Nordea Investment Management AB reduced its stake in shares of Lannett Co. (NYSE:LCI) by 53.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,500 shares of the company’s stock after selling 49,000 shares during the period. Nordea Investment Management AB owned 0.12% of Lannett worth $1,156,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in LCI. Mason Street Advisors LLC bought a new position in shares of Lannett during the second quarter valued at approximately $130,000. Acrospire Investment Management LLC raised its position in shares of Lannett by 13.7% in the second quarter. Acrospire Investment Management LLC now owns 6,656 shares of the company’s stock valued at $158,000 after buying an additional 800 shares during the last quarter. BlackRock Inc. raised its position in shares of Lannett by 277.7% in the second quarter. BlackRock Inc. now owns 7,517 shares of the company’s stock valued at $179,000 after buying an additional 5,527 shares during the last quarter. Adams Diversified Equity Fund Inc. bought a new position in shares of Lannett during the second quarter valued at approximately $197,000. Finally, Fisher Asset Management LLC bought a new position in shares of Lannett during the third quarter valued at approximately $203,000. 82.56% of the stock is owned by hedge funds and other institutional investors.
Shares of Lannett Co. (NYSE:LCI) traded up 6.02% during midday trading on Friday, hitting $22.90. 593,102 shares of the stock were exchanged. The firm has a 50 day moving average of $22.25 and a 200-day moving average of $26.43. Lannett Co. has a one year low of $16.75 and a one year high of $44.49. The company’s market cap is $847.32 million.
Lannett (NYSE:LCI) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.06. Lannett had a positive return on equity of 21.98% and a negative net margin of 2.87%. The business earned $161.60 million during the quarter, compared to the consensus estimate of $166.72 million. During the same period in the previous year, the company posted $0.99 earnings per share. The business’s revenue for the quarter was up 51.8% on a year-over-year basis. Equities analysts expect that Lannett Co. will post $3.36 EPS for the current year.
Several equities analysts recently weighed in on the stock. TheStreet upgraded shares of Lannett from a “hold” rating to a “buy” rating in a report on Tuesday, August 23rd. Zacks Investment Research downgraded shares of Lannett from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Roth Capital set a $34.00 price target on shares of Lannett and gave the stock a “buy” rating in a report on Sunday, November 6th. Raymond James Financial Inc. increased their price target on shares of Lannett from $31.00 to $43.00 and gave the stock an “outperform” rating in a report on Wednesday, August 24th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $26.00 price target (down previously from $32.00) on shares of Lannett in a report on Tuesday, October 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. Lannett currently has a consensus rating of “Hold” and a consensus target price of $32.29.
In related news, Director James M. Maher sold 1,478 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $33.91, for a total transaction of $50,118.98. Following the completion of the sale, the director now owns 20,320 shares in the company, valued at $689,051.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider G. Michael Landis sold 4,334 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $32.30, for a total value of $139,988.20. Following the sale, the insider now owns 6,461 shares of the company’s stock, valued at approximately $208,690.30. The disclosure for this sale can be found here. Insiders own 15.10% 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.