Amalgamated Bank Sells 6,788 Shares of Mallinckrodt PLC (MNK)

Amalgamated Bank reduced its stake in Mallinckrodt PLC (NYSE:MNK) by 35.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,188 shares of the company’s stock after selling 6,788 shares during the period. Amalgamated Bank’s holdings in Mallinckrodt were worth $227,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in shares of Mallinckrodt by 22.7% during the first quarter. PNC Financial Services Group Inc. now owns 23,662 shares of the company’s stock valued at $343,000 after purchasing an additional 4,381 shares in the last quarter. Guggenheim Capital LLC grew its holdings in shares of Mallinckrodt by 17.1% during the first quarter. Guggenheim Capital LLC now owns 40,863 shares of the company’s stock valued at $592,000 after buying an additional 5,958 shares during the last quarter. Baker Avenue Asset Management LP grew its holdings in shares of Mallinckrodt by 12.7% during the first quarter. Baker Avenue Asset Management LP now owns 59,463 shares of the company’s stock valued at $861,000 after buying an additional 6,720 shares during the last quarter. Gabelli Funds LLC boosted its holdings in Mallinckrodt by 12.0% in the first quarter. Gabelli Funds LLC now owns 65,349 shares of the company’s stock worth $946,000 after purchasing an additional 7,000 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in Mallinckrodt in the first quarter worth approximately $104,000.

Mallinckrodt stock traded up $0.37 during trading hours on Friday, hitting $34.46. The company had a trading volume of 1,687,600 shares, compared to its average volume of 3,468,460. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 4.60, a price-to-earnings-growth ratio of 0.58 and a beta of 1.36. The company has a debt-to-equity ratio of 0.98, a current ratio of 2.27 and a quick ratio of 2.06. Mallinckrodt PLC has a 1 year low of $11.65 and a 1 year high of $41.70.

Mallinckrodt (NYSE:MNK) last posted its quarterly earnings results on Tuesday, August 7th. The company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.48 by $0.30. Mallinckrodt had a net margin of 59.85% and a return on equity of 10.39%. The business had revenue of $631.70 million during the quarter, compared to analyst estimates of $621.15 million. research analysts expect that Mallinckrodt PLC will post 6.7 earnings per share for the current year.

Several brokerages recently issued reports on MNK. Zacks Investment Research cut shares of Mallinckrodt from a “buy” rating to a “hold” rating in a report on Thursday. B. Riley increased their price target on shares of Mallinckrodt from $20.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, August 24th. Wells Fargo & Co reiterated a “hold” rating on shares of Mallinckrodt in a research report on Wednesday, August 22nd. Canaccord Genuity set a $34.00 price objective on shares of Mallinckrodt and gave the company a “hold” rating in a research report on Sunday, August 19th. Finally, Morgan Stanley raised their price objective on shares of Mallinckrodt from $14.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 17th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the stock. Mallinckrodt currently has a consensus rating of “Hold” and a consensus price target of $34.45.

Mallinckrodt Company Profile

Mallinckrodt public limited company develops, manufactures, markets, and distributes branded pharmaceutical products in Canada and the European Union, as well as in Latin American, the Middle Eastern, African, and the Asia-Pacific regions. The company markets branded pharmaceutical products for autoimmune and rare diseases in the specialty areas of neurology, rheumatology, nephrology, ophthalmology, and pulmonology; and immunotherapy and neonatal respiratory critical care therapies, as well as analgesics and gastrointestinal products.

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Institutional Ownership by Quarter for Mallinckrodt (NYSE:MNK)

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