Akorn Inc. (AKRX) Shares Bought by Northwestern Mutual Investment Management Company LLC
Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Akorn Inc. (NASDAQ:AKRX) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,432 shares of the company’s stock after buying an additional 612 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Akorn were worth $411,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Akorn by 7.1% in the first quarter. State Street Corp now owns 2,964,924 shares of the company’s stock valued at $69,763,000 after buying an additional 197,347 shares in the last quarter. BlackRock Group LTD increased its stake in shares of Akorn by 17.3% in the first quarter. BlackRock Group LTD now owns 70,131 shares of the company’s stock valued at $1,649,000 after buying an additional 10,348 shares in the last quarter. Creative Planning increased its stake in shares of Akorn by 44.1% in the second quarter. Creative Planning now owns 4,898 shares of the company’s stock valued at $140,000 after buying an additional 1,500 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of Akorn during the second quarter valued at approximately $19,213,000. Finally, BlackRock Inc. increased its stake in shares of Akorn by 24.2% in the first quarter. BlackRock Inc. now owns 35,311 shares of the company’s stock valued at $831,000 after buying an additional 6,881 shares in the last quarter. Institutional investors and hedge funds own 73.62% of the company’s stock.
Shares of Akorn Inc. (NASDAQ:AKRX) opened at 28.11 on Wednesday. The company has a market cap of $3.54 billion, a P/E ratio of 18.94 and a beta of 1.08. Akorn Inc. has a 52 week low of $17.57 and a 52 week high of $39.46. The company’s 50-day moving average price is $28.85 and its 200 day moving average price is $27.98.
Akorn (NASDAQ:AKRX) last posted its earnings results on Thursday, August 4th. The company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The firm had revenue of $280.70 million for the quarter, compared to analyst estimates of $272.99 million. Akorn had a return on equity of 32.83% and a net margin of 17.00%. The firm’s quarterly revenue was up 27.1% on a year-over-year basis. On average, equities analysts forecast that Akorn Inc. will post $2.17 EPS for the current fiscal year.
Several research analysts recently weighed in on the company. Piper Jaffray Cos. raised Akorn from a “neutral” rating to an “overweight” rating and upped their price target for the company from $33.00 to $34.00 in a research report on Thursday, September 15th. Jefferies Group reissued a “buy” rating and set a $35.00 price target on shares of Akorn in a research report on Monday, August 29th. Zacks Investment Research lowered Akorn from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. WallachBeth Capital upped their price target on Akorn from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Finally, JPMorgan Chase & Co. set a $45.00 price target on Akorn and gave the company a “buy” rating in a research report 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 company. The company currently has an average rating of “Buy” and a consensus target price of $34.75.
In other Akorn news, Director Kenneth Abramowitz sold 2,691 shares of Akorn stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $30.44, for a total transaction of $81,914.04. Following the transaction, the director now directly owns 20,786 shares in the company, valued at $632,725.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 30.10% of the company’s stock.
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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