Layne Christensen (NASDAQ:LAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

According to Zacks, “Layne Christensen Company provides drilling services and related products and services in four principal markets: water-related products and services, mineral exploration drilling, geotechnical construction and oil and gas services and production. Layne Christensen’s customers include municipalities, industrial companies, mining companies, oil and gas companies and consulting and engineering firms. “

Several other brokerages have also recently issued reports on LAYN. ValuEngine cut shares of Layne Christensen from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Jefferies Group restated a “hold” rating and set a $11.00 target price (up from $9.00) on shares of Layne Christensen in a research report on Thursday, September 14th.

Shares of Layne Christensen (LAYN) traded up $0.20 during mid-day trading on Monday, reaching $11.80. 272,503 shares of the company’s stock traded hands, compared to its average volume of 122,781. Layne Christensen has a 1-year low of $6.98 and a 1-year high of $13.64. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.32 and a current ratio of 1.47.

Layne Christensen (NASDAQ:LAYN) last announced its quarterly earnings results on Tuesday, December 5th. The construction company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The company had revenue of $127.43 million during the quarter, compared to analysts’ expectations of $131.12 million. Layne Christensen had a negative return on equity of 40.46% and a negative net margin of 12.73%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.26) EPS. equities analysts expect that Layne Christensen will post -0.51 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in LAYN. Alliancebernstein L.P. purchased a new stake in shares of Layne Christensen during the 2nd quarter valued at about $119,000. Nationwide Fund Advisors raised its position in shares of Layne Christensen by 3.0% during the 2nd quarter. Nationwide Fund Advisors now owns 14,565 shares of the construction company’s stock valued at $128,000 after buying an additional 428 shares in the last quarter. Virtu KCG Holdings LLC purchased a new stake in shares of Layne Christensen during the 2nd quarter valued at about $130,000. Jane Street Group LLC purchased a new stake in shares of Layne Christensen during the 3rd quarter valued at about $162,000. Finally, Rhumbline Advisers raised its position in shares of Layne Christensen by 8.8% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 92.12% of the company’s stock.

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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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