Lannett Co Inc (LCI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Lannett Co Inc (NYSE:LCI) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

According to Zacks, “Lannett, Inc. manufactures and distributes pharmaceutical products sold under generic names and historically has manufactured and distributed pharmaceutical products sold under its trade or brand names. In addition, the Company contract manufactures and private labels pharmaceutical products for other companies. “

LCI has been the topic of a number of other reports. Deutsche Bank AG reissued a hold rating and issued a $26.00 price objective (down from $32.00) on shares of Lannett Co in a research note on Tuesday, October 18th. TheStreet downgraded Lannett Co to a hold rating in a research note on Tuesday, October 18th. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Lannett Co in a research note on Tuesday, December 6th. Finally, Roth Capital set a $34.00 price objective on Lannett Co and gave the company a buy rating in a research note on Sunday, November 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $30.14.

Lannett Co (NYSE:LCI) traded down 2.76% during trading on Friday, hitting $21.15. The stock had a trading volume of 191,465 shares. The firm’s market cap is $782.57 million. Lannett Co has a 52 week low of $16.75 and a 52 week high of $39.99. The company’s 50-day moving average is $23.27 and its 200 day moving average is $26.55.

Lannett Co (NYSE:LCI) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.06. The business earned $161.60 million during the quarter, compared to analyst estimates of $166.72 million. Lannett Co had a positive return on equity of 21.98% and a negative net margin of 2.87%. The firm’s revenue was up 51.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 EPS. Equities analysts expect that Lannett Co will post $3.36 EPS for the current fiscal year.

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In other Lannett Co news, major shareholder David Farber sold 3,800 shares of the business’s stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $25.00, for a total value of $95,000.00. Following the transaction, the insider now owns 1,937,070 shares of the company’s stock, valued at $48,426,750. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 15.04% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC purchased a new stake in Lannett Co during the second quarter worth $130,000. Acrospire Investment Management LLC increased its stake in Lannett Co by 13.7% in the second quarter. Acrospire Investment Management LLC now owns 6,656 shares of the company’s stock worth $158,000 after buying an additional 800 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Lannett Co by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 6,200 shares of the company’s stock worth $165,000 after buying an additional 100 shares during the last quarter. BlackRock Inc. increased its stake in Lannett Co by 277.7% in the second quarter. BlackRock Inc. now owns 7,517 shares of the company’s stock worth $179,000 after buying an additional 5,527 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. purchased a new stake in Lannett Co during the second quarter worth $197,000. Institutional investors own 79.49% of the company’s stock.

About Lannett Co

Lannett Company, Inc develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc As of June 30, 2016, the Company’s products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules.

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