IndexIQ Advisors LLC Has $474,000 Stake in Platform Specialty Products Corporation (PAH)
IndexIQ Advisors LLC reduced its holdings in shares of Platform Specialty Products Corporation (NYSE:PAH) by 14.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,494 shares of the specialty chemicals company’s stock after selling 6,910 shares during the quarter. IndexIQ Advisors LLC’s holdings in Platform Specialty Products Corporation were worth $474,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of PAH. FNY Partners Fund LP boosted its holdings in Platform Specialty Products Corporation by 177.8% during the second quarter. FNY Partners Fund LP now owns 10,000 shares of the specialty chemicals company’s stock worth $126,000 after purchasing an additional 6,400 shares during the last quarter. Quantbot Technologies LP bought a new stake in Platform Specialty Products Corporation in the second quarter worth about $129,000. Bfsg LLC bought a new stake in Platform Specialty Products Corporation in the second quarter worth about $130,000. First National Bank of Omaha bought a new stake in Platform Specialty Products Corporation in the second quarter worth about $134,000. Finally, JPMorgan Chase & Co. raised its position in Platform Specialty Products Corporation by 167.5% in the second quarter. JPMorgan Chase & Co. now owns 15,217 shares of the specialty chemicals company’s stock worth $193,000 after acquiring an additional 9,528 shares during the period. Hedge funds and other institutional investors own 93.91% of the company’s stock.
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Shares of Platform Specialty Products Corporation (NYSE PAH) opened at $10.26 on Tuesday. The stock has a market cap of $2,919.78, a price-to-earnings ratio of 13.93, a PEG ratio of 1.08 and a beta of 3.27. Platform Specialty Products Corporation has a one year low of $8.37 and a one year high of $14.82. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.55 and a current ratio of 2.05.
Platform Specialty Products Corporation (NYSE:PAH) last posted its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). The company had revenue of $904.30 million for the quarter, compared to analyst estimates of $912.19 million. Platform Specialty Products Corporation had a negative net margin of 4.12% and a positive return on equity of 7.45%. The business’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 EPS. sell-side analysts predict that Platform Specialty Products Corporation will post 0.77 EPS for the current fiscal year.
Several analysts have recently issued reports on PAH shares. Barclays PLC lowered their price target on shares of Platform Specialty Products Corporation from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 11th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $15.00 target price on shares of Platform Specialty Products Corporation in a report on Friday, November 3rd. UBS AG reissued a “buy” rating and issued a $17.00 price target (up previously from $16.00) on shares of Platform Specialty Products Corporation in a research note on Thursday, August 10th. BidaskClub cut shares of Platform Specialty Products Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Finally, Zacks Investment Research raised shares of Platform Specialty Products Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $13.50.
In other Platform Specialty Products Corporation news, EVP John Edward Capps bought 2,500 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were acquired at an average price of $10.77 per share, with a total value of $26,925.00. Following the transaction, the executive vice president now owns 2,500 shares of the company’s stock, valued at $26,925. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rakesh Sachdev purchased 11,000 shares of the business’s stock in a transaction on Friday, August 25th. The shares were purchased at an average cost of $11.06 per share, for a total transaction of $121,660.00. Following the transaction, the chief executive officer now owns 11,000 shares of the company’s stock, valued at $121,660. The disclosure for this purchase can be found here. Insiders have bought a total of 60,500 shares of company stock worth $664,865 in the last quarter. Insiders own 6.00% of the company’s stock.
About Platform Specialty Products Corporation
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, the Asia-Pacific, and Europe. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers plating products that are used to plate holes; electroless nickel products, which are applied to various metal and plastic surfaces; electronic assembly materials for use in the electronic market and residential boiler systems; final finishes that are used on printed circuit boards; circuit formation products for surface preparation; oxides, which are used in the fabrication of multilayer circuit boards; semiconductor materials and packaging products; and pre-treatment and cleaning solutions.
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