Author Topic: LC Stock Does 5 for 1 Reverse Split  (Read 8168 times)

Rob L

  • Hero Member
  • *****
  • Posts: 2043
    • View Profile
LC Stock Does 5 for 1 Reverse Split
« on: July 09, 2019, 10:41:54 AM »
As of yesterday 7/8/2019 LC implemented a 5 for 1 reverse stock split.
Owners now have one fifth the number of shares they owned the previous day.
The current price is $15.25 per share which would equal $3.05 per share (pre-reverse).

Might be a good thing as I seem to remember that many large mutual funds have rules against holding stock priced less that $10.00. I've been a bit more positive on the company since they announced they were moving 350 jobs to Utah. A much needed step in the right direction.

Fred93

  • Hero Member
  • *****
  • Posts: 2143
    • View Profile
Re: LC Stock Does 5 for 1 Reverse Split
« Reply #1 on: July 09, 2019, 05:51:19 PM »
Might be a good thing as I seem to remember that many large mutual funds have rules against holding stock priced less that $10.00.

See the holders (as of last quarter) here... https://finance.yahoo.com/quote/LC/holders?p=LC

I've reproduced the list of names of funds.  You can follow the link to see all the numbers.  These are the hugest index funds (excluding those which only invest in large cap companies).  There may still be funds with a $10 limit on share price, but the big index funds are apparently not among them.

Top Mutual Fund Holders
Vanguard Total Stock Market Index Fund   
Vanguard Small-Cap Index Fund   
ARK ETF Tr-ARK Innovation ETF   
iShares Russell 2000 ETF   
Vanguard Small-Cap Growth Index Fund   
Vanguard Extended Market Index Fund   
ARK ETF Tr-ARK Web x.0 ETF   
DFA U.S. Small Cap Series   
iShares Russell 2000 Value ETF   
Fidelity Extended Market Index Fund   

This also highlights a problem with the stock market these days.  Most of most companies are held by index funds who don't  have any interest in the details of a particular company's performance, management, etc.  To cover their asses, these institutions hire outside firms to tell them how to vote their shares.  The outside firms, who fear being fired due to some scandal more than anything, vote in the most politically correct fashion possible.  This is not a good way to run anything.


Quote
I've been a bit more positive on the company since they announced they were moving 350 jobs to Utah. A much needed step in the right direction.

I'd be more positive if they could make a profit and we saw growth opportunities.  (at the same time would be most excellent)


Rob L

  • Hero Member
  • *****
  • Posts: 2043
    • View Profile
Re: LC Stock Does 5 for 1 Reverse Split
« Reply #2 on: August 06, 2019, 08:46:36 PM »
Well, for whatever reason they did a reverse 5:1 split; taking the shares above $10.
Certainly agree about making a profit! they aren't Amazon  :)
For the record I don't own their shares and can't imagine I ever will (again).
« Last Edit: August 06, 2019, 08:51:57 PM by Rob L »

rawraw

  • Hero Member
  • *****
  • Posts: 2759
    • View Profile
Re: LC Stock Does 5 for 1 Reverse Split
« Reply #3 on: August 18, 2019, 04:11:27 PM »
Fred, what do you mean profits? They make loans for less than a bank and will take over 😂