Rentech Inc. (RTK) Sees Significant Drop in Short Interest
Rentech Inc. (NASDAQ:RTK) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 623,419 shares, a drop of 30.5% from the September 15th total of 896,462 shares. Based on an average daily volume of 81,889 shares, the days-to-cover ratio is presently 7.6 days. Currently, 2.9% of the company’s stock are short sold.
Rentech (NASDAQ:RTK) opened at 2.80 on Friday. The stock has a market cap of $64.93 million, a PE ratio of 0.29 and a beta of 3.35. Rentech has a 1-year low of $1.55 and a 1-year high of $6.42. The stock has a 50 day moving average price of $3.14 and a 200-day moving average price of $2.96.
Rentech (NASDAQ:RTK) last issued its quarterly earnings data on Wednesday, August 10th. The company reported $3.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $3.47. Rentech had a return on equity of 296.39% and a net margin of 106.00%. The company had revenue of $31.80 million for the quarter, compared to analysts’ expectations of $48.24 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. On average, equities analysts expect that Rentech will post $11.94 EPS for the current year.
Separately, Zacks Investment Research upgraded Rentech from a “hold” rating to a “strong-buy” rating and set a $4.25 target price for the company in a research note on Wednesday, August 17th.
A number of large investors have recently modified their holdings of RTK. Cutler Group LP boosted its stake in shares of Rentech by 4,079.0% in the second quarter. Cutler Group LP now owns 340,423 shares of the company’s stock valued at $817,000 after buying an additional 332,277 shares during the last quarter. Kennedy Capital Management Inc. boosted its stake in shares of Rentech by 36.6% in the first quarter. Kennedy Capital Management Inc. now owns 1,144,363 shares of the company’s stock valued at $2,540,000 after buying an additional 306,904 shares during the last quarter. Pekin Singer Strauss Asset Management IL boosted its stake in shares of Rentech by 51.8% in the second quarter. Pekin Singer Strauss Asset Management IL now owns 706,192 shares of the company’s stock valued at $1,695,000 after buying an additional 241,001 shares during the last quarter. Oxford Asset Management boosted its stake in shares of Rentech by 529.3% in the second quarter. Oxford Asset Management now owns 102,786 shares of the company’s stock valued at $247,000 after buying an additional 86,452 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Rentech during the second quarter valued at $206,000. 46.71% of the stock is currently owned by institutional investors.
Rentech, Inc is a provider of wood fiber processing services, wood chips and wood pellets. The Company’s processing business includes Fulghum Fibres, Inc (Fulghum), which operates approximately 30 wood chipping mills in the United States and South America. The Company provides wood yard operations services.
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