Lakeland Industries, Inc. (LAKE) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of Lakeland Industries, Inc. (NASDAQ:LAKE) from a buy rating to a hold rating in a research note released on Saturday morning.
According to Zacks, “LAKELAND INDUSTRIES, INC. has five divisions and three wholly-owned subsidiaries: One large division manufactures disposable/limited use garments and the four smaller divisions, Chemland, manufactures suits for use by toxic waste clean up teams; Fireland Fyrepel Products, manufactures fire and heat protective apparel and protective systems for personnel; Highland, manufactures specialty safety and industrial work gloves and Uniland, manufactures industrial and medical woven cloth garments. “
A number of other brokerages have also weighed in on LAKE. Roth Capital started coverage on shares of Lakeland Industries in a research note on Wednesday, August 23rd. They set a buy rating and a $18.00 target price on the stock. ValuEngine raised shares of Lakeland Industries from a hold rating to a buy rating in a research note on Friday, September 1st.
Lakeland Industries (NASDAQ:LAKE) last announced its earnings results on Wednesday, September 13th. The medical instruments supplier reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. The firm had revenue of $23.90 million for the quarter, compared to analyst estimates of $23.91 million. Lakeland Industries had a net margin of 6.65% and a return on equity of 8.27%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.20 EPS. sell-side analysts expect that Lakeland Industries will post 0.84 earnings per share for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Lakeland Industries by 23.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 543,631 shares of the medical instruments supplier’s stock valued at $7,665,000 after purchasing an additional 103,694 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Lakeland Industries by 2.2% during the 1st quarter. Renaissance Technologies LLC now owns 393,202 shares of the medical instruments supplier’s stock valued at $4,227,000 after purchasing an additional 8,400 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Lakeland Industries by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 302,567 shares of the medical instruments supplier’s stock valued at $4,387,000 after purchasing an additional 2,290 shares in the last quarter. Algert Global LLC lifted its position in Lakeland Industries by 776.0% during the 3rd quarter. Algert Global LLC now owns 225,733 shares of the medical instruments supplier’s stock valued at $3,183,000 after acquiring an additional 199,964 shares during the period. Finally, Royal Bank of Canada lifted its position in Lakeland Industries by 132.6% during the 2nd quarter. Royal Bank of Canada now owns 155,970 shares of the medical instruments supplier’s stock valued at $2,262,000 after acquiring an additional 88,910 shares during the period. 42.56% of the stock is currently owned by hedge funds and other institutional investors.
About Lakeland Industries
Lakeland Industries, Inc (Lakeland) manufactures and sells a line of safety garments and accessories for the industrial and public protective clothing market. The Company’s product categories include limited use/disposable protective clothing; high-end chemical protective suits; firefighting, flame resistant personal protective equipment (FR PPE) and heat protective apparel; reusable woven garments; high visibility clothing, and glove and sleeves.
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