Channing Capital Management Lowers stake in Charles River Laboratories (CRL)

Charles River Laboratories (CRL) : Channing Capital Management reduced its stake in Charles River Laboratories by 0.86% during the most recent quarter end. The investment management company now holds a total of 685,581 shares of Charles River Laboratories which is valued at $58,932,543 after selling 5,930 shares in Charles River Laboratories , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Charles River Laboratories makes up approximately 2.37% of Channing Capital Management’s portfolio.

Other Hedge Funds, Including , California State Teachers Retirement System reduced its stake in CRL by selling 1,871 shares or 1.86% in the most recent quarter. The Hedge Fund company now holds 98,703 shares of CRL which is valued at $8,484,510. Charles River Laboratories makes up approx 0.02% of California State Teachers Retirement System’s portfolio.Ls Investment Advisors boosted its stake in CRL in the latest quarter, The investment management firm added 1,279 additional shares and now holds a total of 3,137 shares of Charles River Laboratories which is valued at $272,229. Charles River Laboratories makes up approx 0.02% of Ls Investment Advisors’s portfolio.Van Berkom Associates reduced its stake in CRL by selling 21,585 shares or 3.16% in the most recent quarter. The Hedge Fund company now holds 662,313 shares of CRL which is valued at $57,475,522. Charles River Laboratories makes up approx 2.51% of Van Berkom Associates’s portfolio.First Quadrant L Pca boosted its stake in CRL in the latest quarter, The investment management firm added 60 additional shares and now holds a total of 188,143 shares of Charles River Laboratories which is valued at $16,214,164. Charles River Laboratories makes up approx 0.34% of First Quadrant L Pca’s portfolio.

Charles River Laboratories opened for trading at $86.54 and hit $88.09 on the upside on Thursday, eventually ending the session at $87.02, with a gain of 1.23% or 1.06 points. The heightened volatility saw the trading volume jump to 5,12,622 shares. Company has a market cap of $4,105 M.

On the company’s financial health, Charles River Laboratories reported $1.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $1.10. The company had revenue of $434.10 million for the quarter, compared to analysts expectations of $424.98 million. The company’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS.

Many Wall Street Analysts have commented on Charles River Laboratories. Credit Suisse Initiated Charles River Laboratories on Jun 21, 2016 to “Neutral”, Price Target of the shares are set at $84.Company shares were Reiterated by Barclays on May 20, 2016 to “Underweight”, Firm has raised the Price Target to $ 65 from a previous price target of $60 .

Charles River Laboratories International Inc. is a full service early stage contract research company. The Company offers research models for the research and development of new drugs devices and therapies. It develops a portfolio of discovery and safety assessment services both Good Laboratory Practice (GLP) and non-GLP that support the clients from target identification through preclinical development. The Company operates through three segments: Research Models and Services (RMS) which supplies research models to the drug development industry; Discovery and Safety Assessment (DSA) which provides services that enables the clients to outsource their drug discovery research critical regulatory-required safety assessment testing and related drug discovery and development activities and Manufacturing Support (Manufacturing) which is involved in the production and release of products manufactured by the clients.

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