Lannett Company, Inc. (NYSE:LCI) Stake Raised by NumerixS Investment Technologies Inc
NumerixS Investment Technologies Inc lifted its holdings in shares of Lannett Company, Inc. (NYSE:LCI) by 545.0% during the first quarter, HoldingsChannel.com reports. The firm owned 25,800 shares of the company’s stock after purchasing an additional 21,800 shares during the quarter. NumerixS Investment Technologies Inc’s holdings in Lannett were worth $196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Optimum Investment Advisors acquired a new position in Lannett during the 1st quarter valued at about $39,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Lannett in the first quarter worth $44,000. Investors Research Corp acquired a new stake in shares of Lannett in the first quarter worth $54,000. BNP Paribas Arbitrage SA grew its stake in shares of Lannett by 105.4% in the first quarter. BNP Paribas Arbitrage SA now owns 7,046 shares of the company’s stock worth $55,000 after acquiring an additional 3,615 shares during the last quarter. Finally, Financial Gravity Companies Inc. acquired a new stake in shares of Lannett in the fourth quarter worth $60,000. Institutional investors own 82.07% of the company’s stock.
In other Lannett news, Director Jeffrey Farber purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were purchased at an average price of $5.80 per share, for a total transaction of $29,000.00. Following the completion of the purchase, the director now directly owns 2,101,054 shares of the company’s stock, valued at $12,186,113.20. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have acquired 18,000 shares of company stock worth $118,050 in the last quarter. Corporate insiders own 12.57% of the company’s stock.
Lannett (NYSE:LCI) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.06. Lannett had a negative net margin of 39.84% and a positive return on equity of 25.79%. The firm had revenue of $172.79 million for the quarter, compared to the consensus estimate of $155.55 million. During the same quarter in the previous year, the company earned $0.80 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. As a group, research analysts forecast that Lannett Company, Inc. will post 2.19 earnings per share for the current fiscal year.
LCI has been the topic of several research analyst reports. ValuEngine upgraded shares of Lannett from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. SunTrust Banks initiated coverage on shares of Lannett in a research note on Tuesday, March 19th. They issued a “hold” rating and a $9.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company. Lannett currently has an average rating of “Hold” and an average target price of $19.45.
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Lannett Company, Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States. The company offers solid oral and extended release, topical, liquid, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, suspension, soft gel, and injectable dosages.
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