Layne Christensen Company (NASDAQ:LAYN) shares were down 10.5% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $10.39 and last traded at $11.54. Approximately 772,877 shares were traded during trading, an increase of 540% from the average daily volume of 120,756 shares. The stock had previously closed at $12.90.
The construction company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Layne Christensen had a negative return on equity of 35.55% and a negative net margin of 12.66%. The company had revenue of $127.43 million for the quarter, compared to the consensus estimate of $131.12 million. During the same quarter in the previous year, the company posted ($0.26) EPS. The business’s revenue was up 5.7% on a year-over-year basis.
Several analysts recently issued reports on LAYN shares. Jefferies Group reiterated a “hold” rating and set a $11.00 target price (up previously from $9.00) on shares of Layne Christensen in a report on Thursday, September 14th. ValuEngine upgraded Layne Christensen from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, Zacks Investment Research lowered Layne Christensen from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAYN. Dimensional Fund Advisors LP raised its holdings in Layne Christensen by 9.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,135,219 shares of the construction company’s stock worth $10,035,000 after acquiring an additional 96,511 shares in the last quarter. Rhumbline Advisers raised its stake in Layne Christensen by 8.8% in the second quarter. Rhumbline Advisers now owns 21,629 shares of the construction company’s stock valued at $190,000 after buying an additional 1,755 shares during the period. KBC Group NV raised its stake in Layne Christensen by 1.1% in the second quarter. KBC Group NV now owns 228,653 shares of the construction company’s stock valued at $2,010,000 after buying an additional 2,515 shares during the period. Royce & Associates LP raised its stake in Layne Christensen by 3.6% in the second quarter. Royce & Associates LP now owns 1,953,571 shares of the construction company’s stock valued at $17,172,000 after buying an additional 68,599 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new stake in Layne Christensen in the second quarter valued at approximately $416,000. Institutional investors and hedge funds own 92.03% of the company’s stock.
The company has a current ratio of 1.54, a quick ratio of 1.38 and a debt-to-equity ratio of 2.93.
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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 three segments: Water Resources, Inliner and Mineral Services. Its Water Resources segment provides its customers with solutions for various aspects of water supply system development and technology throughout the United States.
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