BlackRock Inc. Grows Holdings in Lannett Company, Inc. (LCI)
BlackRock Inc. raised its stake in Lannett Company, Inc. (NYSE:LCI) by 9.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,386,677 shares of the company’s stock after buying an additional 381,177 shares during the quarter. BlackRock Inc. owned 11.54% of Lannett worth $59,660,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in LCI. Northern Trust Corp increased its stake in Lannett by 36.8% in the 1st quarter. Northern Trust Corp now owns 800,762 shares of the company’s stock valued at $12,852,000 after buying an additional 215,228 shares during the period. Heartland Advisors Inc. increased its stake in shares of Lannett by 32.8% during the 2nd quarter. Heartland Advisors Inc. now owns 810,500 shares of the company’s stock worth $11,023,000 after purchasing an additional 200,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Lannett by 350.1% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 219,102 shares of the company’s stock worth $2,980,000 after purchasing an additional 170,425 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Lannett by 12.1% during the 1st quarter. Russell Investments Group Ltd. now owns 517,221 shares of the company’s stock worth $8,302,000 after purchasing an additional 55,764 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Lannett by 30.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 216,821 shares of the company’s stock worth $3,480,000 after purchasing an additional 50,738 shares during the last quarter. Hedge funds and other institutional investors own 97.54% of the company’s stock.
Shares of LCI opened at $4.03 on Friday. Lannett Company, Inc. has a 12 month low of $3.35 and a 12 month high of $30.35. The firm has a market cap of $184.78 million, a PE ratio of 1.30 and a beta of 1.93. The company has a current ratio of 2.62, a quick ratio of 1.92 and a debt-to-equity ratio of 1.29.
Several research analysts have recently commented on the stock. TheStreet lowered shares of Lannett from a “c-” rating to a “d+” rating in a research note on Friday, September 14th. Zacks Investment Research lowered shares of Lannett from a “hold” rating to a “sell” rating in a research note on Wednesday, August 22nd. BMO Capital Markets dropped their price target on shares of Lannett from $19.00 to $8.00 and set a “market perform” rating on the stock in a research note on Monday, August 20th. Raymond James lowered shares of Lannett from an “outperform” rating to a “market perform” rating and set a $43.00 price target on the stock. in a research note on Monday, August 20th. Finally, Craig Hallum lowered shares of Lannett from a “buy” rating to a “hold” rating in a research note on Monday, August 20th. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $24.10.
In other news, Director Patrick G. Lepore acquired 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 31st. The stock was acquired at an average cost of $5.34 per share, with a total value of $133,500.00. Following the acquisition, the director now owns 67,895 shares in the company, valued at $362,559.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.72% of the stock is currently owned by corporate insiders.
Lannett Company, Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States. The company offers solid oral and extended release, topical, liquid, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, suspension, soft gel, and injectable dosages.
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