Martingale Asset Management L P Raises Position in Stepan Company (SCL)
Martingale Asset Management L P increased its holdings in Stepan Company (NYSE:SCL) by 4.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,623 shares of the basic materials company’s stock after buying an additional 3,399 shares during the quarter. Martingale Asset Management L P owned about 0.36% of Stepan worth $7,113,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of SCL. Glen Harbor Capital Management LLC increased its holdings in Stepan by 1.8% in the 1st quarter. Glen Harbor Capital Management LLC now owns 1,904 shares of the basic materials company’s stock worth $150,000 after buying an additional 34 shares during the period. Great West Life Assurance Co. Can grew its stake in shares of Stepan by 7.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 27,061 shares of the basic materials company’s stock worth $2,132,000 after purchasing an additional 1,810 shares during the period. American Century Companies Inc. acquired a new stake in shares of Stepan during the 1st quarter worth approximately $1,647,000. US Bancorp DE grew its stake in shares of Stepan by 0.6% during the 1st quarter. US Bancorp DE now owns 6,639 shares of the basic materials company’s stock worth $523,000 after purchasing an additional 41 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Stepan by 5.6% during the 1st quarter. Bank of New York Mellon Corp now owns 399,280 shares of the basic materials company’s stock worth $31,466,000 after purchasing an additional 21,345 shares during the period. Institutional investors own 62.56% of the company’s stock.
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In other news, Director F Quinn Stepan sold 8,865 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $80.50, for a total value of $713,632.50. Following the transaction, the director now owns 287,962 shares of the company’s stock, valued at $23,180,941. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Scott R. Behrens sold 667 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $77.64, for a total value of $51,785.88. Following the completion of the transaction, the vice president now directly owns 3,266 shares in the company, valued at approximately $253,572.24. The disclosure for this sale can be found here. In the last three months, insiders sold 26,404 shares of company stock worth $2,100,942. Corporate insiders own 13.10% of the company’s stock.
Shares of Stepan Company (SCL) opened at 80.25 on Tuesday. Stepan Company has a 52 week low of $67.85 and a 52 week high of $92.97. The stock’s 50 day moving average is $79.84 and its 200-day moving average is $82.22. The firm has a market cap of $1.81 billion, a PE ratio of 20.89 and a beta of 1.26.
Stepan (NYSE:SCL) last released its earnings results on Wednesday, July 26th. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.34 by $0.02. The company had revenue of $495.10 million during the quarter, compared to analyst estimates of $472.35 million. Stepan had a net margin of 4.85% and a return on equity of 14.95%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.31 EPS. On average, equities analysts predict that Stepan Company will post $4.58 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Tuesday, August 29th. Stepan’s payout ratio is currently 21.52%.
A number of equities research analysts have recently commented on the stock. BMO Capital Markets dropped their price objective on shares of Stepan from $42.00 to $36.00 in a research note on Monday, August 14th. KeyCorp reaffirmed a “hold” rating on shares of Stepan in a research note on Friday, September 1st. Zacks Investment Research cut shares of Stepan from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. BidaskClub cut shares of Stepan from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, National Bank Financial dropped their price objective on shares of Stepan from $40.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $48.40.
Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a range of end products. The Company operates through three segments: Surfactants, Polymers and Specialty Products. The Company’s principal markets include manufacturers of cleaning and washing compounds (including detergents, shampoos, fabric softeners, toothpastes and household cleaners), paints, cosmetics, food, beverages, nutritional supplements, agricultural products and plastics.
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