Platform Specialty Products (PAH) Downgraded by Zacks Investment Research
Platform Specialty Products (NYSE:PAH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
Several other equities analysts also recently commented on the stock. ValuEngine downgraded shares of Platform Specialty Products from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Credit Suisse Group began coverage on shares of Platform Specialty Products in a report on Wednesday, November 15th. They set a “neutral” rating and a $12.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.43.
Platform Specialty Products (NYSE:PAH) last issued its quarterly earnings results on Tuesday, February 27th. The specialty chemicals company reported $0.23 EPS for the quarter, meeting the consensus estimate of $0.23. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $978.56 million. Platform Specialty Products had a negative net margin of 7.84% and a positive return on equity of 7.69%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 EPS. equities analysts predict that Platform Specialty Products will post 0.99 earnings per share for the current fiscal year.
In related news, insider Diego Lopez Casanello bought 4,000 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were acquired at an average cost of $9.91 per share, for a total transaction of $39,640.00. Following the purchase, the insider now directly owns 15,000 shares of the company’s stock, valued at $148,650. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Martin E. Franklin bought 164,467 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was bought at an average price of $9.57 per share, for a total transaction of $1,573,949.19. The disclosure for this purchase can be found here. Insiders acquired a total of 668,467 shares of company stock worth $6,443,589 over the last 90 days. Insiders own 5.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Platform Specialty Products by 69.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,365 shares of the specialty chemicals company’s stock worth $113,000 after acquiring an additional 4,662 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Platform Specialty Products by 0.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 834,065 shares of the specialty chemicals company’s stock valued at $9,300,000 after purchasing an additional 5,621 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Platform Specialty Products by 1.5% during the third quarter. California Public Employees Retirement System now owns 445,400 shares of the specialty chemicals company’s stock valued at $4,966,000 after purchasing an additional 6,500 shares in the last quarter. Swiss National Bank boosted its stake in shares of Platform Specialty Products by 2.0% during the fourth quarter. Swiss National Bank now owns 390,689 shares of the specialty chemicals company’s stock valued at $3,876,000 after purchasing an additional 7,800 shares in the last quarter. Finally, Lapides Asset Management LLC boosted its stake in shares of Platform Specialty Products by 2.6% during the fourth quarter. Lapides Asset Management LLC now owns 324,700 shares of the specialty chemicals company’s stock valued at $3,221,000 after purchasing an additional 8,100 shares in the last quarter. Institutional investors and hedge funds own 92.24% 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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