Platform Specialty Products (PAH) Sees Strong Trading Volume After Insider Buying Activity
Shares of Platform Specialty Products Corporation (NYSE:PAH) saw unusually-strong trading volume on Tuesday after an insider bought additional shares in the company. Approximately 22,105,102 shares were traded during trading, an increase of 788% from the previous session’s volume of 2,489,574 shares.The stock last traded at $10.13 and had previously closed at $9.89.
Specifically, Director Martin E. Franklin purchased 164,467 shares of the stock in a transaction on Thursday, December 14th. The shares were acquired at an average price of $9.57 per share, for a total transaction of $1,573,949.19. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Diego Lopez Casanello purchased 4,000 shares of the stock in a transaction on Tuesday, December 19th. The shares were purchased at an average price of $9.91 per share, for a total transaction of $39,640.00. Following the transaction, the insider now directly owns 15,000 shares of the company’s stock, valued at $148,650. The disclosure for this purchase can be found here. Insiders purchased 669,467 shares of company stock worth $6,453,139 in the last quarter. 5.20% of the stock is currently owned by company insiders.
A number of research firms have weighed in on PAH. Barclays lowered their price target on Platform Specialty Products from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 11th. Zacks Investment Research downgraded Platform Specialty Products from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. SunTrust Banks upgraded Platform Specialty Products from a “hold” rating to a “buy” rating and raised their price target for the company from $13.00 to $15.00 in a research report on Monday, September 18th. ValuEngine downgraded Platform Specialty Products from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Credit Suisse Group began coverage on Platform Specialty Products in a research report on Wednesday, November 15th. They set a “neutral” rating and a $12.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $13.50.
Platform Specialty Products (NYSE:PAH) last released its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). The company had revenue of $904.30 million during the quarter, compared to analysts’ expectations of $912.19 million. Platform Specialty Products had a positive return on equity of 7.45% and a negative net margin of 4.12%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 EPS. equities research analysts expect that Platform Specialty Products Corporation will post 0.77 earnings per share for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PAH. FMR LLC increased its holdings in shares of Platform Specialty Products by 12.7% in the second quarter. FMR LLC now owns 22,055,440 shares of the specialty chemicals company’s stock worth $279,663,000 after buying an additional 2,483,623 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Platform Specialty Products in the second quarter worth about $31,220,000. Glenview Capital Management LLC increased its holdings in shares of Platform Specialty Products by 17.9% in the second quarter. Glenview Capital Management LLC now owns 13,203,633 shares of the specialty chemicals company’s stock worth $167,422,000 after buying an additional 2,000,000 shares during the period. AXA purchased a new position in shares of Platform Specialty Products in the second quarter worth about $22,303,000. Finally, Capital World Investors increased its holdings in shares of Platform Specialty Products by 13.1% in the second quarter. Capital World Investors now owns 12,080,829 shares of the specialty chemicals company’s stock worth $153,185,000 after buying an additional 1,398,319 shares during the period. Hedge funds and other institutional investors own 93.53% of the company’s stock.
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About Platform Specialty Products
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, the Asia-Pacific, and Europe. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers plating products that are used to plate holes; electroless nickel products, which are applied to various metal and plastic surfaces; electronic assembly materials for use in the electronic market and residential boiler systems; final finishes that are used on printed circuit boards; circuit formation products for surface preparation; oxides, which are used in the fabrication of multilayer circuit boards; semiconductor materials and packaging products; and pre-treatment and cleaning solutions.
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