Franklin Resources Inc. Has $40.69 Million Stake in Landec Corporation (LNDC)
Franklin Resources Inc. cut its stake in shares of Landec Corporation (NASDAQ:LNDC) by 3.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,740,300 shares of the basic materials company’s stock after selling 106,900 shares during the quarter. Franklin Resources Inc. owned approximately 9.87% of Landec Corporation worth $40,693,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in LNDC. Russell Investments Group Ltd. grew its position in shares of Landec Corporation by 3.7% during the first quarter. Russell Investments Group Ltd. now owns 156,046 shares of the basic materials company’s stock worth $1,872,000 after buying an additional 5,538 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Landec Corporation by 8.8% during the first quarter. Wells Fargo & Company MN now owns 214,335 shares of the basic materials company’s stock worth $2,572,000 after buying an additional 17,300 shares in the last quarter. Congress Asset Management Co. MA grew its position in shares of Landec Corporation by 62.2% during the first quarter. Congress Asset Management Co. MA now owns 43,433 shares of the basic materials company’s stock worth $521,000 after buying an additional 16,655 shares in the last quarter. Pinnacle Associates Ltd. grew its position in shares of Landec Corporation by 43.1% during the first quarter. Pinnacle Associates Ltd. now owns 55,250 shares of the basic materials company’s stock worth $663,000 after buying an additional 16,650 shares in the last quarter. Finally, American International Group Inc. grew its position in shares of Landec Corporation by 7.2% during the first quarter. American International Group Inc. now owns 16,486 shares of the basic materials company’s stock worth $198,000 after buying an additional 1,102 shares in the last quarter. 92.07% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently commented on LNDC. Zacks Investment Research raised Landec Corporation from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Saturday, July 1st. BidaskClub downgraded Landec Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Wedbush reissued a “hold” rating on shares of Landec Corporation in a research report on Wednesday, July 26th. Finally, TheStreet downgraded Landec Corporation from a “b” rating to a “c+” rating in a research report on Monday, July 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.50.
Landec Corporation (NASDAQ LNDC) opened at 13.00 on Friday. Landec Corporation has a one year low of $11.20 and a one year high of $15.50. The firm has a market capitalization of $357.58 million, a P/E ratio of 34.21 and a beta of 1.34. The company has a 50-day moving average price of $12.83 and a 200-day moving average price of $13.41.
Landec Corporation (NASDAQ:LNDC) last announced its earnings results on Tuesday, July 25th. The basic materials company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. The business had revenue of $127.40 million for the quarter, compared to the consensus estimate of $135.46 million. Landec Corporation had a return on equity of 4.77% and a net margin of 1.99%. The company’s revenue was down 5.8% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS. On average, equities research analysts anticipate that Landec Corporation will post $0.55 EPS for the current year.
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Landec Corporation Company Profile
Landec Corporation designs, develops, manufactures and sells a range of health and wellness products for food and biomaterials markets. The Company licenses technology applications to partners. The Company operates through three segments: Packaged Fresh Vegetables, Food Export and Biomaterials. The Packaged Fresh Vegetables segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables, the majority of which incorporate the BreatheWay specialty packaging for the retail grocery, club store and food services industry.
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