Commerce Bank Reduces Stake in Charles River Laboratories International, Inc. (NYSE:CRL)

Commerce Bank lessened its stake in shares of Charles River Laboratories International, Inc. (NYSE:CRL) by 1.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,397 shares of the medical research company’s stock after selling 107 shares during the quarter. Commerce Bank’s holdings in Charles River Laboratories International were worth $1,063,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tortoise Investment Management LLC grew its stake in Charles River Laboratories International by 77.0% during the second quarter. Tortoise Investment Management LLC now owns 131 shares of the medical research company’s stock valued at $27,000 after acquiring an additional 57 shares in the last quarter. Wolff Wiese Magana LLC purchased a new position in shares of Charles River Laboratories International during the 3rd quarter valued at $32,000. Assetmark Inc. increased its holdings in shares of 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 period. Whittier Trust Co. of Nevada Inc. raised its position in shares of Charles River Laboratories International by 219.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 281 shares of the medical research company’s stock worth $58,000 after buying an additional 193 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Charles River Laboratories International by 40.9% during the third quarter. Covestor Ltd now owns 327 shares of the medical research company’s stock valued at $65,000 after buying an additional 95 shares during the period. 98.91% of the stock is currently owned by institutional investors.

Charles River Laboratories International Price Performance

Shares of NYSE CRL opened at $195.77 on Monday. Charles River Laboratories International, Inc. has a 1 year low of $176.48 and a 1 year high of $275.00. The stock has a market capitalization of $10.01 billion, a P/E ratio of 24.50, a P/E/G ratio of 5.01 and a beta of 1.38. The company’s 50-day moving average is $194.99 and its 200 day moving average is $205.65. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.48 and a quick ratio of 1.14.

Charles River Laboratories International (NYSE:CRL) last released its earnings results on Wednesday, November 6th. The medical research company reported $2.59 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 analysts’ expectations of $975.99 million. During the same quarter last year, the business posted $2.72 EPS. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, sell-side analysts expect that Charles River Laboratories International, Inc. will post 10.19 earnings per share for the current year.

Charles River Laboratories International announced that its Board of Directors has approved a share repurchase program on Wednesday, August 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to buy up to 9.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Charles River Laboratories International news, Director Richard F. Wallman sold 6,621 shares of the stock in a transaction dated 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 transaction, the director now owns 12,386 shares of the company’s stock, valued at approximately $2,676,862.32. This represents a 34.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CRL shares. Barclays lowered their price target on Charles River Laboratories International from $230.00 to $210.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. CLSA downgraded shares of Charles River Laboratories International from a “hold” rating to an “underperform” rating and set a $164.00 target price on the stock. in a research note on Monday, November 18th. Robert W. Baird cut their price target on shares of Charles River Laboratories International from $191.00 to $190.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Redburn Atlantic initiated coverage on shares of Charles River Laboratories International in a research report on Monday, October 14th. They set a “sell” rating and a $151.00 price objective on the stock. Finally, UBS Group upped their target price on shares of Charles River Laboratories International from $240.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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).