Zacks: Brokerages Set $11.00 Target Price for Layne Christensen Company (LAYN)
Layne Christensen Company (NASDAQ:LAYN) has earned a consensus broker rating score of 3.00 (Hold) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation.
Brokers have set a 1-year consensus price target of $11.00 for the company and are expecting that the company will post ($0.04) EPS for the current quarter, according to Zacks. Zacks has also assigned Layne Christensen an industry rank of 92 out of 265 based on the ratings given to its competitors.
LAYN has been the topic of a number of research reports. ValuEngine downgraded shares of Layne Christensen from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $11.00 price target (up from $9.00) on shares of Layne Christensen in a research note on Thursday, September 14th. Finally, Zacks Investment Research downgraded shares of Layne Christensen from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th.
Institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. acquired a new position in Layne Christensen during the second quarter worth $119,000. Nationwide Fund Advisors boosted its holdings in Layne Christensen by 3.0% during the second quarter. Nationwide Fund Advisors now owns 14,565 shares of the construction company’s stock valued at $128,000 after acquiring an additional 428 shares during the period. Virtu KCG Holdings LLC bought a new stake in Layne Christensen during the second quarter valued at about $130,000. Wells Fargo & Company MN boosted its holdings in Layne Christensen by 5.3% during the first quarter. Wells Fargo & Company MN now owns 17,000 shares of the construction company’s stock valued at $151,000 after acquiring an additional 855 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Layne Christensen by 8.8% during the second quarter. Rhumbline Advisers now owns 21,629 shares of the construction company’s stock valued at $190,000 after acquiring an additional 1,755 shares during the period. 89.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Layne Christensen (NASDAQ LAYN) traded down 0.54% during midday trading on Friday, hitting $12.86. The stock had a trading volume of 108,870 shares. The firm’s market cap is $255.67 million. Layne Christensen has a 12-month low of $6.98 and a 12-month high of $13.24. The company’s 50-day moving average price is $11.43 and its 200-day moving average price is $9.39.
Layne Christensen (NASDAQ:LAYN) last announced its earnings results on Monday, September 11th. The construction company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.07. Layne Christensen had a negative net margin of 12.66% and a negative return on equity of 35.55%. The company had revenue of $126.20 million for the quarter, compared to the consensus estimate of $122.99 million. During the same period in the previous year, the business earned ($0.21) EPS. The company’s revenue was up 2.1% on a year-over-year basis. Equities research analysts forecast that Layne Christensen will post ($0.40) EPS for the current year.
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Layne Christensen Company Profile
Layne Christensen Company (Layne) is a water management, construction and drilling company. The Company provides drilling solutions for water management, mineral services and specialty drilling needs. The Company operates through three segments: Water Resources, Inliner and Mineral Services. Its Water Resources segment provides its customers with solutions for various aspects of water supply system development and technology throughout the United States.
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