Layne Christensen Company (LAYN) Rating Lowered to Strong Sell at Zacks Investment Research

Layne Christensen Company (NASDAQ:LAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Friday, April 14th.

According to Zacks, “Layne Christensen Company provides drilling services and related products and services in four principal markets: water-related products and services, mineral exploration drilling, geotechnical construction and oil and gas services and production. Layne Christensen’s customers include municipalities, industrial companies, mining companies, oil and gas companies and consulting and engineering firms. “

Separately, Jefferies Group LLC reissued a “hold” rating and set a $10.00 target price (up previously from $7.75) on shares of Layne Christensen Company in a research note on Thursday, December 15th.

Shares of Layne Christensen Company (NASDAQ:LAYN) traded up 1.57% during mid-day trading on Friday, hitting $7.75. The stock had a trading volume of 36,944 shares. Layne Christensen Company has a 52-week low of $6.50 and a 52-week high of $11.42. The stock’s market cap is $153.48 million. The company’s 50 day moving average is $8.16 and its 200-day moving average is $9.54.

Layne Christensen Company (NASDAQ:LAYN) last released its earnings results on Monday, April 10th. The construction company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by $0.82. The company had revenue of $129.60 million for the quarter, compared to analysts’ expectations of $154.50 million. Layne Christensen Company had a negative return on equity of 22.33% and a negative net margin of 5.66%. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.84) EPS. On average, equities research analysts anticipate that Layne Christensen Company will post ($0.61) earnings per share for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in the stock. First Trust Advisors LP boosted its stake in shares of Layne Christensen Company by 12.5% in the third quarter. First Trust Advisors LP now owns 337,477 shares of the construction company’s stock valued at $2,872,000 after buying an additional 37,623 shares in the last quarter. Crystal Rock Capital Management purchased a new position in Layne Christensen Company during the third quarter valued at $323,000. Russell Investments Group Ltd. purchased a new position in Layne Christensen Company during the fourth quarter valued at $2,096,000. State Street Corp raised its position in Layne Christensen Company by 15.1% in the fourth quarter. State Street Corp now owns 244,858 shares of the construction company’s stock valued at $2,661,000 after buying an additional 32,106 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Layne Christensen Company by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,038,708 shares of the construction company’s stock valued at $11,291,000 after buying an additional 3,606 shares during the last quarter. 95.64% of the stock is owned by institutional investors.

Layne Christensen Company 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 four segments: Water Resources, Inliner, Heavy Civil and Mineral Services.

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