37,633 Shares in Mallinckrodt PLC (MNK) Acquired by Engineers Gate Manager LP
Engineers Gate Manager LP bought a new stake in Mallinckrodt PLC (NYSE:MNK) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 37,633 shares of the company’s stock, valued at approximately $1,406,000.
Several other hedge funds have also recently made changes to their positions in MNK. Sterling Capital Management LLC purchased a new position in shares of Mallinckrodt in the second quarter valued at $204,000. Municipal Employees Retirement System of Michigan boosted its stake in shares of Mallinckrodt by 24.5% in the second quarter. Municipal Employees Retirement System of Michigan now owns 5,640 shares of the company’s stock valued at $253,000 after purchasing an additional 1,110 shares during the period. OMERS ADMINISTRATION Corp bought a new position in Mallinckrodt during the 2nd quarter valued at $260,000. Alps Advisors Inc. boosted its stake in Mallinckrodt by 22.3% during the 2nd quarter. Alps Advisors Inc. now owns 6,465 shares of the company’s stock valued at $290,000 after acquiring an additional 1,179 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its stake in Mallinckrodt by 69.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 8,025 shares of the company’s stock valued at $300,000 after acquiring an additional 3,300 shares during the last quarter. Institutional investors and hedge funds own 97.40% of the company’s stock.
Mallinckrodt PLC (NYSE:MNK) traded up $0.84 during trading on Tuesday, hitting $23.14. 3,031,700 shares of the stock were exchanged, compared to its average volume of 2,585,132. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.05 and a current ratio of 1.38. Mallinckrodt PLC has a one year low of $19.00 and a one year high of $55.32. The company has a market cap of $2,118.61, a P/E ratio of 3.01, a P/E/G ratio of 0.40 and a beta of 1.30.
Mallinckrodt (NYSE:MNK) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.17. Mallinckrodt had a net margin of 11.43% and a return on equity of 14.79%. The company had revenue of $793.90 million for the quarter, compared to the consensus estimate of $808.93 million. During the same period last year, the firm posted $2.04 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. equities analysts expect that Mallinckrodt PLC will post 7.2 EPS for the current year.
In other news, Director Dr Kneeland Youngblood acquired 4,560 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The shares were acquired at an average price of $21.94 per share, with a total value of $100,046.40. Following the acquisition, the director now directly owns 19,789 shares in the company, valued at $434,170.66. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Steven J. Romano acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was purchased at an average cost of $21.96 per share, for a total transaction of $43,920.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 30,460 shares of company stock worth $659,486. Insiders own 0.53% of the company’s stock.
A number of research analysts have commented on the stock. ValuEngine upgraded shares of Mallinckrodt from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Zacks Investment Research upgraded shares of Mallinckrodt from a “sell” rating to a “hold” rating in a research note on Wednesday, October 25th. Morgan Stanley downgraded shares of Mallinckrodt from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $65.00 to $40.00 in a research note on Wednesday, September 6th. Mizuho reiterated a “hold” rating and set a $40.00 price objective on shares of Mallinckrodt in a research note on Sunday, October 15th. Finally, Deutsche Bank downgraded shares of Mallinckrodt from a “buy” rating to a “hold” rating and reduced their price objective for the company from $44.00 to $28.00 in a research note on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the company’s stock. Mallinckrodt has an average rating of “Hold” and an average target price of $48.14.
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Mallinckrodt Company Profile
Mallinckrodt public limited company develops, manufactures, markets and distributes branded and generic specialty pharmaceutical products and therapies. The Company focuses on various therapeutic areas, such as autoimmune and rare disease specialty areas, including neurology, rheumatology, nephrology, ophthalmology and pulmonology; immunotherapy and neonatal critical care respiratory therapies; analgesics and hemostasis products, and central nervous system drugs.
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