Layne Christensen Co. (LAYN) Sees Unusually-High Trading Volume
Shares of Layne Christensen Co. (NASDAQ:LAYN) saw an uptick in trading volume on Thursday . 156,196 shares changed hands during trading, an increase of 61% from the previous session’s volume of 97,112 shares.The stock last traded at $7.75 and had previously closed at $7.79.
A number of research firms have recently commented on LAYN. Zacks Investment Research cut Layne Christensen from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 19th. Jefferies Group restated a “hold” rating on shares of Layne Christensen in a research note on Wednesday, June 8th. Finally, Maxim Group boosted their price objective on Layne Christensen from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Monday, April 18th.
The company’s market capitalization is $160.40 million. The firm’s 50-day moving average price is $7.97 and its 200-day moving average price is $7.38.
Layne Christensen (NASDAQ:LAYN) last released its quarterly earnings data on Monday, June 6th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.31) by $0.14. During the same quarter in the previous year, the business earned ($0.33) earnings per share. The company earned $159.70 million during the quarter, compared to the consensus estimate of $160.24 million. Layne Christensen’s revenue was down 8.4% compared to the same quarter last year. On average, equities research analysts expect that Layne Christensen Co. will post ($0.74) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Layne Christensen stock. First Trust Advisors LP raised its stake in shares of Layne Christensen Co. (NASDAQ:LAYN) by 153.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 387,343 shares of the company’s stock after buying an additional 234,478 shares during the period. First Trust Advisors LP owned 1.96% of Layne Christensen worth $2,037,000 at the end of the most recent reporting period.
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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