SG Americas Securities LLC cut its position in shares of Lannett Company, Inc. (NYSE:LCI) by 37.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 44,007 shares of the company’s stock after selling 26,660 shares during the quarter. SG Americas Securities LLC owned 0.12% of Lannett worth $1,021,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Frontier Capital Management Co. LLC acquired a new position in Lannett during the fourth quarter worth $21,367,000. Voya Investment Management LLC raised its holdings in Lannett by 82.5% during the second quarter. Voya Investment Management LLC now owns 46,757 shares of the company’s stock worth $954,000 after purchasing an additional 21,131 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Lannett by 6.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 153,632 shares of the company’s stock worth $3,135,000 after purchasing an additional 9,005 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Lannett during the fourth quarter worth $1,046,000. Finally, Nationwide Fund Advisors raised its holdings in Lannett by 192.7% during the third quarter. Nationwide Fund Advisors now owns 77,123 shares of the company’s stock worth $1,423,000 after purchasing an additional 50,774 shares during the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on LCI. BMO Capital Markets reduced their price objective on Lannett from $22.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday, February 8th. Oppenheimer reissued a “hold” rating on shares of Lannett in a report on Wednesday, February 7th. Roth Capital set a $25.00 price target on Lannett and gave the stock a “buy” rating in a report on Wednesday, February 7th. ValuEngine cut Lannett from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Zacks Investment Research raised Lannett from a “hold” rating to a “strong-buy” rating and set a $21.00 price target for the company in a report on Saturday, February 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $20.83.
Lannett (NYSE:LCI) last released its quarterly earnings results on Wednesday, February 7th. The company reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.20. Lannett had a return on equity of 18.85% and a net margin of 7.44%. The company had revenue of $184.31 million during the quarter, compared to analysts’ expectations of $190.92 million. During the same period in the previous year, the firm posted $0.92 earnings per share. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. equities research analysts anticipate that Lannett Company, Inc. will post 3.12 EPS for the current year.
In other news, major shareholder David Farber sold 9,816 shares of Lannett stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $30.05, for a total value of $294,970.80. Following the completion of the sale, the insider now owns 4,190,169 shares of the company’s stock, valued at $125,914,578.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Arthur P. Bedrosian sold 50,000 shares of Lannett stock in a transaction on Friday, November 24th. The shares were sold at an average price of $26.75, for a total value of $1,337,500.00. Following the completion of the sale, the chief executive officer now directly owns 636,616 shares of the company’s stock, valued at approximately $17,029,478. The disclosure for this sale can be found here. In the last ninety days, insiders sold 122,578 shares of company stock valued at $3,243,757. Company insiders own 14.72% of the company’s stock.
Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc As of June 30, 2016, the Company’s products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules.
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