First Trust Advisors LP Lowers Stake in Layne Christensen Co. (LAYN)
First Trust Advisors LP reduced its stake in Layne Christensen Co. (NASDAQ:LAYN) by 17.7% during the second quarter, Holdings Channel reports. The institutional investor owned 299,854 shares of the company’s stock after selling 64,705 shares during the period. First Trust Advisors LP owned about 1.51% of Layne Christensen worth $2,429,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Jacobs Levy Equity Management Inc. acquired a new position in Layne Christensen during the first quarter valued at $232,000. California State Teachers Retirement System purchased a new position in shares of Layne Christensen during the second quarter worth approximately $308,000. BlackRock Fund Advisors increased its position in shares of Layne Christensen by 6.6% in the first quarter. BlackRock Fund Advisors now owns 54,492 shares of the company’s stock worth $392,000 after buying an additional 3,355 shares during the period. Bank of New York Mellon Corp increased its position in shares of Layne Christensen by 87.7% in the second quarter. Bank of New York Mellon Corp now owns 70,592 shares of the company’s stock worth $571,000 after buying an additional 32,989 shares during the period. Finally, KBC Group NV increased its position in shares of Layne Christensen by 3.8% in the second quarter. KBC Group NV now owns 212,032 shares of the company’s stock worth $1,717,000 after buying an additional 7,846 shares during the period. 93.52% of the stock is currently owned by hedge funds and other institutional investors.
Layne Christensen Co. (NASDAQ:LAYN) traded down 0.61% during midday trading on Wednesday, hitting $8.17. 131,334 shares of the stock were exchanged. The stock’s market cap is $161.81 million. The firm has a 50 day moving average of $8.75 and a 200-day moving average of $8.16. Layne Christensen Co. has a 12-month low of $3.75 and a 12-month high of $9.56.
Layne Christensen (NASDAQ:LAYN) last issued its quarterly earnings data on Tuesday, September 6th. The company reported ($0.26) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.06. The business earned $159.05 million during the quarter, compared to analyst estimates of $164.19 million. Layne Christensen had a negative net margin of 5.25% and a negative return on equity of 23.75%. Layne Christensen’s revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the company posted ($1.19) earnings per share. On average, equities analysts expect that Layne Christensen Co. will post ($1.00) earnings per share for the current year.
LAYN has been the topic of a number of analyst reports. Jefferies Group reaffirmed a “hold” rating on shares of Layne Christensen in a research note on Wednesday, June 8th. Zacks Investment Research raised shares of Layne Christensen from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. TheStreet raised shares of Layne Christensen from a “sell” rating to a “hold” rating in a research note on Wednesday, September 7th. Finally, DA Davidson set a $9.00 target price on shares of Layne Christensen and gave the stock a “hold” rating in a research note on Sunday, September 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $8.60.
Layne Christensen Company Profile
Layne Christensen Company (Layne) is a water management, construction and drilling company. The Company provides drilling solutions for water management, mineral services and specialty drilling needs. The Company operates through four segments: Water Resources, Inliner, Heavy Civil and Mineral Services.
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