Granite Investment Partners LLC lowered its position in Landec Corporation (NASDAQ:LNDC) by 34.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 121,329 shares of the basic materials company’s stock after selling 63,416 shares during the quarter. Granite Investment Partners LLC owned approximately 0.44% of Landec worth $1,571,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in LNDC. Walthausen & Co. LLC bought a new position in Landec during the second quarter worth about $2,896,000. Royce & Associates LP increased its position in Landec by 17.0% during the second quarter. Royce & Associates LP now owns 1,214,136 shares of the basic materials company’s stock worth $18,030,000 after acquiring an additional 176,629 shares during the period. Algert Global LLC bought a new position in Landec during the second quarter worth about $2,012,000. Bank of New York Mellon Corp increased its position in Landec by 53.1% during the third quarter. Bank of New York Mellon Corp now owns 320,875 shares of the basic materials company’s stock worth $4,156,000 after acquiring an additional 111,296 shares during the period. Finally, Vanguard Group Inc. increased its position in Landec by 4.1% during the first quarter. Vanguard Group Inc. now owns 1,254,994 shares of the basic materials company’s stock worth $15,060,000 after acquiring an additional 49,191 shares during the period. Hedge funds and other institutional investors own 93.83% of the company’s stock.
LNDC has been the topic of several recent analyst reports. BidaskClub raised shares of Landec from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Maxim Group reissued a “buy” rating and issued a $18.00 target price on shares of Landec in a report on Tuesday, September 26th. Zacks Investment Research upgraded shares of Landec from a “sell” rating to a “hold” rating and set a $15.00 price target on the stock in a research note on Wednesday, September 27th. Finally, Wedbush restated a “hold” rating and issued a $13.00 price target on shares of Landec in a research note on Thursday, September 28th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. Landec currently has a consensus rating of “Hold” and a consensus target price of $15.33.
Landec Corporation (NASDAQ:LNDC) traded up $0.15 during trading hours on Thursday, reaching $11.80. 48,087 shares of the company traded hands, compared to its average volume of 70,478. The company has a current ratio of 1.53, a quick ratio of 1.04 and a debt-to-equity ratio of 0.19. Landec Corporation has a twelve month low of $11.20 and a twelve month high of $15.45. The firm has a market cap of $328.70, a P/E ratio of 34.14 and a beta of 1.23.
Landec (NASDAQ:LNDC) last released its quarterly earnings results on Tuesday, September 26th. The basic materials company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. Landec had a net margin of 1.80% and a return on equity of 4.17%. The firm had revenue of $123.40 million during the quarter, compared to analyst estimates of $123.00 million. During the same quarter last year, the business earned $0.12 EPS. The company’s revenue was down 6.8% compared to the same quarter last year. equities analysts predict that Landec Corporation will post 0.54 earnings per share for the current fiscal year.
In other news, CEO Molly Hemmeter sold 7,399 shares of Landec stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $13.06, for a total value of $96,630.94. Following the completion of the sale, the chief executive officer now owns 53,017 shares in the company, valued at approximately $692,402.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.62% of the company’s stock.
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Landec Corporation designs, develops, manufactures and sells a range of health and wellness products for food and biomaterials markets. The Company licenses technology applications to partners. The Company operates through three segments: Packaged Fresh Vegetables, Food Export and Biomaterials. The Packaged Fresh Vegetables segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables, the majority of which incorporate the BreatheWay specialty packaging for the retail grocery, club store and food services industry.
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