Municipal Employees Retirement System of Michigan Boosts Stake in Lannett Company, Inc. (LCI)

Municipal Employees Retirement System of Michigan boosted its stake in Lannett Company, Inc. (NYSE:LCI) by 124.3% in the second quarter, HoldingsChannel reports. The firm owned 27,115 shares of the company’s stock after purchasing an additional 15,025 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Lannett were worth $369,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of LCI. LSV Asset Management raised its stake 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 in the last quarter. Northern Trust Corp raised its stake 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 in the last quarter. KBC Group NV raised its stake 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 in the last quarter. Heartland Advisors Inc. raised its stake in Lannett by 22.1% in the first quarter. Heartland Advisors Inc. now owns 610,500 shares of the company’s stock valued at $9,799,000 after purchasing an additional 110,500 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Lannett by 2.8% in the first quarter. BlackRock Inc. now owns 4,005,500 shares of the company’s stock valued at $64,288,000 after purchasing an additional 108,343 shares in the last quarter.

Lannett opened at $13.55 on Friday, Marketbeat reports. The stock has a market capitalization of $518.89 million, a P/E ratio of 4.77 and a beta of 2.44. Lannett Company, Inc. has a 52 week low of $11.90 and a 52 week high of $30.35. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.56 and a quick ratio of 1.91.

A number of research firms recently commented on LCI. ValuEngine downgraded Lannett from a “hold” rating to a “sell” rating in a research note on Friday, April 27th. Zacks Investment Research downgraded Lannett from a “hold” rating to a “sell” rating in a research note on Thursday, May 10th. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Lannett in a research note on Wednesday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $21.40.

In related news, VP Kevin Smith sold 11,667 shares of the business’s stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $16.51, for a total value of $192,622.17. Following the completion of the transaction, the vice president now owns 30,125 shares of the company’s stock, valued at $497,363.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 14.72% of the stock is owned by insiders.

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.

See Also: Outstanding Shares and The Effect on Share Price

Want to see what other hedge funds are holding LCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lannett Company, Inc. (NYSE:LCI).

Institutional Ownership by Quarter for Lannett (NYSE:LCI)

Receive News & Ratings for Lannett Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lannett and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply