Landec Corp. (LNDC) Sees Strong Trading Volume Following Earnings Beat
Landec Corp. (NASDAQ:LNDC) saw strong trading volume on Wednesday following a better than expected earnings announcement. 231,461 shares were traded during trading, an increase of 198% from the previous session’s volume of 77,731 shares.The stock last traded at $13.04 and had previously closed at $12.97.
The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. Landec Corp. had a negative net margin of 2.15% and a positive return on equity of 4.53%. The company had revenue of $132.40 million for the quarter. During the same quarter in the previous year, the business posted $0.11 EPS. Landec Corp.’s revenue was down 2.2% on a year-over-year basis.
Several research firms have recently issued reports on LNDC. Zacks Investment Research upgraded shares of Landec Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, August 9th. Maxim Group began coverage on shares of Landec Corp. in a research report on Tuesday, June 7th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, Wedbush began coverage on shares of Landec Corp. in a research report on Thursday, July 7th. They set a “neutral” rating and a $12.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $14.32.
In related news, COO Ronald Lane Midyett sold 7,000 shares of the business’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $12.02, for a total value of $84,140.00. Following the sale, the chief operating officer now owns 111,169 shares in the company, valued at $1,336,251.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gary T. Steele sold 34,484 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $12.47, for a total transaction of $430,015.48. The disclosure for this sale can be found here. 4.89% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. First Interstate Bank boosted its stake in shares of Landec Corp. by 21.3% in the second quarter. First Interstate Bank now owns 12,590 shares of the company’s stock valued at $135,000 after buying an additional 2,210 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Landec Corp. during the second quarter valued at approximately $161,000. Highbridge Capital Management LLC purchased a new position in Landec Corp. during the second quarter valued at approximately $197,000. Prudential Financial Inc. raised its position in Landec Corp. by 8.8% in the second quarter. Prudential Financial Inc. now owns 27,094 shares of the company’s stock valued at $292,000 after buying an additional 2,200 shares during the last quarter. Finally, Teachers Advisors Inc. raised its position in Landec Corp. by 7.3% in the second quarter. Teachers Advisors Inc. now owns 45,646 shares of the company’s stock valued at $491,000 after buying an additional 3,111 shares during the last quarter. Institutional investors own 94.83% of the company’s stock.
The stock’s market capitalization is $355.84 million. The company has a 50-day moving average of $12.62 and a 200-day moving average of $11.43.
Landec Corp. Company Profile
Landec Corporation designs, develops, manufactures and sells differentiated products for food and biomaterials markets and licenses technology applications to partners. The Company’s segments include Food Products Technology, Food Export and Hyaluronan-based Biomaterials. The Company’s Food Products Technology segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables.
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