Municipal Employees Retirement System of Michigan Raises Position in Multi-Color Co. (LABL)
Municipal Employees Retirement System of Michigan boosted its holdings in Multi-Color Co. (NASDAQ:LABL) by 49.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,260 shares of the business services provider’s stock after buying an additional 2,080 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Multi-Color were worth $513,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of LABL. BNP Paribas Arbitrage SA raised its holdings in Multi-Color by 76.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,947 shares of the business services provider’s stock worth $569,000 after purchasing an additional 3,016 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Multi-Color by 3.1% during the 3rd quarter. Principal Financial Group Inc. now owns 106,866 shares of the business services provider’s stock worth $8,757,000 after purchasing an additional 3,230 shares during the last quarter. Prudential Financial Inc. raised its holdings in Multi-Color by 22.3% during the 3rd quarter. Prudential Financial Inc. now owns 27,703 shares of the business services provider’s stock worth $2,270,000 after purchasing an additional 5,050 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Multi-Color during the 3rd quarter worth approximately $233,000. Finally, Pictet Asset Management Ltd. raised its holdings in Multi-Color by 48.3% during the 3rd quarter. Pictet Asset Management Ltd. now owns 170,151 shares of the business services provider’s stock worth $13,944,000 after purchasing an additional 55,428 shares during the last quarter. Institutional investors and hedge funds own 66.62% of the company’s stock.
Several research analysts have issued reports on the stock. Robert W. Baird restated a “hold” rating and set a $80.00 price target on shares of Multi-Color in a report on Friday, November 10th. Zacks Investment Research lowered shares of Multi-Color from a “hold” rating to a “sell” rating in a report on Friday, November 10th. BMO Capital Markets restated a “hold” rating and set a $88.00 price target on shares of Multi-Color in a report on Wednesday, October 25th. Finally, KeyCorp restated a “sell” rating and set a $67.00 price target on shares of Multi-Color in a report on Friday, August 25th. Three research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $82.75.
Multi-Color Co. (NASDAQ:LABL) opened at $74.95 on Tuesday. The company has a current ratio of 1.96, a quick ratio of 1.48 and a debt-to-equity ratio of 1.13. Multi-Color Co. has a fifty-two week low of $63.05 and a fifty-two week high of $88.25. The stock has a market cap of $1,514.65, a P/E ratio of 20.58 and a beta of 0.73.
Multi-Color (NASDAQ:LABL) last released its quarterly earnings data on Tuesday, November 7th. The business services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.05). The company had revenue of $256.03 million during the quarter, compared to the consensus estimate of $246.61 million. Multi-Color had a net margin of 6.10% and a return on equity of 15.52%. The business’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.99 EPS. sell-side analysts forecast that Multi-Color Co. will post 3.83 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, November 14th. This represents a $0.20 annualized dividend and a dividend yield of 0.27%. Multi-Color’s dividend payout ratio is currently 5.90%.
In related news, CEO Michael Julian Henry acquired 1,000 shares of the stock in a transaction dated Monday, November 13th. The stock was bought at an average price of $71.03 per share, for a total transaction of $71,030.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nigel A. Vinecombe sold 14,699 shares of Multi-Color stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $82.09, for a total transaction of $1,206,640.91. Following the completion of the sale, the insider now owns 54,309 shares of the company’s stock, valued at approximately $4,458,225.81. The disclosure for this sale can be found here. Insiders sold a total of 38,846 shares of company stock valued at $3,188,636 in the last quarter. 19.40% of the stock is currently owned by company insiders.
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Multi-Color Company Profile
Multi-Color Corporation (Multi-Color) is engaged in label solutions business, supporting brands, including producers of home and personal care, wine and spirit, food and beverage, healthcare and specialty consumer products. The Company serves international brand owners in North, Central and South America, Europe, Australia, New Zealand, South Africa and China and Southeast Asia with a range of label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, Shrink Sleeve and Heat Transfer.
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