Elanco Animal Health Incorporated (NYSE:ELAN) Stock Position Reduced by Clearline Capital LP

Clearline Capital LP decreased its position in Elanco Animal Health Incorporated (NYSE:ELAN) by 90.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 37,133 shares of the company’s stock after selling 353,066 shares during the period. Clearline Capital LP’s holdings in Elanco Animal Health were worth $536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ELAN. Algert Global LLC increased its stake in Elanco Animal Health by 22.6% during the second quarter. Algert Global LLC now owns 262,298 shares of the company’s stock valued at $3,785,000 after purchasing an additional 48,358 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new position in Elanco Animal Health in the second quarter valued at approximately $2,561,000. The Manufacturers Life Insurance Company boosted its stake in Elanco Animal Health by 11.3% in the second quarter. The Manufacturers Life Insurance Company now owns 5,990,546 shares of the company’s stock valued at $86,444,000 after acquiring an additional 609,194 shares during the period. AQR Capital Management LLC grew its holdings in shares of Elanco Animal Health by 39.9% during the second quarter. AQR Capital Management LLC now owns 71,235 shares of the company’s stock valued at $1,028,000 after purchasing an additional 20,318 shares during the last quarter. Finally, Davidson Kempner Capital Management LP acquired a new stake in shares of Elanco Animal Health during the 2nd quarter worth approximately $839,000. 97.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ELAN shares. Barclays raised their target price on Elanco Animal Health from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Piper Sandler decreased their price objective on Elanco Animal Health from $19.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, July 1st. Morgan Stanley downgraded shares of Elanco Animal Health from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $17.00 to $15.00 in a report on Thursday, September 19th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $20.00 target price on shares of Elanco Animal Health in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Elanco Animal Health presently has a consensus rating of “Hold” and a consensus target price of $17.43.

Insider Activity

In related news, CEO Jeffrey N. Simmons purchased 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $13.01 per share, with a total value of $1,301,000.00. Following the purchase, the chief executive officer now owns 145,000 shares of the company’s stock, valued at approximately $1,886,450. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Michael J. Harrington bought 3,500 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were bought at an average cost of $14.85 per share, with a total value of $51,975.00. Following the purchase, the director now directly owns 81,094 shares in the company, valued at $1,204,245.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey N. Simmons bought 100,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $13.01 per share, with a total value of $1,301,000.00. Following the transaction, the chief executive officer now owns 145,000 shares of the company’s stock, valued at $1,886,450. The disclosure for this purchase can be found here. 0.57% of the stock is currently owned by company insiders.

Elanco Animal Health Price Performance

Shares of NYSE ELAN opened at $14.32 on Friday. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of -5.40, a PEG ratio of 1.33 and a beta of 1.40. Elanco Animal Health Incorporated has a twelve month low of $8.52 and a twelve month high of $18.80. The company has a current ratio of 2.93, a quick ratio of 1.75 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average of $14.05 and a two-hundred day moving average of $15.08.

Elanco Animal Health (NYSE:ELAN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.06. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. Elanco Animal Health had a positive return on equity of 7.29% and a negative net margin of 27.94%. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 EPS. As a group, analysts expect that Elanco Animal Health Incorporated will post 0.91 earnings per share for the current fiscal year.

About Elanco Animal Health

Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, as well as nutritional health products, including enzymes, probiotics, and prebiotics; and a range of vaccines, antibiotics, implants, parasiticides, and other products used in ruminant and swine production under the Rumensin and Baytril brands.