Royal Bank of Canada Acquires 1,756 Shares of Lannett Co Inc (LCI)
Royal Bank of Canada boosted its position in shares of Lannett Co Inc (NYSE:LCI) by 10.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,374 shares of the company’s stock after acquiring an additional 1,756 shares during the quarter. Royal Bank of Canada’s holdings in Lannett Co were worth $374,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. raised its position in shares of Lannett Co by 52,610.9% in the first quarter. BlackRock Inc. now owns 3,903,766 shares of the company’s stock valued at $87,250,000 after purchasing an additional 3,896,360 shares during the period. Vanguard Group Inc. raised its position in shares of Lannett Co by 6.2% in the second quarter. Vanguard Group Inc. now owns 2,901,885 shares of the company’s stock valued at $59,198,000 after purchasing an additional 168,454 shares during the period. State Street Corp raised its position in shares of Lannett Co by 7.9% in the first quarter. State Street Corp now owns 1,279,860 shares of the company’s stock valued at $28,606,000 after purchasing an additional 93,186 shares during the period. Heartland Advisors Inc. raised its position in shares of Lannett Co by 20.0% in the second quarter. Heartland Advisors Inc. now owns 600,000 shares of the company’s stock valued at $12,240,000 after purchasing an additional 100,000 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Lannett Co by 6.9% in the second quarter. Russell Investments Group Ltd. now owns 527,020 shares of the company’s stock valued at $10,752,000 after purchasing an additional 33,824 shares during the period. 71.58% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Arthur P. Bedrosian sold 7,422 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $25.20, for a total value of $187,034.40. Following the completion of the transaction, the chief executive officer now owns 679,001 shares in the company, valued at approximately $17,110,825.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder David Farber sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $25.03, for a total transaction of $250,300.00. Following the completion of the transaction, the insider now owns 4,211,069 shares of the company’s stock, valued at approximately $105,403,057.07. The disclosure for this sale can be found here. Company insiders own 15.04% of the company’s stock.
LCI has been the topic of several research analyst reports. Roth Capital set a $27.00 price objective on shares of Lannett Co and gave the company a “buy” rating in a research report on Tuesday, August 22nd. ValuEngine raised shares of Lannett Co from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Lannett Co from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research report on Friday, November 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Lannett Co in a research report on Wednesday, August 23rd. Finally, Deutsche Bank AG lowered their price target on shares of Lannett Co from $23.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, August 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Lannett Co has an average rating of “Hold” and an average price target of $22.80.
Shares of Lannett Co Inc (NYSE LCI) opened at $23.95 on Friday. Lannett Co Inc has a one year low of $14.90 and a one year high of $27.90. The company has a quick ratio of 1.90, a current ratio of 2.52 and a debt-to-equity ratio of 1.44. The firm has a market cap of $902.13, a P/E ratio of 8.90, a PEG ratio of 2.08 and a beta of 2.73.
Lannett Co (NYSE:LCI) last posted its quarterly earnings results on Monday, November 6th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Lannett Co had a net margin of 6.67% and a return on equity of 18.23%. The company had revenue of $155.00 million for the quarter, compared to the consensus estimate of $153.62 million. During the same period last year, the company posted $0.77 EPS. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. sell-side analysts anticipate that Lannett Co Inc will post 2.87 earnings per share for the current year.
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About Lannett Co
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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