Landec (NASDAQ:LNDC) was downgraded by Zacks Investment Research from a "hold" rating to a "strong sell" rating in a report issued on Friday, Zacks.com reports.
According to Zacks, "Landec Corp. engages in designing, developing, manufacturing and selling of products for food and biomaterials markets and license technology applications. Its operating segment consists of Packaged Fresh Vegetables, Food Export and Biomaterials. Packaged Fresh Vegetables segment includes marketing and packing specialty packaged whole and fresh-cut fruit and vegetables. Food Export segment consists of sale of whole commodity fruit and vegetable product. Biomaterials segment sells products utilizing hyaluronan, a naturally occurring polysaccharide which is distributed in the extracellular matrix of connective tissues in both animals and humans. Landec Corp. is headquartered in Menlo Park, CA. "
A number of other equities research analysts have also recently weighed in on LNDC. Lake Street Capital boosted their price objective on Landec from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday. BidaskClub cut Landec from a "hold" rating to a "sell" rating in a research note on Friday, June 5th. Roth Capital upgraded Landec from a "neutral" rating to a "buy" rating and upped their price target for the stock from $11.00 to $15.00 in a research note on Tuesday, April 21st. ValuEngine upgraded Landec from a "hold" rating to a "buy" rating in a research note on Friday. Finally, Barrington Research cut Landec from an "outperform" rating to a "market perform" rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. Landec presently has a consensus rating of "Hold" and an average price target of $12.60.
Shares of Landec stock opened at $7.74 on Friday. Landec has a one year low of $7.48 and a one year high of $12.46. The company has a market cap of $225.87 million, a PE ratio of -9.80, a P/E/G ratio of 2.11 and a beta of 0.96. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.94. The business has a 50-day simple moving average of $10.31 and a 200-day simple moving average of $10.48.
Landec (NASDAQ:LNDC) last posted its earnings results on Tuesday, March 31st. The basic materials company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. The firm had revenue of $152.93 million during the quarter, compared to analysts' expectations of $147.15 million. Landec had a negative return on equity of 1.84% and a negative net margin of 3.97%. On average, sell-side analysts predict that Landec will post 0.08 earnings per share for the current fiscal year.
In other news, Director Nelson Obus bought 5,000 shares of the stock in a transaction on Monday, May 11th. The shares were bought at an average price of $10.80 per share, with a total value of $54,000.00. Following the completion of the acquisition, the director now owns 27,915 shares of the company's stock, valued at $301,482. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 14.99% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of LNDC. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Landec by 559.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,174 shares of the basic materials company's stock valued at $36,000 after acquiring an additional 3,541 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Landec by 52.4% in the fourth quarter. Bank of Montreal Can now owns 3,263 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 1,122 shares in the last quarter. Citigroup Inc. lifted its position in Landec by 48.6% during the first quarter. Citigroup Inc. now owns 7,842 shares of the basic materials company's stock worth $68,000 after buying an additional 2,563 shares during the period. BNP Paribas Arbitrage SA lifted its position in Landec by 26.3% during the first quarter. BNP Paribas Arbitrage SA now owns 8,011 shares of the basic materials company's stock worth $70,000 after buying an additional 1,668 shares during the period. Finally, Poplar Forest Capital LLC purchased a new position in Landec during the first quarter worth about $95,000. Institutional investors and hedge funds own 92.77% of the company's stock.
Landec Company Profile
Landec Corporation, together with its subsidiaries, designs, develops, manufactures, and sells differentiated health and wellness products for food and biomaterials markets. It operates through Curation Foods and Lifecore segments. The Curation Foods segment engages in processing, marketing, and selling of vegetable-based salads, and fresh-cut and whole vegetable products primarily under the Eat Smart brand, O branded olive oils and wine vinegars, and Yucatan and Cabo Fresh guacamole and avocado food products, as well as various private labels.
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