Zacks Investment Research upgraded shares of Platform Specialty Products (NYSE:PAH) from a sell rating to a hold rating in a research note issued to investors on Friday morning.
According to Zacks, “Platform Specialty should gain from higher demand for its electronics solutions portfolio in second-half 2018. Its focus on expanding global footprint through acquisitions should also drive growth. The company is also witnessing improved organic sales. Platform Specialty has also outperformed the industry it belongs to over the past six months. However, Platform Specialty is exposed to raw material inflation which may hurt its margins. The company’s high debt level is another concern. Poor weather conditions and softness in Europe are also affecting its Agricultural business.”
Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley set a $12.00 target price on shares of Platform Specialty Products and gave the stock a hold rating in a research report on Thursday, June 7th. Goldman Sachs Group cut shares of Platform Specialty Products from a buy rating to a neutral rating in a research report on Monday, July 23rd. Finally, ValuEngine raised shares of Platform Specialty Products from a strong sell rating to a sell rating in a research report on Thursday, May 24th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Platform Specialty Products presently has a consensus rating of Hold and an average price target of $13.20.
Shares of PAH traded down $0.23 during mid-day trading on Friday, hitting $12.73. The company had a trading volume of 1,794,955 shares, compared to its average volume of 3,186,027. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.62 and a current ratio of 2.11. Platform Specialty Products has a 1-year low of $9.09 and a 1-year high of $13.54. The stock has a market capitalization of $3.74 billion, a PE ratio of 16.75, a P/E/G ratio of 1.88 and a beta of 3.17.
Platform Specialty Products (NYSE:PAH) last released its earnings results on Thursday, August 2nd. The specialty chemicals company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.02. Platform Specialty Products had a negative net margin of 4.08% and a positive return on equity of 9.15%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $997.27 million. During the same period last year, the company earned $0.20 earnings per share. The company’s quarterly revenue was up 6.5% on a year-over-year basis. sell-side analysts expect that Platform Specialty Products will post 0.57 earnings per share for the current fiscal year.
In other Platform Specialty Products news, insider Scot Benson purchased 6,000 shares of Platform Specialty Products stock in a transaction on Thursday, August 23rd. The shares were purchased at an average cost of $12.56 per share, with a total value of $75,360.00. Following the completion of the transaction, the insider now directly owns 85,456 shares in the company, valued at approximately $1,073,327.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John David Tolbert purchased 16,000 shares of Platform Specialty Products stock in a transaction on Monday, August 6th. The shares were acquired at an average cost of $12.13 per share, for a total transaction of $194,080.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 10,281,137 shares of company stock worth $124,380,356. 5.40% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in Platform Specialty Products by 17.2% during the second quarter. FMR LLC now owns 30,966,786 shares of the specialty chemicals company’s stock valued at $359,215,000 after buying an additional 4,533,865 shares in the last quarter. Bares Capital Management Inc. raised its stake in shares of Platform Specialty Products by 8.1% during the first quarter. Bares Capital Management Inc. now owns 17,897,653 shares of the specialty chemicals company’s stock valued at $172,354,000 after purchasing an additional 1,348,154 shares during the period. BlackRock Inc. raised its stake in shares of Platform Specialty Products by 7.8% during the second quarter. BlackRock Inc. now owns 15,180,433 shares of the specialty chemicals company’s stock valued at $176,095,000 after purchasing an additional 1,102,550 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Platform Specialty Products by 19.2% during the second quarter. Dimensional Fund Advisors LP now owns 14,899,218 shares of the specialty chemicals company’s stock valued at $172,827,000 after purchasing an additional 2,398,849 shares during the period. Finally, Slate Path Capital LP purchased a new stake in shares of Platform Specialty Products during the first quarter valued at approximately $50,798,000. 95.31% of the stock is currently owned by hedge funds and other institutional investors.
About Platform Specialty Products
Platform Specialty Products Corporation produces and sells specialty chemical products worldwide. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers a range of specialty chemicals, such as surface and coating materials, functional conversion coatings, electronic assembly materials, water-based hydraulic control fluids, and photopolymers.
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