Layne Christensen Co. (NASDAQ:LAYN) was upgraded by equities researchers at TheStreet from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
A number of other equities analysts have also recently weighed in on the company. Jefferies Group reissued a “hold” rating on shares of Layne Christensen in a research note on Monday, August 15th. Zacks Investment Research raised Layne Christensen from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Layne Christensen currently has a consensus rating of “Hold” and a consensus target price of $8.08.
Layne Christensen (NASDAQ:LAYN) traded up 0.23% on Wednesday, reaching $8.82. 113,861 shares of the company’s stock were exchanged. The stock’s market capitalization is $174.65 million. Layne Christensen has a 1-year low of $3.75 and a 1-year high of $9.56. The firm’s 50 day moving average is $8.70 and its 200 day moving average is $8.03.
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Layne Christensen (NASDAQ:LAYN) last issued its quarterly earnings results on Tuesday, September 6th. The company reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.06. During the same quarter in the prior year, the company earned ($1.19) earnings per share. The company earned $159.05 million during the quarter, compared to analysts’ expectations of $164.19 million. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. Analysts expect that Layne Christensen will post ($0.74) EPS for the current year.
A number of large investors have made changes to their positions in LAYN. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Layne Christensen during the first quarter worth approximately $232,000. UBS Group AG raised its stake in shares of Layne Christensen by 2,490.8% in the first quarter. UBS Group AG now owns 39,795 shares of the company’s stock valued at $286,000 after buying an additional 38,259 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of Layne Christensen by 6.6% in the first quarter. BlackRock Fund Advisors now owns 54,492 shares of the company’s stock valued at $392,000 after buying an additional 3,355 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Layne Christensen by 32.7% in the first quarter. Renaissance Technologies LLC now owns 293,800 shares of the company’s stock valued at $2,112,000 after buying an additional 72,400 shares in the last quarter. Hedge funds and other institutional investors own 95.73% of the company’s stock.
About Layne Christensen
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 four segments: Water Resources, Inliner, Heavy Civil and Mineral Services.
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