Layne Christensen (LAYN) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Layne Christensen (NASDAQ:LAYN) from a hold rating to a sell rating in a research report released on Monday.

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. “

A number of other equities research analysts also recently commented on LAYN. ValuEngine downgraded shares of Layne Christensen from a hold rating to a sell rating in a research report on Friday, December 1st. Jefferies Group reaffirmed a hold rating and issued a $11.00 target price (up previously from $9.00) on shares of Layne Christensen in a research report on Thursday, September 14th.

Shares of Layne Christensen (NASDAQ LAYN) traded up $0.06 during midday trading on Monday, reaching $12.06. 133,200 shares of the company were exchanged, compared to its average volume of 123,192. Layne Christensen has a 52 week low of $6.98 and a 52 week high of $13.64. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 3.05.

Layne Christensen (NASDAQ:LAYN) last announced its quarterly earnings data on Tuesday, December 5th. The construction company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Layne Christensen had a negative return on equity of 40.46% and a negative net margin of 12.73%. The firm had revenue of $127.43 million during the quarter, compared to analysts’ expectations of $131.12 million. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. Layne Christensen’s revenue was up 5.7% on a year-over-year basis. sell-side analysts expect that Layne Christensen will post -0.51 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of LAYN. Dimensional Fund Advisors LP grew its position in Layne Christensen by 9.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,135,219 shares of the construction company’s stock worth $10,035,000 after purchasing an additional 96,511 shares during the period. Rhumbline Advisers grew its position in Layne Christensen by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 21,629 shares of the construction company’s stock worth $190,000 after purchasing an additional 1,755 shares during the period. KBC Group NV grew its position in 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 purchasing an additional 2,515 shares during the period. Royce & Associates LP grew its position in 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 purchasing an additional 68,599 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new stake in Layne Christensen in the 2nd quarter worth approximately $416,000. 92.12% of the stock is owned by institutional investors and hedge funds.

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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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