Rutabaga Capital Management LLC MA lowered its position in Layne Christensen Company (NASDAQ:LAYN) by 12.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,254,998 shares of the construction company’s stock after selling 172,220 shares during the period. Layne Christensen makes up about 2.1% of Rutabaga Capital Management LLC MA’s investment portfolio, making the stock its 20th biggest position. Rutabaga Capital Management LLC MA owned approximately 6.31% of Layne Christensen worth $11,031,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royce & Associates LP grew its holdings in shares of Layne Christensen by 3.6% in the 2nd quarter. Royce & Associates LP now owns 1,953,571 shares of the construction company’s stock worth $17,172,000 after acquiring an additional 68,599 shares during the period. KBC Group NV grew its holdings in shares of Layne Christensen by 1.1% in the 2nd quarter. KBC Group NV now owns 228,653 shares of the construction company’s stock worth $2,010,000 after acquiring an additional 2,515 shares during the period. Credit Suisse AG grew its holdings in shares of Layne Christensen by 2.6% in the 1st quarter. Credit Suisse AG now owns 723,400 shares of the construction company’s stock worth $6,394,000 after acquiring an additional 18,046 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Layne Christensen by 7.9% in the 1st quarter. Bank of New York Mellon Corp now owns 84,752 shares of the construction company’s stock worth $750,000 after acquiring an additional 6,217 shares during the period. Finally, Cove Street Capital LLC grew its holdings in shares of Layne Christensen by 100.0% in the 2nd quarter. Cove Street Capital LLC now owns 200,000 shares of the construction company’s stock worth $1,758,000 after acquiring an additional 100,000 shares during the period. Institutional investors and hedge funds own 89.27% of the company’s stock.
A number of equities research analysts recently weighed in on LAYN shares. Zacks Investment Research cut Layne Christensen from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Jefferies Group LLC restated a “hold” rating and issued a $9.00 price target on shares of Layne Christensen in a report on Friday, August 4th. Finally, ValuEngine upgraded Layne Christensen from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th.
Layne Christensen Company (NASDAQ:LAYN) traded down 0.345% during midday trading on Friday, reaching $12.995. The company had a trading volume of 11,774 shares. The company’s 50 day moving average is $11.89 and its 200-day moving average is $9.56. Layne Christensen Company has a 52-week low of $6.98 and a 52-week high of $13.24. The company’s market capitalization is $258.35 million.
Layne Christensen (NASDAQ:LAYN) last posted its quarterly earnings results on Monday, September 11th. The construction company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.07. The firm had revenue of $126.20 million for the quarter, compared to analyst estimates of $122.99 million. Layne Christensen had a negative net margin of 12.66% and a negative return on equity of 35.55%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.21) earnings per share. Equities analysts expect that Layne Christensen Company will post ($0.40) earnings per share for the current fiscal year.
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 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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