Jefferies Group LLC Reaffirms “Hold” Rating for Layne Christensen Company (LAYN)
Layne Christensen Company (NASDAQ:LAYN)‘s stock had its “hold” rating reaffirmed by equities researchers at Jefferies Group LLC in a research report issued to clients and investors on Friday. They presently have a $9.00 target price on the construction company’s stock. Jefferies Group LLC’s price target would suggest a potential downside of 13.96% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Layne Christensen from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. TheStreet cut shares of Layne Christensen from a “c-” rating to a “d+” rating in a report on Thursday, April 13th. Finally, Zacks Investment Research cut shares of Layne Christensen from a “hold” rating to a “strong sell” rating in a report on Friday, April 14th. Four investment analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average target price of $9.33.
Shares of Layne Christensen (LAYN) traded up 1.75% during midday trading on Friday, reaching $10.46. 47,484 shares of the company’s stock were exchanged. The firm’s market cap is $207.16 million. The stock’s 50-day moving average is $9.32 and its 200 day moving average is $8.97. Layne Christensen has a one year low of $6.98 and a one year high of $11.42.
Layne Christensen (NASDAQ:LAYN) last posted its quarterly earnings data on Thursday, June 8th. The construction company reported ($0.17) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.14. Layne Christensen had a negative net margin of 11.98% and a negative return on equity of 31.94%. The business had revenue of $111.51 million during the quarter, compared to the consensus estimate of $111.25 million. During the same period in the previous year, the firm posted ($0.45) earnings per share. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year. Analysts anticipate that Layne Christensen will post ($0.45) EPS for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. KBC Group NV boosted its position in shares of Layne Christensen by 1.1% in the second quarter. KBC Group NV now owns 228,653 shares of the construction company’s stock valued at $2,010,000 after buying an additional 2,515 shares during the period. Rhumbline Advisers boosted its position in shares of Layne Christensen by 8.8% in the second quarter. Rhumbline Advisers now owns 21,629 shares of the construction company’s stock valued at $190,000 after buying an additional 1,755 shares during the period. Credit Suisse AG boosted its position in shares of Layne Christensen by 2.6% in the first quarter. Credit Suisse AG now owns 723,400 shares of the construction company’s stock valued at $6,394,000 after buying an additional 18,046 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Layne Christensen by 9.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,135,219 shares of the construction company’s stock valued at $10,035,000 after buying an additional 96,511 shares during the period. Finally, Royce & Associates LP boosted its position in shares of Layne Christensen by 5.8% in the first quarter. Royce & Associates LP now owns 1,884,972 shares of the construction company’s stock valued at $16,663,000 after buying an additional 103,443 shares during the period. 92.32% of the stock is owned by hedge funds and other institutional investors.
Layne Christensen Company Profile
Layne Christensen Company (Layne) is a water management, construction and drilling company. The Company provides drilling solutions for water management, mineral services and specialty drilling needs. The Company operates through three segments: Water Resources, Inliner and Mineral Services. Its Water Resources segment provides its customers with solutions for various aspects of water supply system development and technology throughout the United States.
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