Staley Capital Advisers Inc. purchased a new position in shares of Lannett Company, Inc. (NYSE:LCI) in the second quarter, Holdings Channel reports. The fund purchased 25,000 shares of the company’s stock, valued at approximately $340,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. LSV Asset Management grew its holdings in Lannett by 12.1% in the first quarter. LSV Asset Management now owns 2,057,011 shares of the company’s stock valued at $33,015,000 after purchasing an additional 221,476 shares during the period. Northern Trust Corp grew its holdings in Lannett by 36.8% in the first quarter. Northern Trust Corp now owns 800,762 shares of the company’s stock valued at $12,852,000 after purchasing an additional 215,228 shares during the period. Heartland Advisors Inc. grew its holdings in Lannett by 32.8% in the second quarter. Heartland Advisors Inc. now owns 810,500 shares of the company’s stock valued at $11,023,000 after purchasing an additional 200,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Lannett by 350.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 219,102 shares of the company’s stock valued at $2,980,000 after purchasing an additional 170,425 shares during the period. Finally, KBC Group NV grew its holdings in Lannett by 265.8% in the first quarter. KBC Group NV now owns 176,673 shares of the company’s stock valued at $2,836,000 after purchasing an additional 128,375 shares during the period.
LCI has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of Lannett from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 4th. ValuEngine downgraded shares of Lannett from a “hold” rating to a “sell” rating in a report on Friday, April 27th. Finally, Oppenheimer restated a “hold” rating on shares of Lannett in a report on Wednesday, May 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $22.00.
Lannett stock opened at $13.50 on Monday. Lannett Company, Inc. has a 1 year low of $11.90 and a 1 year high of $30.35. The company has a market capitalization of $515.09 million, a P/E ratio of 4.72 and a beta of 2.44. The company has a quick ratio of 1.91, a current ratio of 2.56 and a debt-to-equity ratio of 1.29.
In related news, VP Kevin Smith sold 11,667 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The shares were sold at an average price of $16.51, for a total value of $192,622.17. Following the completion of the sale, the vice president now directly owns 30,125 shares in the company, valued at $497,363.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 14.72% of the stock is currently owned by insiders.
Lannett Company, Inc develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products in the United States. The company offers solid oral, extended release, topical, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, as well as ophthalmic, patch, foam, buccal, sublingual, soft gel, and injectable dosages.
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