Multi-Color Co. (LABL) Sees Significant Growth in Short Interest
Multi-Color Co. (NASDAQ:LABL) saw a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 1,634,621 shares, an increase of 68.9% from the January 31st total of 967,569 shares. Currently, 11.8% of the company’s shares are short sold. Based on an average daily trading volume, of 160,192 shares, the days-to-cover ratio is currently 10.2 days.
Shares of Multi-Color (NASDAQ:LABL) opened at $64.55 on Monday. The company has a current ratio of 1.94, a quick ratio of 1.41 and a debt-to-equity ratio of 2.21. The company has a market cap of $1,319.60, a P/E ratio of 17.26 and a beta of 0.93. Multi-Color has a fifty-two week low of $61.90 and a fifty-two week high of $89.70.
Multi-Color (NASDAQ:LABL) last posted its quarterly earnings results on Tuesday, February 6th. The business services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.01). The company had revenue of $352.70 million for the quarter, compared to analyst estimates of $346.37 million. Multi-Color had a return on equity of 13.02% and a net margin of 6.08%. The business’s revenue for the quarter was up 67.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. analysts anticipate that Multi-Color will post 3.71 EPS for the current year.
In other news, Director Ari J. Benacerraf bought 4,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was bought at an average cost of $65.20 per share, for a total transaction of $260,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert R. Buck sold 9,530 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $72.06, for a total transaction of $686,731.80. Following the completion of the transaction, the director now owns 17,441 shares of the company’s stock, valued at $1,256,798.46. The disclosure for this sale can be found here. Company insiders own 19.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of LABL. Vanguard Group Inc. boosted its holdings in shares of Multi-Color by 3.7% during the second quarter. Vanguard Group Inc. now owns 715,059 shares of the business services provider’s stock worth $58,348,000 after purchasing an additional 25,470 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Multi-Color by 45.4% during the second quarter. Parametric Portfolio Associates LLC now owns 31,099 shares of the business services provider’s stock worth $2,538,000 after purchasing an additional 9,714 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Multi-Color by 10.6% during the second quarter. Voya Investment Management LLC now owns 6,680 shares of the business services provider’s stock worth $545,000 after purchasing an additional 642 shares during the period. State Street Corp boosted its holdings in shares of Multi-Color by 4.0% during the second quarter. State Street Corp now owns 327,791 shares of the business services provider’s stock worth $26,748,000 after purchasing an additional 12,528 shares during the period. Finally, First Trust Advisors LP boosted its holdings in shares of Multi-Color by 144.1% during the third quarter. First Trust Advisors LP now owns 25,604 shares of the business services provider’s stock worth $2,098,000 after purchasing an additional 15,116 shares during the period. Institutional investors and hedge funds own 63.63% of the company’s stock.
LABL has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Multi-Color from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Friday, January 19th. Hilliard Lyons upgraded shares of Multi-Color from a “neutral” rating to a “buy” rating in a report on Monday, January 8th. Robert W. Baird reiterated a “hold” rating and issued a $80.00 target price on shares of Multi-Color in a report on Friday, November 10th. BidaskClub upgraded shares of Multi-Color from a “sell” rating to a “hold” rating in a report on Friday, January 19th. Finally, BMO Capital Markets decreased their target price on shares of Multi-Color from $88.00 to $75.00 and set a “market perform” rating for the company in a report on Wednesday, February 7th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $76.75.
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Multi-Color Company Profile
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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