Lakeland Industries (NASDAQ:LAKE) Stock Rating Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Lakeland Industries to “strong sell” from “hold”, while other analysts have issued mixed views. The stock has a consensus “hold” rating and a $15.00 price target.
• Lakeland’s latest quarterly results fell well short of expectations, with an EPS loss of $0.50 versus a projected loss of $0.06 and revenue of $50.14 million compared with estimates of $51.36 million.
• Shares opened at $9.31, well below the consensus price target, while hedge funds and institutional investors own approximately 71.69% of the company.

Lakeland Industries (NASDAQ:LAKE - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday, Zacks reports.

Several other analysts have also issued reports on LAKE. Wall Street Zen lowered shares of Lakeland Industries from a "hold" rating to a "strong sell" rating in a research note on Saturday, September 12th. DA Davidson dropped their price target on shares of Lakeland Industries from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Monday, September 14th. Roth Capital set a $17.00 price target on shares of Lakeland Industries in a report on Thursday, September 10th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Lakeland Industries in a report on Friday, September 25th. Three research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $15.00.

Lakeland Industries Stock Performance

Shares of Lakeland Industries stock opened at $9.31 on Tuesday. The company has a market cap of $92.45 million, a PE ratio of -3.44 and a beta of 1.45. Lakeland Industries has a 52 week low of $7.15 and a 52 week high of $17.72. The business has a 50 day moving average price of $11.02 and a 200-day moving average price of $10.61. The company has a quick ratio of 1.34, a current ratio of 2.98 and a debt-to-equity ratio of 0.22.

Lakeland Industries (NASDAQ:LAKE - Get Free Report) last posted its earnings results on Wednesday, September 9th. The medical instruments supplier reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.44). The company had revenue of $50.14 million during the quarter, compared to the consensus estimate of $51.36 million. Lakeland Industries had a negative net margin of 13.99% and a negative return on equity of 11.35%. Equities analysts anticipate that Lakeland Industries will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lakeland Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE purchased a new stake in shares of Lakeland Industries during the 2nd quarter worth approximately $163,000. Ancora Advisors LLC bought a new stake in shares of Lakeland Industries in the 2nd quarter worth approximately $54,000. Expect Equity LLC purchased a new position in Lakeland Industries in the second quarter valued at approximately $921,000. Manatuck Hill Partners LLC purchased a new position in Lakeland Industries in the second quarter valued at approximately $431,000. Finally, BlackRock Inc. purchased a new position in Lakeland Industries in the second quarter valued at approximately $1,692,000. 71.69% of the stock is owned by hedge funds and other institutional investors.

Lakeland Industries Company Profile

Lakeland Industries, Inc is a manufacturer and distributor of industrial and public-safety protective clothing. The company develops apparel and related products designed to help protect workers from chemical exposure, hazardous materials, fire, heat, cold, airborne particles and other workplace risks.

Its product portfolio includes disposable and limited-use garments, chemical-resistant suits, flame-resistant and high-visibility clothing, heat- and cold-protective apparel, protective gloves and other personal protective equipment.

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