Platform Specialty Products Corp. (PAH) Downgraded to Sell at Zacks Investment Research
According to Zacks, “Platform Specialty Products Corporation is a producer of high technology specialty chemical products as well as technical services. The company serves electronics, metal and plastic plating, graphic arts, and offshore oil production and drilling industries. Platform Specialty Products Corporation is headquartered in Miami, United States. “
Other research analysts have also issued reports about the stock. Roth Capital set a $13.00 price objective on shares of Platform Specialty Products Corp. and gave the stock a buy rating in a report on Wednesday, September 14th. Citigroup Inc. initiated coverage on shares of Platform Specialty Products Corp. in a report on Thursday, July 28th. They set a buy rating and a $11.00 price objective on the stock. Barclays PLC cut their price objective on shares of Platform Specialty Products Corp. from $12.00 to $11.00 and set an equal weight rating on the stock in a report on Tuesday, August 16th. Finally, Nomura reissued a hold rating on shares of Platform Specialty Products Corp. in a research report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $11.83.
Shares of Platform Specialty Products Corp. (NYSE:PAH) traded up 0.40% on Wednesday, reaching $7.59. 1,793,663 shares of the company were exchanged. Platform Specialty Products Corp. has a 1-year low of $5.25 and a 1-year high of $14.87. The company has a 50-day moving average price of $8.75 and a 200 day moving average price of $9.06. The stock’s market capitalization is $1.74 billion.
Platform Specialty Products Corp. (NYSE:PAH) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.04. The company had revenue of $922 million for the quarter, compared to analysts’ expectations of $887.71 million. Platform Specialty Products Corp. had a negative return on equity of 1.80% and a negative net margin of 12.86%. The company’s revenue was up 36.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. On average, analysts forecast that Platform Specialty Products Corp. will post $0.58 EPS for the current fiscal year.
In related news, Director Martin E. Franklin purchased 1,050,000 shares of the firm’s stock in a transaction dated Friday, September 16th. The stock was acquired at an average price of $8.25 per share, with a total value of $8,662,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 6.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Stifel Financial Corp purchased a new position in shares of Platform Specialty Products Corp. during the second quarter valued at about $103,000. Ameriprise Financial Inc. purchased a new position in shares of Platform Specialty Products Corp. during the second quarter valued at about $106,000. Menta Capital LLC purchased a new position in shares of Platform Specialty Products Corp. during the first quarter valued at about $117,000. Capstone Investment Advisors LLC purchased a new position in shares of Platform Specialty Products Corp. during the second quarter valued at about $126,000. Finally, Legal & General Group Plc boosted its position in shares of Platform Specialty Products Corp. by 59.1% in the first quarter. Legal & General Group Plc now owns 14,761 shares of the company’s stock valued at $127,000 after buying an additional 5,481 shares during the period. 76.75% of the stock is owned by institutional investors and hedge funds.
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