chief executive officer now owns 45,988 shares of the company’s stock, valued at $389,978.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Patrick G. Lepore purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 12th. The shares were acquired at an average cost of $8.93 per share, with a total value of $223,250.00. The disclosure for this purchase can be found here. 12.57% of the stock is currently owned by company insiders.
Lannett (NYSE:LCI) last issued its quarterly earnings results on Wednesday, February 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.18. Lannett had a positive return on equity of 22.88% and a negative net margin of 39.44%. The firm had revenue of $193.70 million during the quarter, compared to analyst estimates of $162.51 million. During the same period last year, the company earned $1.06 EPS. Lannett’s quarterly revenue was up 5.1% compared to the same quarter last year. Research analysts expect that Lannett Company, Inc. will post 2.13 EPS for the current year.
Several research firms have weighed in on LCI. Zacks Investment Research upgraded Lannett from a “sell” rating to a “hold” rating in a report on Wednesday, January 16th. Raymond James reaffirmed a “hold” rating on shares of Lannett in a research note on Thursday, December 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $22.06.
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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.
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