Zacks Investment Research Downgrades Nexeo Solutions (NXEO) to Sell
Zacks Investment Research downgraded shares of Nexeo Solutions (NASDAQ:NXEO) from a hold rating to a sell rating in a research note released on Friday.
According to Zacks, “Nexeo Solutions, Inc. distributes chemicals and plastics products. The company’s line of business consists of Chemicals, Plastics and Environmental Services. It operates primarily in North America, Europe, the Middle East and Africa and Asia. Nexeo Solutions, Inc. is based in The Woodlands, Texas. “
A number of other brokerages have also recently issued reports on NXEO. Jefferies Group LLC reaffirmed a hold rating and issued a $8.50 price objective (down from $9.50) on shares of Nexeo Solutions in a research note on Thursday, August 10th. Credit Suisse Group reduced their price objective on shares of Nexeo Solutions from $10.00 to $8.50 and set a neutral rating on the stock in a research note on Friday, August 11th.
Nexeo Solutions (NXEO) opened at 7.12 on Friday. The firm has a 50 day moving average price of $7.62 and a 200 day moving average price of $8.51. Nexeo Solutions has a 12-month low of $6.74 and a 12-month high of $9.94. The company has a market cap of $635.19 million and a PE ratio of 57.42.
In other news, major shareholder Select Maple Fund L.P. Fpa purchased 251,310 shares of Nexeo Solutions stock in a transaction dated Thursday, August 31st. The shares were bought at an average cost of $7.00 per share, with a total value of $1,759,170.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Park West Asset Management Llc sold 100,000 shares of Nexeo Solutions stock in a transaction on Friday, June 16th. The stock was sold at an average price of $8.65, for a total transaction of $865,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have bought 746,000 shares of company stock worth $5,364,757 and have sold 2,322,562 shares worth $18,992,522. Company insiders own 0.07% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC bought a new position in shares of Nexeo Solutions during the second quarter worth $106,000. Nationwide Fund Advisors bought a new position in shares of Nexeo Solutions during the second quarter worth $121,000. Symphony Asset Management LLC boosted its position in shares of Nexeo Solutions by 4.2% during the second quarter. Symphony Asset Management LLC now owns 20,346 shares of the basic materials company’s stock worth $169,000 after purchasing an additional 815 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Nexeo Solutions during the second quarter worth $174,000. Finally, Trexquant Investment LP bought a new position in shares of Nexeo Solutions during the second quarter worth $213,000. 94.07% of the stock is currently owned by institutional investors.
Nexeo Solutions Company Profile
Nexeo Solutions Inc, formerly WL Ross Holding Corp., is global distributor of chemicals products in North America and Asia, and plastics products in North America, Europe, the Middle East and Africa (EMEA) and Asia. The Company provides services, such as custom blending, packaging and re-packaging, private-label manufacturing and product testing in the form of chemical analysis, product performance analysis and product development.
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