Advisors Asset Management Inc. Sells 1,885 Shares of Akorn Inc. (AKRX)
Advisors Asset Management Inc. decreased its position in shares of Akorn Inc. (NASDAQ:AKRX) by 5.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,195 shares of the company’s stock after selling 1,885 shares during the period. Advisors Asset Management Inc.’s holdings in Akorn were worth $1,003,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Creative Planning boosted its position in Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock worth $140,000 after buying an additional 1,500 shares during the period. LS Investment Advisors LLC boosted its position in Akorn by 74.5% in the second quarter. LS Investment Advisors LLC now owns 5,560 shares of the company’s stock valued at $158,000 after buying an additional 2,373 shares during the period. Shelton Capital Management bought a new position in Akorn during the second quarter valued at $203,000. Timber Hill LLC bought a new position in Akorn during the second quarter valued at $209,000. Finally, Oakbrook Investments LLC bought a new position in Akorn during the second quarter valued at $218,000. 73.62% of the stock is currently owned by institutional investors.
Shares of Akorn Inc. (NASDAQ:AKRX) traded down 1.49% during trading on Wednesday, reaching $27.69. 855,255 shares of the company traded hands. The firm’s 50-day moving average is $28.85 and its 200-day moving average is $27.98. Akorn Inc. has a 12-month low of $17.57 and a 12-month high of $39.46. The stock has a market capitalization of $3.49 billion, a PE ratio of 18.66 and a beta of 1.08.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $280.70 million for the quarter, compared to analyst estimates of $272.99 million. Akorn had a net margin of 17.00% and a return on equity of 32.83%. The business’s quarterly revenue was up 27.1% on a year-over-year basis. On average, equities analysts predict that Akorn Inc. will post $2.17 earnings per share for the current fiscal year.
A number of analysts have commented on the stock. Leerink Swann reaffirmed a “hold” rating on shares of Akorn in a report on Thursday, May 26th. Royal Bank Of Canada reissued a “buy” rating on shares of Akorn in a report on Monday, July 18th. Zacks Investment Research lowered shares of Akorn from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $37.00 target price on shares of Akorn in a research note on Tuesday, July 19th. Finally, JPMorgan Chase & Co. set a $45.00 target price on shares of Akorn and gave the stock a “buy” rating in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the stock. Akorn presently has an average rating of “Buy” and a consensus target price of $34.75.
In other news, Director Kenneth Abramowitz sold 2,691 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $30.44, for a total value of $81,914.04. Following the sale, the director now owns 20,786 shares of the company’s stock, valued at $632,725.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 30.10% of the stock is currently owned by insiders.
Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
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