Principal Financial Group Inc. boosted its holdings in shares of Multi-Color Co. (NASDAQ:LABL) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 106,866 shares of the business services provider’s stock after buying an additional 3,230 shares during the quarter. Principal Financial Group Inc. owned approximately 0.63% of Multi-Color worth $8,757,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Acrospire Investment Management LLC acquired a new position in Multi-Color during the second quarter worth approximately $105,000. Pinebridge Investments L.P. grew its position in shares of Multi-Color by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 1,742 shares of the business services provider’s stock valued at $143,000 after purchasing an additional 18 shares during the last quarter. Eqis Capital Management Inc. acquired a new position in shares of Multi-Color in the third quarter valued at approximately $201,000. Victory Capital Management Inc. grew its position in shares of Multi-Color by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,697 shares of the business services provider’s stock valued at $220,000 after purchasing an additional 404 shares during the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Multi-Color in the second quarter valued at approximately $233,000. 66.62% of the stock is currently owned by hedge funds and other institutional investors.
Multi-Color Co. (LABL) opened at $74.95 on Wednesday. Multi-Color Co. has a 12-month low of $63.05 and a 12-month high of $88.25. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.96 and a quick ratio of 1.48. The company has a market capitalization of $1,532.02, a P/E ratio of 20.82 and a beta of 0.73.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Wednesday, November 15th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Tuesday, November 14th. Multi-Color’s dividend payout ratio (DPR) is currently 5.90%.
LABL has been the topic of several research reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $88.00 target price on shares of Multi-Color in a research report on Wednesday, October 25th. Robert W. Baird reaffirmed a “hold” rating on shares of Multi-Color in a research report on Friday, September 1st. Finally, Zacks Investment Research downgraded Multi-Color from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Multi-Color presently has an average rating of “Hold” and an average target price of $82.75.
In related news, CEO Michael Julian Henry purchased 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average cost of $71.03 per share, for a total transaction of $71,030.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Nigel A. Vinecombe sold 3,081 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $82.15, for a total value of $253,104.15. Following the completion of the sale, the chairman now owns 54,309 shares of the company’s stock, valued at $4,461,484.35. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,846 shares of company stock valued at $3,188,636. 19.40% of the stock is currently owned by corporate insiders.
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Multi-Color Corporation (Multi-Color) is engaged in label solutions business, supporting brands, including producers of home and personal care, wine and spirit, food and beverage, healthcare and specialty consumer products. The Company serves international brand owners in North, Central and South America, Europe, Australia, New Zealand, South Africa and China and Southeast Asia with a range of label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, Shrink Sleeve and Heat Transfer.
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