Carbo Ceramics Inc. (CRR) Reaches New 52-Week Low at $10.52
Carbo Ceramics Inc. (NYSE:CRR) shares hit a new 52-week low on Tuesday . The company traded as low as $10.52 and last traded at $10.76, with a volume of 382,472 shares changing hands. The stock had previously closed at $10.94.
CRR has been the topic of a number of research reports. Howard Weil cut their price target on shares of Carbo Ceramics from $18.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Tuesday, June 7th. Scotiabank reaffirmed a “sector perform” rating and issued a $15.00 price target (down previously from $18.00) on shares of Carbo Ceramics in a research note on Tuesday, June 7th. Goldman Sachs Group Inc. reaffirmed a “sell” rating and issued a $8.00 price target on shares of Carbo Ceramics in a research note on Wednesday, June 15th. Finally, Zacks Investment Research lowered shares of Carbo Ceramics from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $18.57.
The firm has a 50-day moving average price of $13.25 and a 200 day moving average price of $13.97. The stock’s market cap is $253.54 million.
Carbo Ceramics (NYSE:CRR) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.88) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.89) by $0.01. Carbo Ceramics had a negative return on equity of 7.16% and a negative net margin of 58.46%. The company earned $20.70 million during the quarter, compared to analysts’ expectations of $24.70 million. During the same quarter in the previous year, the firm posted ($0.41) EPS. The firm’s revenue was down 71.8% compared to the same quarter last year. Analysts anticipate that Carbo Ceramics Inc. will post ($3.24) EPS for the current year.
Hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Carbo Ceramics by 73.9% in the second quarter. Royal Bank of Canada now owns 17,174 shares of the company’s stock worth $225,000 after buying an additional 7,301 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in shares of Carbo Ceramics by 55.7% in the second quarter. Wedge Capital Management L L P NC now owns 26,567 shares of the company’s stock valued at $348,000 after buying an additional 9,508 shares during the period. GLG Partners LP bought a new position in shares of Carbo Ceramics during the second quarter valued at about $852,000. Arizona State Retirement System boosted its position in shares of Carbo Ceramics by 1.0% in the second quarter. Arizona State Retirement System now owns 10,214 shares of the company’s stock valued at $134,000 after buying an additional 100 shares during the period. Finally, Guggenheim Capital LLC boosted its position in shares of Carbo Ceramics by 42.4% in the second quarter. Guggenheim Capital LLC now owns 26,051 shares of the company’s stock valued at $341,000 after buying an additional 7,756 shares during the period. 92.38% of the stock is owned by institutional investors.
Carbo Ceramics Company Profile
Carbo Ceramics Inc is an oilfield services technology company. The Company supplies ceramic proppant. The Company also sells sand and resin-coated proppants. Additionally, it provides fracture simulation software, fracture design and consulting services, and a range of technologies for spill prevention, containment and related countermeasures.
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