Multi-Color Corporation (LABL) Short Interest Update
Multi-Color Corporation (NASDAQ:LABL) was the target of a significant decline in short interest during the month of October. As of October 13th, there was short interest totalling 748,778 shares, a decline of 21.1% from the September 29th total of 948,537 shares. Approximately 5.4% of the company’s stock are short sold. Based on an average daily trading volume, of 51,461 shares, the short-interest ratio is presently 14.6 days.
Multi-Color Corporation (LABL) opened at 83.20 on Friday. The firm has a 50-day moving average of $82.32 and a 200-day moving average of $80.33. Multi-Color Corporation has a 12-month low of $63.05 and a 12-month high of $88.25. The firm has a market cap of $1.42 billion, a P/E ratio of 23.98 and a beta of 0.80.
Multi-Color Corporation (NASDAQ:LABL) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $242.40 million during the quarter, compared to analyst estimates of $242.47 million. Multi-Color Corporation had a return on equity of 15.85% and a net margin of 6.38%. Multi-Color Corporation’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. On average, analysts expect that Multi-Color Corporation will post $3.98 EPS for the current year.
In related news, insider Nigel A. Vinecombe sold 10,301 shares of Multi-Color Corporation stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $82.06, for a total value of $845,300.06. Following the completion of the sale, the insider now owns 54,309 shares in the company, valued at $4,456,596.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Nigel A. Vinecombe sold 3,081 shares of Multi-Color Corporation stock in a transaction on Monday, September 25th. The stock was sold at an average price of $82.15, for a total transaction of $253,104.15. Following the completion of the sale, the chairman now owns 54,309 shares of the company’s stock, valued at approximately $4,461,484.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,846 shares of company stock valued at $5,194,386. Insiders own 19.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pinebridge Investments L.P. raised its stake in shares of Multi-Color Corporation 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 in the last quarter. Atria Investments LLC raised its stake in shares of Multi-Color Corporation by 0.8% in the second quarter. Atria Investments LLC now owns 2,968 shares of the business services provider’s stock valued at $242,000 after purchasing an additional 24 shares in the last quarter. Texas Permanent School Fund raised its stake in shares of Multi-Color Corporation by 0.9% in the second quarter. Texas Permanent School Fund now owns 9,654 shares of the business services provider’s stock valued at $788,000 after purchasing an additional 84 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Multi-Color Corporation by 1.5% in the first quarter. Arizona State Retirement System now owns 6,900 shares of the business services provider’s stock valued at $490,000 after purchasing an additional 100 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of Multi-Color Corporation by 3.0% in the second quarter. Municipal Employees Retirement System of Michigan now owns 4,180 shares of the business services provider’s stock valued at $341,000 after purchasing an additional 120 shares in the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.
LABL has been the subject of a number of research analyst reports. BMO Capital Markets restated a “hold” rating and issued a $88.00 price target on shares of Multi-Color Corporation in a research note on Wednesday. Zacks Investment Research downgraded shares of Multi-Color Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Robert W. Baird reaffirmed a “hold” rating on shares of Multi-Color Corporation in a report on Friday, September 1st. Finally, KeyCorp reaffirmed a “sell” rating and issued a $67.00 price objective on shares of Multi-Color Corporation in a report on Friday, August 25th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. Multi-Color Corporation presently has a consensus rating of “Hold” and an average price target of $84.00.
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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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