Mackay Shields LLC Cuts Holdings in Lannett Company, Inc. (LCI)

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Mackay Shields LLC decreased its holdings in shares of Lannett Company, Inc. (NYSE:LCI) by 14.6% during the second quarter, HoldingsChannel.com reports. The firm owned 44,500 shares of the company’s stock after selling 7,600 shares during the period. Mackay Shields LLC’s holdings in Lannett were worth $605,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of LCI. Rhumbline Advisers increased its position in Lannett by 5.3% during the 1st quarter. Rhumbline Advisers now owns 75,111 shares of the company’s stock valued at $1,206,000 after purchasing an additional 3,782 shares during the period. Alps Advisors Inc. increased its position in Lannett by 21.6% during the 1st quarter. Alps Advisors Inc. now owns 50,757 shares of the company’s stock valued at $815,000 after purchasing an additional 9,018 shares during the period. New York State Teachers Retirement System increased its position in Lannett by 8.2% during the 1st quarter. New York State Teachers Retirement System now owns 50,293 shares of the company’s stock valued at $807,000 after purchasing an additional 3,800 shares during the period. Frontier Capital Management Co. LLC increased its position in Lannett by 6.6% during the 1st quarter. Frontier Capital Management Co. LLC now owns 981,365 shares of the company’s stock valued at $15,751,000 after purchasing an additional 60,385 shares during the period. Finally, Virginia Retirement Systems ET AL purchased a new position in Lannett during the 1st quarter valued at about $181,000. 99.93% of the stock is currently owned by institutional investors and hedge funds.

Shares of Lannett stock opened at $5.35 on Thursday. The company has a current ratio of 2.56, a quick ratio of 1.91 and a debt-to-equity ratio of 1.29. Lannett Company, Inc. has a 52-week low of $4.60 and a 52-week high of $30.35. The company has a market capitalization of $193.87 million, a PE ratio of 1.78 and a beta of 2.44.

Lannett (NYSE:LCI) last issued its quarterly earnings data on Tuesday, August 28th. The company reported $0.64 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.64. Lannett had a net margin of 7.01% and a return on equity of 18.64%. The firm had revenue of $170.90 million for the quarter, compared to the consensus estimate of $171.21 million. During the same quarter in the previous year, the firm earned $0.40 EPS. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. equities research analysts expect that Lannett Company, Inc. will post 2.39 earnings per share for the current fiscal year.

In other news, VP Kevin Smith sold 11,667 shares of Lannett 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 transaction, the vice president now owns 30,125 shares of the company’s stock, valued at approximately $497,363.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.72% of the stock is owned by insiders.

A number of research firms have commented on LCI. Zacks Investment Research downgraded shares of Lannett from a “hold” rating to a “sell” rating in a research report on Wednesday, August 22nd. BMO Capital Markets cut their target price on shares of Lannett from $19.00 to $8.00 and set a “market perform” rating on the stock in a research report on Monday, August 20th. Raymond James downgraded shares of Lannett from an “outperform” rating to a “market perform” rating and set a $43.00 target price on the stock. in a research report on Monday, August 20th. Craig Hallum downgraded shares of Lannett from a “buy” rating to a “hold” rating in a research report on Monday, August 20th. Finally, Roth Capital downgraded shares of Lannett from a “buy” rating to a “neutral” rating and raised their target price for the company from $23.00 to $27.50 in a research report on Monday, August 20th. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $24.10.

Lannett Company Profile

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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Institutional Ownership by Quarter for Lannett (NYSE:LCI)

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