Ciner Resources LP (CINR) Now Covered by DA Davidson
Equities researchers at DA Davidson started coverage on shares of Ciner Resources LP (NYSE:CINR) in a research report issued to clients and investors on Thursday. The brokerage set a “neutral” rating and a $33.00 price target on the stock. DA Davidson’s price target would suggest a potential upside of 5.30% from the stock’s previous close.
A number of other research firms have also weighed in on CINR. Citigroup Inc. boosted their target price on shares of Ciner Resources from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. FBR & Co reissued a “buy” rating and set a $35.00 target price on shares of Ciner Resources in a research report on Monday, August 8th. Finally, Zacks Investment Research lowered shares of Ciner Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $30.25.
Ciner Resources (NYSE:CINR) opened at 31.34 on Thursday. The stock’s 50 day moving average price is $29.97 and its 200 day moving average price is $29.02. The firm has a market capitalization of $628.43 million, a P/E ratio of 13.26 and a beta of 1.15. Ciner Resources has a 12 month low of $18.81 and a 12 month high of $39.10.
Ciner Resources (NYSE:CINR) last released its earnings results on Thursday, August 4th. The company reported $0.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by $0.04. The firm had revenue of $116.70 million for the quarter, compared to analyst estimates of $117.27 million. Ciner Resources had a return on equity of 23.78% and a net margin of 13.04%. Ciner Resources’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, analysts forecast that Ciner Resources will post $2.29 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mountain Lake Investment Management LLC raised its position in shares of Ciner Resources by 1.0% in the second quarter. Mountain Lake Investment Management LLC now owns 250,000 shares of the company’s stock worth $7,005,000 after buying an additional 2,500 shares in the last quarter. KCG Holdings Inc. bought a new position in shares of Ciner Resources during the second quarter worth approximately $206,000. Van ECK Associates Corp raised its position in shares of Ciner Resources by 2.4% in the second quarter. Van ECK Associates Corp now owns 154,453 shares of the company’s stock worth $4,328,000 after buying an additional 3,626 shares in the last quarter. Allianz Asset Management AG bought a new position in shares of Ciner Resources during the second quarter worth approximately $228,000. Finally, U S Global Investors Inc. bought a new position in shares of Ciner Resources during the second quarter worth approximately $1,149,000. 19.95% of the stock is owned by institutional investors and hedge funds.
About Ciner Resources
Ciner Resources LP, formerly OCI Resources LP, owns a controlling interest consisting of 51% membership interest in Ciner Wyoming LLC (Ciner Wyoming). Ciner Wyoming produces soda ash and serves a global market from its facility in the Green River Basin of Wyoming. The Company processes trona ore into soda ash, a raw material in flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products.
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