Schwab Charles Investment Management Inc. raised its stake in shares of Lannett Company, Inc. (NYSE:LCI) by 23.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,344 shares of the company’s stock after purchasing an additional 35,712 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.50% of Lannett worth $3,494,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. BNP Paribas Arbitrage SA increased its stake in Lannett by 49.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,235 shares of the company’s stock valued at $188,000 after purchasing an additional 3,061 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Lannett by 59.1% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 11,040 shares of the company’s stock valued at $204,000 after acquiring an additional 4,100 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Lannett in the 2nd quarter valued at $271,000. Royal Bank of Canada boosted its holdings in shares of Lannett by 10.6% in the 2nd quarter. Royal Bank of Canada now owns 18,374 shares of the company’s stock valued at $374,000 after acquiring an additional 1,756 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Lannett by 1.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,366 shares of the company’s stock valued at $456,000 after acquiring an additional 297 shares during the last quarter. Institutional investors and hedge funds own 97.14% of the company’s stock.
Several analysts have recently commented on LCI shares. Zacks Investment Research raised shares of Lannett from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Monday, December 11th. BMO Capital Markets upped their price objective on shares of Lannett from $20.00 to $22.00 and gave the company a “market perform” rating in a report on Monday, November 13th. ValuEngine raised shares of Lannett from a “hold” rating to a “buy” rating in a report on Saturday, November 25th. Finally, Oppenheimer reissued a “hold” rating on shares of Lannett in a report on Monday, December 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Lannett currently has an average rating of “Hold” and an average price target of $23.60.
Lannett (NYSE:LCI) last announced its quarterly earnings results on Monday, November 6th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.08. The firm had revenue of $155.00 million for the quarter, compared to the consensus estimate of $153.62 million. Lannett had a net margin of 6.67% and a return on equity of 18.23%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share. analysts anticipate that Lannett Company, Inc. will post 3.1 EPS for the current fiscal year.
In other Lannett news, CEO Arthur P. Bedrosian sold 42,000 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $25.50, for a total transaction of $1,071,000.00. Following the completion of the transaction, the chief executive officer now directly owns 636,616 shares in the company, valued at $16,233,708. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David Farber sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $25.03, for a total transaction of $250,300.00. Following the transaction, the insider now owns 4,211,069 shares of the company’s stock, valued at $105,403,057.07. The disclosure for this sale can be found here. Insiders have sold 140,000 shares of company stock valued at $3,681,091 over the last 90 days. 14.72% of the stock is currently owned by company insiders.
Lannett Company Profile
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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