Hsbc Holdings PLC Invests $3.06 Million in Calumet, Inc. $CLMT

Hsbc Holdings PLC bought a new position in Calumet, Inc. (NASDAQ:CLMT) in the 1st quarter, Holdings Channel.com reports. The firm bought 87,004 shares of the oil and gas company’s stock, valued at approximately $3,059,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in Calumet by 36.6% during the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock worth $1,137,000 after purchasing an additional 19,322 shares during the last quarter. New York State Common Retirement Fund bought a new position in shares of Calumet during the 2nd quarter valued at about $343,000. Quantbot Technologies LP purchased a new position in shares of Calumet during the 2nd quarter valued at about $241,000. Invesco Ltd. raised its holdings in shares of Calumet by 514.8% during the 2nd quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock valued at $1,491,000 after buying an additional 79,247 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Calumet by 199.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock worth $544,000 after buying an additional 23,031 shares during the last quarter. Institutional investors own 34.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CLMT shares. The Goldman Sachs Group lowered Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a research note on Friday, April 24th. TD Cowen reaffirmed a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. Weiss Ratings raised shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Finally, HC Wainwright upped their price target on shares of Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.75.

Insiders Place Their Bets

In other news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the sale, the insider owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the transaction, the director owned 77,718 shares in the company, valued at $2,810,282.88. This represents a 5.17% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 4.07% of the company’s stock.

Calumet Stock Down 2.6%

Shares of NASDAQ CLMT opened at $41.69 on Friday. The firm’s fifty day moving average is $36.34 and its 200 day moving average is $31.10. Calumet, Inc. has a 52 week low of $12.94 and a 52 week high of $45.20. The company has a market cap of $3.63 billion, a price-to-earnings ratio of -19.30 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.87) earnings per share. Equities research analysts anticipate that Calumet, Inc. will post -0.13 earnings per share for the current year.

Calumet Company Profile

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet’s product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.