Adams Diversified Equity Fund Inc. grew its position in shares of Lannett Company, Inc. (NYSE:LCI) by 250.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,700 shares of the company’s stock after acquiring an additional 70,500 shares during the quarter. Adams Diversified Equity Fund Inc. owned about 0.25% of Lannett worth $469,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Swiss National Bank increased its stake in Lannett by 14.1% during the second quarter. Swiss National Bank now owns 55,700 shares of the company’s stock worth $758,000 after acquiring an additional 6,900 shares during the last quarter. BlackRock Inc. boosted its position in shares of Lannett by 9.5% in the second quarter. BlackRock Inc. now owns 4,386,677 shares of the company’s stock worth $59,660,000 after buying an additional 381,177 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Lannett by 350.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 219,102 shares of the company’s stock worth $2,980,000 after buying an additional 170,425 shares during the period. Trexquant Investment LP purchased a new stake in shares of Lannett in the second quarter worth about $333,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Lannett in the second quarter worth about $228,000. Institutional investors own 88.85% of the company’s stock.
Several brokerages have recently weighed in on LCI. Zacks Investment Research raised Lannett from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 23rd. TheStreet downgraded Lannett from a “c-” rating to a “d+” rating in a research report on Friday, September 14th. Raymond James downgraded Lannett from an “outperform” rating to a “market perform” rating and set a $43.00 target price for the company. in a research report on Monday, August 20th. Craig Hallum downgraded Lannett from a “buy” rating to a “hold” rating in a research report on Monday, August 20th. Finally, BMO Capital Markets decreased their target price on Lannett from $19.00 to $8.00 and set a “market perform” rating for the company in a research report on Monday, August 20th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $24.10.
In other Lannett news, Director Patrick G. Lepore purchased 25,000 shares of Lannett stock in a transaction that occurred on Friday, August 31st. The stock was purchased at an average price of $5.34 per share, with a total value of $133,500.00. Following the completion of the acquisition, the director now owns 67,895 shares of the company’s stock, valued at approximately $362,559.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 29,000 shares of company stock valued at $155,220 in the last three months. 14.72% of the stock is currently owned by company insiders.
LCI traded up $0.15 on Thursday, reaching $5.95. The company’s stock had a trading volume of 1,129,513 shares, compared to its average volume of 2,124,914. The company has a market capitalization of $225.93 million, a P/E ratio of 1.92 and a beta of 2.01. Lannett Company, Inc. has a 1 year low of $3.33 and a 1 year high of $30.35. The company has a debt-to-equity ratio of 2.44, a quick ratio of 2.07 and a current ratio of 2.87.
Lannett (NYSE:LCI) last issued its quarterly earnings results on Wednesday, November 7th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The firm had revenue of $155.10 million during the quarter, compared to the consensus estimate of $145.79 million. Lannett had a positive return on equity of 21.32% and a negative net margin of 39.74%. Lannett’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.60 earnings per share. As a group, equities research analysts forecast that Lannett Company, Inc. will post 2.09 earnings per share for the current fiscal year.
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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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