Layne Christensen (LAYN) Shares Down 10.5% Following Weak Earnings
Layne Christensen Company (NASDAQ:LAYN) traded down 10.5% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $10.39 and last traded at $11.54. 772,877 shares traded hands during trading, an increase of 540% from the average session volume of 120,756 shares. The stock had previously closed at $12.90.
The construction company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $127.43 million for the quarter, compared to the consensus estimate of $131.12 million. Layne Christensen had a negative net margin of 12.66% and a negative return on equity of 35.55%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.26) earnings per share.
A number of brokerages have commented on LAYN. Zacks Investment Research downgraded shares of Layne Christensen from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. ValuEngine downgraded shares of Layne Christensen from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Finally, Jefferies Group restated a “hold” rating and issued a $11.00 target price (up from $9.00) on shares of Layne Christensen in a research note on Thursday, September 14th.
Hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. bought a new position in Layne Christensen in the 2nd quarter worth about $119,000. Royce & Associates LP grew its stake in Layne Christensen by 3.6% in the 2nd quarter. Royce & Associates LP now owns 1,953,571 shares of the construction company’s stock worth $17,172,000 after acquiring an additional 68,599 shares in the last quarter. KBC Group NV grew its stake in Layne Christensen by 1.1% in the 2nd quarter. KBC Group NV now owns 228,653 shares of the construction company’s stock worth $2,010,000 after acquiring an additional 2,515 shares in the last quarter. Cove Street Capital LLC grew its stake in Layne Christensen by 100.0% in the 2nd quarter. Cove Street Capital LLC now owns 200,000 shares of the construction company’s stock worth $1,758,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Layne Christensen by 139.2% in the 2nd quarter. Wells Fargo & Company MN now owns 40,670 shares of the construction company’s stock worth $358,000 after acquiring an additional 23,670 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.
The company has a quick ratio of 1.38, a current ratio of 1.54 and a debt-to-equity ratio of 2.93.
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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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