Brown Capital Management LLC Cuts Position in Charles River Laboratories International, Inc. (NYSE:CRL)

Brown Capital Management LLC decreased its position in shares of Charles River Laboratories International, Inc. (NYSE:CRL) by 67.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,546 shares of the medical research company’s stock after selling 13,542 shares during the period. Brown Capital Management LLC’s holdings in Charles River Laboratories International were worth $1,289,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CRL. Tortoise Investment Management LLC raised its holdings in shares of Charles River Laboratories International by 77.0% during the 2nd quarter. Tortoise Investment Management LLC now owns 131 shares of the medical research company’s stock valued at $27,000 after buying an additional 57 shares in the last quarter. Wolff Wiese Magana LLC purchased a new position in Charles River Laboratories International in the 3rd quarter worth $32,000. Assetmark Inc. lifted its stake in Charles River Laboratories International by 1,153.3% in the third quarter. Assetmark Inc. now owns 188 shares of the medical research company’s stock worth $37,000 after purchasing an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in Charles River Laboratories International by 219.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 281 shares of the medical research company’s stock valued at $58,000 after buying an additional 193 shares during the period. Finally, Covestor Ltd boosted its holdings in Charles River Laboratories International by 40.9% during the 3rd quarter. Covestor Ltd now owns 327 shares of the medical research company’s stock valued at $65,000 after acquiring an additional 95 shares during the period. Institutional investors own 98.91% of the company’s stock.

Insiders Place Their Bets

In related news, Director Richard F. Wallman sold 6,621 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $216.12, for a total value of $1,430,930.52. Following the completion of the sale, the director now owns 12,386 shares of the company’s stock, valued at approximately $2,676,862.32. This trade represents a 34.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by company insiders.

Charles River Laboratories International Price Performance

Shares of CRL opened at $187.90 on Thursday. The company’s fifty day moving average price is $195.05 and its 200-day moving average price is $206.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.48 and a quick ratio of 1.14. The firm has a market capitalization of $9.61 billion, a PE ratio of 23.52, a price-to-earnings-growth ratio of 4.80 and a beta of 1.38. Charles River Laboratories International, Inc. has a 1-year low of $176.48 and a 1-year high of $275.00.

Charles River Laboratories International (NYSE:CRL) last announced its quarterly earnings results on Wednesday, November 6th. The medical research company reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.16. Charles River Laboratories International had a return on equity of 14.29% and a net margin of 10.44%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $975.99 million. During the same period in the previous year, the company posted $2.72 earnings per share. Charles River Laboratories International’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities research analysts predict that Charles River Laboratories International, Inc. will post 10.19 EPS for the current year.

Charles River Laboratories International declared that its board has approved a share repurchase program on Wednesday, August 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical research company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on CRL shares. Robert W. Baird cut their target price on Charles River Laboratories International from $191.00 to $190.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Citigroup downgraded shares of Charles River Laboratories International from a “neutral” rating to a “sell” rating and decreased their target price for the company from $215.00 to $175.00 in a research note on Tuesday, October 1st. Barclays lowered their price target on Charles River Laboratories International from $230.00 to $210.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Redburn Atlantic initiated coverage on Charles River Laboratories International in a research report on Monday, October 14th. They issued a “sell” rating and a $151.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut shares of Charles River Laboratories International from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $270.00 to $205.00 in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Charles River Laboratories International currently has a consensus rating of “Hold” and an average price target of $214.38.

Charles River Laboratories International Profile

Charles River Laboratories International, Inc provides drug discovery, non-clinical development, and safety testing services in the United States, Europe, Canada, the Asia Pacific, and internationally. It operates through three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing).