Multi-Color Corporation (NASDAQ:LABL) Stake Boosted by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. boosted its position in Multi-Color Corporation (NASDAQ:LABL) by 35.1% during the second quarter, Holdings Channel reports. The firm owned 114,723 shares of the business services provider’s stock after buying an additional 29,791 shares during the period. Pictet Asset Management Ltd.’s holdings in Multi-Color Corporation were worth $9,855,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Teachers Advisors LLC increased its position in shares of Multi-Color Corporation by 5.3% in the fourth quarter. Teachers Advisors LLC now owns 22,109 shares of the business services provider’s stock worth $1,716,000 after buying an additional 1,103 shares during the period. Capstone Asset Management Co. increased its position in shares of Multi-Color Corporation by 29.2% in the first quarter. Capstone Asset Management Co. now owns 3,979 shares of the business services provider’s stock worth $283,000 after buying an additional 899 shares during the period. Atria Investments LLC increased its position in shares of Multi-Color Corporation by 4.2% in the first quarter. Atria Investments LLC now owns 2,944 shares of the business services provider’s stock worth $209,000 after buying an additional 119 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Multi-Color Corporation by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 5,400 shares of the business services provider’s stock worth $383,000 after buying an additional 100 shares during the period. Finally, Hartford Investment Management Co. increased its position in shares of Multi-Color Corporation by 2.5% in the first quarter. Hartford Investment Management Co. now owns 80,445 shares of the business services provider’s stock worth $5,712,000 after buying an additional 1,982 shares during the period. Hedge funds and other institutional investors own 76.33% of the company’s stock.
Multi-Color Corporation (LABL) opened at 78.10 on Tuesday. The firm has a market cap of $1.33 billion, a P/E ratio of 22.51 and a beta of 0.83. Multi-Color Corporation has a 52-week low of $63.05 and a 52-week high of $88.25. The company’s 50 day moving average is $80.21 and its 200-day moving average is $77.13.
Multi-Color Corporation (NASDAQ:LABL) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. Multi-Color Corporation had a net margin of 6.38% and a return on equity of 15.85%. The firm had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $242.47 million. During the same quarter last year, the business earned $0.95 earnings per share. The business’s revenue was up 2.5% on a year-over-year basis. On average, equities analysts predict that Multi-Color Corporation will post $3.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.26%. The ex-dividend date is Friday, August 11th. Multi-Color Corporation’s dividend payout ratio is 5.76%.
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LABL has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Multi-Color Corporation from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a research report on Friday, June 2nd. BidaskClub downgraded shares of Multi-Color Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Multi-Color Corporation has a consensus rating of “Hold” and an average price target of $78.60.
In other news, Director Charles B. Connolly sold 8,700 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $85.06, for a total value of $740,022.00. Following the transaction, the director now owns 3,470 shares in the company, valued at $295,158.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nigel A. Vinecombe sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $86.39, for a total transaction of $2,159,750.00. Following the completion of the transaction, the insider now owns 14,309 shares in the company, valued at approximately $1,236,154.51. The disclosure for this sale can be found here. Insiders sold 38,700 shares of company stock worth $3,330,772 in the last 90 days. Company insiders own 19.40% of the company’s stock.
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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