Chemtura Corp. (CHMT) Stock Rating Upgraded by Zacks Investment Research
Chemtura Corp. (NYSE:CHMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm currently has a $37.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.63% from the stock’s current price.
According to Zacks, “Chemtura Corporation is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. “
Several other equities research analysts have also commented on the company. Seaport Global Securities lowered Chemtura Corp. from a “buy” rating to a “neutral” rating and cut their target price for the company from $34.00 to $33.50 in a research report on Monday. Longbow Research downgraded Chemtura Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 27th. Gabelli downgraded Chemtura Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. SunTrust Banks Inc. downgraded Chemtura Corp. from a “buy” rating to a “neutral” rating and set a $33.50 price target on the stock. in a research note on Monday, September 26th. Finally, Robert W. Baird downgraded Chemtura Corp. from an “outperform” rating to a “neutral” rating and set a $33.00 price target on the stock. in a research note on Friday, September 9th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $34.50.
Chemtura Corp. (NYSE:CHMT) traded up 0.12% on Monday, reaching $32.85. The company’s stock had a trading volume of 894,379 shares. Chemtura Corp. has a 52-week low of $23.50 and a 52-week high of $32.99. The company has a market cap of $2.08 billion, a P/E ratio of 61.98 and a beta of 1.66. The firm’s 50-day moving average price is $29.94 and its 200 day moving average price is $27.84.
Chemtura Corp. (NYSE:CHMT) last announced its earnings results on Thursday, July 28th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.46 by $0.06. Chemtura Corp. had a net margin of 2.06% and a return on equity of 11.99%. The business had revenue of $441 million for the quarter, compared to the consensus estimate of $440.06 million. During the same quarter in the previous year, the company earned $0.29 EPS. The firm’s revenue for the quarter was down 5.0% on a year-over-year basis. Equities analysts anticipate that Chemtura Corp. will post $1.77 EPS for the current fiscal year.
In other news, VP Dalip Puri sold 900 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $31.55, for a total value of $28,395.00. Following the completion of the sale, the vice president now directly owns 12,124 shares of the company’s stock, valued at $382,512.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.60% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new stake in shares of Chemtura Corp. during the first quarter worth approximately $100,000. Pacad Investment Ltd. acquired a new stake in shares of Chemtura Corp. during the second quarter worth approximately $103,000. Sei Investments Co. increased its stake in shares of Chemtura Corp. by 40.8% in the second quarter. Sei Investments Co. now owns 4,279 shares of the company’s stock worth $113,000 after buying an additional 1,240 shares during the last quarter. BlackRock Inc. increased its stake in shares of Chemtura Corp. by 60.4% in the first quarter. BlackRock Inc. now owns 5,864 shares of the company’s stock worth $155,000 after buying an additional 2,207 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Chemtura Corp. by 24.1% in the second quarter. Public Employees Retirement System of Ohio now owns 7,061 shares of the company’s stock worth $186,000 after buying an additional 1,372 shares during the last quarter. 92.23% of the stock is owned by hedge funds and other institutional investors.
Chemtura Corp. Company Profile
Chemtura Corporation is a developer, manufacturer and marketer of engineered industrial specialty chemicals. The Company’s products are sold to industrial manufacturing customers for use as additives, ingredients or intermediates that add value to their end products. It operates through two segments: Industrial Performance Products and Industrial Engineered Products.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chemtura Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemtura Corp. and related companies with MarketBeat.com's FREE daily email newsletter.