Multi-Color Corporation (LABL) Lowered to “Hold” at Zacks Investment Research
Multi-Color Corporation (NASDAQ:LABL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Multi-Color is one of the largest producers of printed labels for branded consumer products in the United States. Labels printed by the Company appear principally on mass-marketed products for which label appearance is a significant element of product marketing and merchandising. Multi-Color produces labels for a variety of consumer products including liquid detergents, fabric softeners, food products, liquid cleaners, anti-freeze and chewing gum. “
A number of other research analysts have also recently issued reports on LABL. BidaskClub cut shares of Multi-Color Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. KeyCorp reaffirmed a “sell” rating and issued a $67.00 target price on shares of Multi-Color Corporation in a report on Friday, August 25th. Finally, Robert W. Baird reaffirmed a “hold” rating on shares of Multi-Color Corporation in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $79.00.
Multi-Color Corporation (LABL) traded up 0.12% during midday trading on Thursday, hitting $80.45. The company had a trading volume of 48,326 shares. Multi-Color Corporation has a 52 week low of $63.05 and a 52 week high of $88.25. The stock has a 50 day moving average price of $78.97 and a 200 day moving average price of $77.56. The company has a market capitalization of $1.37 billion, a P/E ratio of 22.99 and a beta of 0.83.
Multi-Color Corporation (NASDAQ:LABL) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.06. Multi-Color Corporation had a net margin of 6.38% and a return on equity of 15.85%. The company had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $242.47 million. During the same period last year, the company posted $0.95 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Multi-Color Corporation will post $3.98 earnings per share for the current fiscal year.
In other news, insider Nigel A. Vinecombe sold 25,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $80.23, for a total value of $2,005,750.00. Following the sale, the insider now directly owns 54,309 shares in the company, valued at $4,357,211.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles B. Connolly sold 8,700 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $85.06, for a total transaction of $740,022.00. Following the completion of the sale, the director now owns 3,470 shares in the company, valued at $295,158.20. The disclosure for this sale can be found here. 19.40% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Multi-Color Corporation in the second quarter valued at approximately $679,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Multi-Color Corporation in the second quarter valued at approximately $233,000. Susquehanna International Group LLP grew its position in shares of Multi-Color Corporation by 178.7% in the second quarter. Susquehanna International Group LLP now owns 3,855 shares of the business services provider’s stock valued at $315,000 after purchasing an additional 8,755 shares during the last quarter. State Street Corp grew its position in shares of Multi-Color Corporation by 4.0% in the second quarter. State Street Corp now owns 327,791 shares of the business services provider’s stock valued at $26,748,000 after purchasing an additional 12,528 shares during the last quarter. Finally, Stifel Financial Corp grew its position in shares of Multi-Color Corporation by 15.6% in the second quarter. Stifel Financial Corp now owns 145,693 shares of the business services provider’s stock valued at $11,915,000 after purchasing an additional 19,686 shares during the last quarter. Institutional investors and hedge funds own 73.64% of the company’s stock.
About Multi-Color Corporation
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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