Multi-Color Corporation (NASDAQ:LABL) Posts Earnings Results, Beats Expectations By $0.06 EPS
Multi-Color Corporation (NASDAQ:LABL) announced its quarterly earnings data on Tuesday. The business services provider reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.06, Bloomberg Earnings reports. Multi-Color Corporation had a net margin of 6.61% and a return on equity of 16.99%. The company had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $242.47 million. During the same quarter in the prior year, the company earned $0.95 EPS. The firm’s revenue was up 2.5% on a year-over-year basis.
Multi-Color Corporation (LABL) traded down 1.01% during midday trading on Wednesday, hitting $78.80. 36,880 shares of the stock traded hands. Multi-Color Corporation has a 52-week low of $63.05 and a 52-week high of $88.25. The firm’s 50-day moving average is $81.43 and its 200-day moving average is $77.22. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 22.01 and a beta of 0.83.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.05 per share. The ex-dividend date is Friday, August 11th. This represents a $0.20 annualized dividend and a yield of 0.25%. Multi-Color Corporation’s payout ratio is currently 5.59%.
In other news, insider Nigel A. Vinecombe sold 25,000 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $86.39, for a total transaction of $2,159,750.00. Following the completion of the sale, the insider now directly owns 14,309 shares of the company’s stock, valued at $1,236,154.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sharon E. Birkett sold 5,000 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $86.20, for a total transaction of $431,000.00. Following the sale, the chief financial officer now directly owns 6,342 shares of the company’s stock, valued at $546,680.40. The disclosure for this sale can be found here. Insiders have sold 38,700 shares of company stock valued at $3,330,772 over the last three months. Insiders own 19.40% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Aberdeen Asset Management PLC UK boosted its position in shares of Multi-Color Corporation by 11.4% in the first quarter. Aberdeen Asset Management PLC UK now owns 781,972 shares of the business services provider’s stock worth $55,520,000 after buying an additional 79,974 shares during the period. Thrivent Financial For Lutherans boosted its position in shares of Multi-Color Corporation by 5.8% in the first quarter. Thrivent Financial For Lutherans now owns 7,450 shares of the business services provider’s stock worth $529,000 after buying an additional 410 shares during the period. Victory Capital Management Inc. boosted its position in shares of Multi-Color Corporation by 100.6% in the first quarter. Victory Capital Management Inc. now owns 2,293 shares of the business services provider’s stock worth $163,000 after buying an additional 1,150 shares during the period. Fenimore Asset Management Inc. boosted its position in shares of Multi-Color Corporation by 3.1% in the second quarter. Fenimore Asset Management Inc. now owns 107,189 shares of the business services provider’s stock worth $8,747,000 after buying an additional 3,205 shares during the period. Finally, Sei Investments Co. boosted its position in shares of Multi-Color Corporation by 19.3% in the first quarter. Sei Investments Co. now owns 13,053 shares of the business services provider’s stock worth $926,000 after buying an additional 2,111 shares during the period. 77.01% of the stock is owned by hedge funds and other institutional investors.
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A number of brokerages have recently issued reports on LABL. Zacks Investment Research raised shares of Multi-Color Corporation from a “hold” rating to a “buy” rating and set a $96.00 price objective for the company in a research note on Friday, June 2nd. BidaskClub cut shares of Multi-Color Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $78.60.
About Multi-Color Corporation
Multi-Color Corporation (Multi-Color) is engaged in label solutions business, supporting brands, including producers of home and personal care, wine and spirit, food and beverage, healthcare and specialty consumer products. The Company serves international brand owners in North, Central and South America, Europe, Australia, New Zealand, South Africa and China and Southeast Asia with a range of label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, Shrink Sleeve and Heat Transfer.
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