Multi-Color Corp. (LABL) Stock Price Down 1.9%
Multi-Color Corp. (NASDAQ:LABL)’s share price was down 1.9% during mid-day trading on Thursday . The company traded as low as $66.43 and last traded at $67.15, with a volume of 71,900 shares changing hands. The stock had previously closed at $68.47.
A number of equities analysts have issued reports on LABL shares. Zacks Investment Research raised Multi-Color Corp. from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Wednesday, June 1st. Hilliard Lyons reaffirmed a “long-term buy” rating and issued a $73.00 target price (up from $67.00) on shares of Multi-Color Corp. in a research report on Friday, April 29th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Multi-Color Corp. has a consensus rating of “Buy” and an average target price of $65.00.
The stock has a market cap of $1.10 billion and a price-to-earnings ratio of 23.18. The stock’s 50 day moving average is $64.36 and its 200-day moving average is $57.82.
Multi-Color Corp. (NASDAQ:LABL) last issued its earnings results on Tuesday, August 9th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.07. During the same period in the previous year, the company earned $0.91 earnings per share. The firm earned $236.50 million during the quarter, compared to analyst estimates of $233.04 million. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities research analysts predict that Multi-Color Corp. will post $3.60 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Monday, August 15th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Thursday, August 11th.
In other news, CFO Sharon E. Birkett sold 5,000 shares of the stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $68.40, for a total transaction of $342,000.00. Following the transaction, the chief financial officer now owns 4,061 shares of the company’s stock, valued at approximately $277,772.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Nigel A. Vinecombe sold 25,000 shares of the stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $63.20, for a total value of $1,580,000.00. Following the transaction, the chairman now directly owns 13,145 shares in the company, valued at approximately $830,764. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently modified their holdings of LABL. Eaton Vance Management bought a new position in shares of Multi-Color Corp. during the fourth quarter worth approximately $5,765,000. Wells Fargo & Company MN raised its position in shares of Multi-Color Corp. by 37.1% in the fourth quarter. Wells Fargo & Company MN now owns 246,159 shares of the company’s stock worth $14,723,000 after buying an additional 66,627 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Multi-Color Corp. by 1.3% in the fourth quarter. California State Teachers Retirement System now owns 23,351 shares of the company’s stock worth $1,397,000 after buying an additional 300 shares in the last quarter.
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 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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