Multi-Color Corporation (NASDAQ:LABL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, September 1st.
According to Zacks, “Multi-Color is one of the largest producers of printed labels for branded consumer products in the United States. Labels printed by the Company appear principally on mass-marketed products for which label appearance is a significant element of product marketing and merchandising. Multi-Color produces labels for a variety of consumer products including liquid detergents, fabric softeners, food products, liquid cleaners, anti-freeze and chewing gum. “
Other equities research analysts also recently issued research reports about the company. BidaskClub downgraded Multi-Color Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Robert W. Baird reiterated a “hold” rating on shares of Multi-Color Corporation in a report on Friday, September 1st. Finally, KeyCorp restated a “sell” rating and issued a $67.00 price target on shares of Multi-Color Corporation in a report on Friday, August 25th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $79.00.
Shares of Multi-Color Corporation (NASDAQ:LABL) traded up 1.00% on Friday, reaching $80.95. 150,525 shares of the company were exchanged. The company has a 50-day moving average price of $79.22 and a 200 day moving average price of $77.89. Multi-Color Corporation has a 1-year low of $63.05 and a 1-year high of $88.25. The stock has a market capitalization of $1.38 billion, a PE ratio of 23.33 and a beta of 0.83.
Multi-Color Corporation (NASDAQ:LABL) last issued its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.06. The business had revenue of $242.40 million for the quarter, compared to analyst estimates of $242.47 million. Multi-Color Corporation had a return on equity of 15.85% and a net margin of 6.38%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 earnings per share. On average, analysts forecast that Multi-Color Corporation will post $3.98 EPS for the current fiscal year.
In related news, insider Nigel A. Vinecombe sold 25,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $80.23, for a total transaction of $2,005,750.00. Following the completion of the transaction, the insider now directly owns 54,309 shares in the company, valued at $4,357,211.07. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 19.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Acrospire Investment Management LLC acquired a new position in Multi-Color Corporation during the second quarter valued at approximately $105,000. State of Alaska Department of Revenue boosted its position in Multi-Color Corporation by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 1,460 shares of the business services provider’s stock valued at $103,000 after purchasing an additional 40 shares during the last quarter. Pinebridge Investments L.P. boosted its position in Multi-Color Corporation by 1.0% during the second quarter. Pinebridge Investments L.P. now owns 1,742 shares of the business services provider’s stock valued at $143,000 after purchasing an additional 18 shares during the last quarter. US Bancorp DE boosted its position in Multi-Color Corporation by 88.7% during the first quarter. US Bancorp DE now owns 1,838 shares of the business services provider’s stock valued at $130,000 after purchasing an additional 864 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in Multi-Color Corporation by 100.6% during the first quarter. Victory Capital Management Inc. now owns 2,293 shares of the business services provider’s stock valued at $163,000 after purchasing an additional 1,150 shares during the last quarter. 73.64% of the stock is owned by hedge funds and other institutional investors.
Multi-Color Corporation Company Profile
Multi-Color Corporation (Multi-Color) is engaged in label solutions business, supporting brands, including producers of home and personal care, wine and spirit, food and beverage, healthcare and specialty consumer products. The Company serves international brand owners in North, Central and South America, Europe, Australia, New Zealand, South Africa and China and Southeast Asia with a range of label technologies in Pressure Sensitive, Glue-Applied (Cut and Stack), In-Mold, Shrink Sleeve and Heat Transfer.
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