Zacks Investment Research Downgrades Layne Christensen Co. (LAYN) to Sell

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Layne Christensen Co. (NASDAQ:LAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Saturday.
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 analysts also recently weighed in on LAYN. Jefferies Group reissued a “hold” rating on shares of Layne Christensen in a research note on Monday, August 15th. TheStreet raised shares of Layne Christensen from a “sell” rating to a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.27.

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Shares of Layne Christensen (NASDAQ:LAYN) opened at 8.28 on Friday. The firm’s market capitalization is $163.96 million. Layne Christensen has a 52 week low of $3.75 and a 52 week high of $9.56. The stock has a 50 day moving average price of $8.70 and a 200 day moving average price of $8.05.
Layne Christensen (NASDAQ:LAYN) last posted its quarterly earnings data on Tuesday, September 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by $0.06. Layne Christensen had a negative return on equity of 23.16% and a negative net margin of 5.25%. The company had revenue of $159.05 million for the quarter, compared to the consensus estimate of $164.19 million. During the same period in the prior year, the firm posted ($1.19) earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. Analysts forecast that Layne Christensen will post ($0.74) EPS for the current year.
A number of hedge funds have bought and sold shares of the company. Jacobs Levy Equity Management Inc. acquired a new stake in Layne Christensen during the first quarter valued at $232,000. UBS Group AG increased its position 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 during the period. BlackRock Fund Advisors increased its position 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 during the period. Finally, Renaissance Technologies LLC increased its position 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 during the period. 95.73% of the stock is owned by institutional investors and hedge funds.
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 four segments: Water Resources, Inliner, Heavy Civil and Mineral Services.

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