Goldman Sachs Group Inc. Has $403,000 Stake in Multi-Color Corporation (LABL)
Goldman Sachs Group Inc. reduced its stake in shares of Multi-Color Corporation (NASDAQ:LABL) by 26.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,943 shares of the business services provider’s stock after selling 1,744 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Multi-Color Corporation were worth $403,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC acquired a new stake in shares of Multi-Color Corporation during the 2nd quarter worth $105,000. Pinebridge Investments L.P. grew its holdings in shares of Multi-Color Corporation by 1.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,742 shares of the business services provider’s stock worth $143,000 after purchasing an additional 18 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Multi-Color Corporation by 79.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 2,613 shares of the business services provider’s stock worth $213,000 after purchasing an additional 1,153 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Multi-Color Corporation by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,697 shares of the business services provider’s stock worth $220,000 after buying an additional 404 shares during the last quarter. Finally, Atria Investments LLC lifted its position in shares of Multi-Color Corporation by 0.8% during the 2nd quarter. Atria Investments LLC now owns 2,968 shares of the business services provider’s stock worth $242,000 after buying an additional 24 shares during the last quarter. 60.66% of the stock is currently owned by institutional investors.
In other Multi-Color Corporation news, insider Nigel A. Vinecombe sold 25,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $80.23, for a total value of $2,005,750.00. Following the completion of the transaction, the insider now directly owns 54,309 shares in the company, valued at $4,357,211.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Nigel A. Vinecombe sold 3,081 shares of the stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $82.15, for a total value of $253,104.15. Following the completion of the transaction, the chairman now owns 54,309 shares of the company’s stock, valued at $4,461,484.35. The disclosure for this sale can be found here. Insiders sold 63,846 shares of company stock valued at $5,194,386 over the last quarter. Corporate insiders own 19.40% of the company’s stock.
LABL has been the subject of several recent analyst reports. Zacks Investment Research upgraded Multi-Color Corporation from a “hold” rating to a “strong-buy” rating and set a $96.00 price objective for the company in a research report on Wednesday, October 11th. BMO Capital Markets restated a “hold” rating and set a $88.00 price objective on shares of Multi-Color Corporation in a research report on Wednesday, October 25th. Finally, Robert W. Baird restated a “hold” rating and set a $80.00 price objective on shares of Multi-Color Corporation in a research report on Friday, November 10th. Three 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 a consensus rating of “Hold” and a consensus price target of $82.75.
Shares of Multi-Color Corporation (NASDAQ LABL) opened at $72.45 on Wednesday. The company has a current ratio of 1.96, a quick ratio of 1.48 and a debt-to-equity ratio of 1.13. Multi-Color Corporation has a 1 year low of $63.05 and a 1 year high of $88.25. The firm has a market capitalization of $1,467.64, a price-to-earnings ratio of 19.94 and a beta of 0.78.
Multi-Color Corporation (NASDAQ:LABL) last announced its quarterly earnings data on Tuesday, November 7th. The business services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.05). The business had revenue of $256.03 million for the quarter, compared to the consensus estimate of $246.61 million. Multi-Color Corporation had a return on equity of 15.52% and a net margin of 6.10%. Multi-Color Corporation’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.99 earnings per share. analysts predict that Multi-Color Corporation will post 3.85 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 15th will be given a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $0.20 annualized dividend and a yield of 0.28%. Multi-Color Corporation’s dividend payout ratio is presently 5.90%.
Multi-Color Corporation Profile
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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