Platform Specialty Products (PAH) Rating Increased to Hold at Zacks Investment Research
Platform Specialty Products (NYSE:PAH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Platform Specialty Products Corporation is a producer of high technology specialty chemical products as well as technical services. The company serves electronics, metal and plastic plating, graphic arts, and offshore oil production and drilling industries. Platform Specialty Products Corporation is headquartered in Miami, United States. “
PAH has been the topic of a number of other research reports. Barclays lowered their price target on Platform Specialty Products from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 11th. Credit Suisse Group initiated coverage on Platform Specialty Products in a report on Wednesday, November 15th. They issued a “neutral” rating and a $12.00 price target on the stock. SunTrust Banks restated a “buy” rating and issued a $15.00 price target on shares of Platform Specialty Products in a report on Friday, November 3rd. Finally, ValuEngine cut Platform Specialty Products from a “buy” rating to a “hold” rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. Platform Specialty Products presently has a consensus rating of “Hold” and an average target price of $13.50.
Platform Specialty Products (NYSE:PAH) last issued its earnings results on Thursday, November 2nd. The specialty chemicals company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $904.30 million for the quarter, compared to analysts’ expectations of $912.19 million. Platform Specialty Products had a positive return on equity of 7.45% and a negative net margin of 4.12%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period last year, the company posted $0.14 earnings per share. research analysts anticipate that Platform Specialty Products will post 0.77 earnings per share for the current year.
In related news, insider Diego Lopez Casanello acquired 4,000 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were bought at an average cost of $9.91 per share, with a total value of $39,640.00. Following the completion of the transaction, the insider now directly owns 15,000 shares of the company’s stock, valued at approximately $148,650. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Martin E. Franklin acquired 164,467 shares of the business’s stock in a transaction on Thursday, December 14th. The stock was bought at an average cost of $9.57 per share, for a total transaction of $1,573,949.19. The disclosure for this purchase can be found here. Insiders purchased a total of 669,467 shares of company stock worth $6,453,139 over the last ninety days. Corporate insiders own 5.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. AXA purchased a new position in Platform Specialty Products in the second quarter valued at about $22,303,000. Robeco Institutional Asset Management B.V. purchased a new position in Platform Specialty Products in the second quarter valued at about $542,000. American Century Companies Inc. purchased a new position in Platform Specialty Products in the second quarter valued at about $2,231,000. Rhumbline Advisers grew its stake in shares of Platform Specialty Products by 18.7% during the second quarter. Rhumbline Advisers now owns 211,473 shares of the specialty chemicals company’s stock valued at $2,681,000 after acquiring an additional 33,302 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Platform Specialty Products by 4.6% during the second quarter. Vanguard Group Inc. now owns 16,082,464 shares of the specialty chemicals company’s stock valued at $203,926,000 after acquiring an additional 711,500 shares in the last quarter. 93.53% of the stock is currently owned by institutional investors.
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About Platform Specialty Products
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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