Chemtura Corp. (CHMT) Stock Rating Upgraded by Zacks Investment Research
Chemtura Corp. (NYSE:CHMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $37.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 12.63% from the company’s previous close.
According to Zacks, “Chemtura Corporation is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. “
Several other equities analysts have also issued reports on CHMT. Longbow Research lowered Chemtura Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 27th. SunTrust Banks Inc. lowered Chemtura Corp. from a “buy” rating to a “neutral” rating and set a $33.50 price target on the stock. in a research note on Monday, September 26th. Seaport Global Securities lowered Chemtura Corp. from a “buy” rating to a “neutral” rating and cut their price target for the company from $34.00 to $33.50 in a research note on Monday. Robert W. Baird lowered Chemtura Corp. from an “outperform” rating to a “neutral” rating and set a $33.00 target price on the stock. in a research note on Friday, September 9th. Finally, Gabelli lowered Chemtura Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $34.50.
Chemtura Corp. (NYSE:CHMT) traded up 0.12% during trading on Monday, reaching $32.85. The company’s stock had a trading volume of 894,379 shares. The firm has a market cap of $2.08 billion, a P/E ratio of 61.98 and a beta of 1.66. The stock’s 50 day moving average is $29.94 and its 200-day moving average is $27.84. Chemtura Corp. has a 52 week low of $23.50 and a 52 week high of $32.99.
Chemtura Corp. (NYSE:CHMT) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by $0.06. Chemtura Corp. had a net margin of 2.06% and a return on equity of 11.99%. The firm had revenue of $441 million for the quarter, compared to analyst estimates of $440.06 million. During the same period last year, the company earned $0.29 EPS. The company’s revenue was down 5.0% compared to the same quarter last year. On average, equities research analysts forecast that Chemtura Corp. will post $1.77 earnings per share for the current fiscal year.
In other news, VP Dalip Puri sold 1,900 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $31.48, for a total transaction of $59,812.00. Following the sale, the vice president now owns 9,524 shares of the company’s stock, valued at $299,815.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CHMT. Picton Mahoney Asset Management acquired a new stake in Chemtura Corp. during the first quarter worth approximately $100,000. Pacad Investment Ltd. purchased a new stake in shares of Chemtura Corp. during the second quarter worth about $103,000. Sei Investments Co. raised its stake in shares of Chemtura Corp. by 40.8% in the second quarter. Sei Investments Co. now owns 4,279 shares of the company’s stock worth $113,000 after buying an additional 1,240 shares in the last quarter. BlackRock Inc. raised its stake in shares of Chemtura Corp. by 60.4% in the first quarter. BlackRock Inc. now owns 5,864 shares of the company’s stock worth $155,000 after buying an additional 2,207 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Chemtura Corp. by 24.1% in the second quarter. Public Employees Retirement System of Ohio now owns 7,061 shares of the company’s stock worth $186,000 after buying an additional 1,372 shares in the last quarter. 92.23% of the stock is currently owned by institutional investors.
About Chemtura Corp.
Chemtura Corporation is a developer, manufacturer and marketer of engineered industrial specialty chemicals. The Company’s products are sold to industrial manufacturing customers for use as additives, ingredients or intermediates that add value to their end products. It operates through two segments: Industrial Performance Products and Industrial Engineered Products.
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