Layne Christensen Company (LAYN) Receives “Hold” Rating from Jefferies Group LLC
Layne Christensen Company (NASDAQ:LAYN)‘s stock had its “hold” rating restated by research analysts at Jefferies Group LLC in a research note issued on Thursday. They currently have a $11.00 target price on the construction company’s stock, up from their previous target price of $9.00. Jefferies Group LLC’s price objective indicates a potential downside of 10.57% from the stock’s previous close.
Several other research analysts have also recently weighed in on the company. ValuEngine upgraded Layne Christensen from a “sell” rating to a “hold” rating in a report on Wednesday. Zacks Investment Research cut Layne Christensen from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th.
Shares of Layne Christensen (LAYN) traded down 2.60% during midday trading on Thursday, reaching $11.97. The company’s stock had a trading volume of 39,788 shares. The stock’s 50 day moving average price is $10.40 and its 200 day moving average price is $9.01. The firm’s market cap is $237.07 million. Layne Christensen has a one year low of $6.98 and a one year high of $12.24.
Layne Christensen (NASDAQ:LAYN) last issued its earnings results on Monday, September 11th. The construction company reported ($0.11) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.07. The business had revenue of $126.20 million for the quarter, compared to analysts’ expectations of $122.99 million. Layne Christensen had a negative return on equity of 35.55% and a negative net margin of 12.66%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.21) EPS. Analysts predict that Layne Christensen will post ($0.37) earnings per share for the current year.
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Institutional investors have recently modified their holdings of the company. KBC Group NV boosted its holdings in shares of Layne Christensen by 1.1% during the 2nd quarter. KBC Group NV now owns 228,653 shares of the construction company’s stock worth $2,010,000 after purchasing an additional 2,515 shares during the last quarter. Credit Suisse AG boosted its holdings in shares of Layne Christensen by 2.6% during the 1st quarter. Credit Suisse AG now owns 723,400 shares of the construction company’s stock worth $6,394,000 after purchasing an additional 18,046 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Layne Christensen by 3.6% during the 2nd quarter. Royce & Associates LP now owns 1,953,571 shares of the construction company’s stock worth $17,172,000 after purchasing an additional 68,599 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Layne Christensen by 7.9% during the 1st quarter. Bank of New York Mellon Corp now owns 84,752 shares of the construction company’s stock worth $750,000 after purchasing an additional 6,217 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Layne Christensen by 5.3% during the 1st quarter. Wells Fargo & Company MN now owns 17,000 shares of the construction company’s stock worth $151,000 after purchasing an additional 855 shares during the last quarter. Institutional investors and hedge funds own 89.27% of the company’s stock.
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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