Northern Trust Corp reduced its position in Multi-Color Co. (NASDAQ:LABL) by 2.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 174,462 shares of the business services provider’s stock after selling 4,336 shares during the quarter. Northern Trust Corp’s holdings in Multi-Color were worth $11,279,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. raised its stake in Multi-Color by 19.5% in the second quarter. Sei Investments Co. now owns 4,820 shares of the business services provider’s stock valued at $312,000 after purchasing an additional 785 shares in the last quarter. Legal & General Group Plc raised its stake in Multi-Color by 6.2% in the second quarter. Legal & General Group Plc now owns 27,399 shares of the business services provider’s stock valued at $1,777,000 after purchasing an additional 1,591 shares in the last quarter. OppenheimerFunds Inc. raised its stake in Multi-Color by 18.6% in the second quarter. OppenheimerFunds Inc. now owns 11,543 shares of the business services provider’s stock valued at $746,000 after purchasing an additional 1,814 shares in the last quarter. Rhumbline Advisers raised its stake in Multi-Color by 6.8% in the second quarter. Rhumbline Advisers now owns 34,190 shares of the business services provider’s stock valued at $2,210,000 after purchasing an additional 2,191 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Multi-Color by 2.4% in the first quarter. Principal Financial Group Inc. now owns 106,538 shares of the business services provider’s stock valued at $7,037,000 after purchasing an additional 2,524 shares in the last quarter. Institutional investors own 71.18% of the company’s stock.
A number of brokerages recently weighed in on LABL. Zacks Investment Research downgraded shares of Multi-Color from a “hold” rating to a “sell” rating in a research note on Saturday. BidaskClub downgraded shares of Multi-Color from a “sell” rating to a “strong sell” rating in a research note on Saturday. Finally, BMO Capital Markets lowered their target price on shares of Multi-Color to $53.00 and set a “market perform” rating on the stock in a research note on Wednesday. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Multi-Color has an average rating of “Hold” and a consensus target price of $67.60.
In other Multi-Color news, insider Nigel A. Vinecombe sold 25,000 shares of Multi-Color stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $60.88, for a total transaction of $1,522,000.00. Following the transaction, the insider now directly owns 62,190 shares of the company’s stock, valued at $3,786,127.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 32.20% of the company’s stock.
LABL stock opened at $45.50 on Friday. The company has a market cap of $972.98 million, a price-to-earnings ratio of 12.10 and a beta of 0.84. Multi-Color Co. has a one year low of $44.87 and a one year high of $89.70. The company has a current ratio of 1.84, a quick ratio of 1.49 and a debt-to-equity ratio of 2.21.
Multi-Color (NASDAQ:LABL) last posted its quarterly earnings results on Tuesday, November 6th. The business services provider reported $1.18 EPS for the quarter, topping the consensus estimate of $1.14 by $0.04. The firm had revenue of $435.00 million for the quarter, compared to the consensus estimate of $453.46 million. Multi-Color had a net margin of 4.99% and a return on equity of 11.35%. The business’s revenue was up 69.9% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. On average, analysts anticipate that Multi-Color Co. will post 4.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Wednesday, November 14th. Multi-Color’s dividend payout ratio (DPR) is presently 5.32%.
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Multi-Color Company Profile
Multi-Color Corporation provides various label solutions in the United States, Australia, Germany, and internationally. The company offers pressure sensitive labels; in-mold labels; heat transfer labels; cut and stack labels, such as peel-away promotional labels, thermochromics, holographics, and metalized films, as well as scratch-off coupons and static-clings; and roll fed labels.
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