Lannett Co. (LCI) Position Decreased by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System lowered its stake in shares of Lannett Co. (NYSE:LCI) by 57.7% during the second quarter, Holdings Channel reports. The firm owned 18,517 shares of the company’s stock after selling 25,242 shares during the period. State Board of Administration of Florida Retirement System owned about 0.05% of Lannett worth $441,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its stake in Lannett by 0.8% in the second quarter. Louisiana State Employees Retirement System now owns 12,400 shares of the company’s stock valued at $295,000 after buying an additional 100 shares during the period. Legal & General Group Plc increased its position in Lannett by 4.4% in the first quarter. Legal & General Group Plc now owns 6,620 shares of the company’s stock worth $117,000 after buying an additional 282 shares in the last quarter. Nordea Investment Management AB increased its position in Lannett by 1.1% in the second quarter. Nordea Investment Management AB now owns 92,500 shares of the company’s stock worth $2,201,000 after buying an additional 1,000 shares in the last quarter. California State Teachers Retirement System increased its position in Lannett by 3.5% in the second quarter. California State Teachers Retirement System now owns 58,101 shares of the company’s stock worth $1,382,000 after buying an additional 1,946 shares in the last quarter. Finally, Commonwealth Equity Services Inc increased its position in Lannett by 12.5% in the first quarter. Commonwealth Equity Services Inc now owns 17,481 shares of the company’s stock worth $313,000 after buying an additional 1,947 shares in the last quarter. 77.22% of the stock is currently owned by institutional investors.
Shares of Lannett Co. (NYSE:LCI) traded down 4.30% during mid-day trading on Friday, reaching $25.59. The company had a trading volume of 1,996,859 shares. Lannett Co. has a 52 week low of $16.91 and a 52 week high of $49.44. The stock has a 50 day moving average of $30.86 and a 200-day moving average of $25.63. The company has a market capitalization of $944.07 million, a price-to-earnings ratio of 21.32 and a beta of 1.93.
Lannett (NYSE:LCI) last posted its quarterly earnings results on Tuesday, August 23rd. The company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.14. The business had revenue of $168.90 million for the quarter, compared to the consensus estimate of $161.55 million. Lannett had a return on equity of 23.75% and a net margin of 7.91%. The company’s quarterly revenue was up 70.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.91 EPS. On average, analysts expect that Lannett Co. will post $3.39 earnings per share for the current fiscal year.
A number of research firms have weighed in on LCI. Zacks Investment Research downgraded Lannett from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 30th. TheStreet raised Lannett from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. Raymond James Financial Inc. increased their target price on Lannett from $31.00 to $43.00 and gave the company an “outperform” rating in a report on Wednesday, August 24th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Lannett in a report on Tuesday, July 12th. Finally, Deutsche Bank AG began coverage on Lannett in a report on Wednesday, June 29th. They issued a “hold” rating and a $26.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $31.36.
In other Lannett news, Director James M. Maher sold 1,478 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $33.91, for a total transaction of $50,118.98. Following the sale, the director now owns 20,320 shares in the company, valued at approximately $689,051.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider G. Michael Landis sold 4,334 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $32.30, for a total value of $139,988.20. Following the sale, the insider now owns 6,461 shares in the company, valued at approximately $208,690.30. The disclosure for this sale can be found here. Company insiders own 15.10% of the company’s stock.
Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc As of June 30, 2016, the Company’s products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules.
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