Cosan (NYSE:CSAN) Shares Down 4.4% – Here’s What Happened

Shares of Cosan S.A. Sponsored ADR (NYSE:CSAN) fell 4.4% during trading on Friday . The stock traded as low as $2.49 and last traded at $2.4950. 411,497 shares changed hands during trading, a decline of 79% from the average daily volume of 2,006,698 shares. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Zacks Research upgraded Cosan to a “hold” rating in a research note on Thursday, June 18th. HSBC lowered Cosan from a “hold” rating to a “reduce” rating and dropped their price target for the company from $5.00 to $3.20 in a research report on Tuesday, May 26th. Weiss Ratings restated a “sell (e+)” rating on shares of Cosan in a research note on Tuesday, June 9th. Citigroup raised shares of Cosan to a “hold” rating in a report on Monday, June 29th. Finally, Jefferies Financial Group downgraded shares of Cosan to a “hold” rating in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $3.85.

Cosan Stock Down 4.8%

The company has a market cap of $2.46 billion, a price-to-earnings ratio of -1.01 and a beta of 0.70. The stock has a 50-day simple moving average of $2.91 and a 200-day simple moving average of $3.73. The company has a current ratio of 1.87, a quick ratio of 1.76 and a debt-to-equity ratio of 2.12.

Insider Activity

In related news, Director Rubens Ometto Silveira Mello sold 77,640 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $3.44, for a total value of $267,081.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marcelo Eduardo Martins bought 2,441,528 shares of the stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $5.14 per share, for a total transaction of $12,549,453.92. Following the purchase, the chief executive officer owned 4,890,286 shares in the company, valued at $25,136,070.04. This trade represents a 99.70% increase in their position. The SEC filing for this purchase provides additional information.

Hedge Funds Weigh In On Cosan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSAN. Verus Capital Partners LLC raised its stake in shares of Cosan by 20.0% in the 4th quarter. Verus Capital Partners LLC now owns 18,000 shares of the company’s stock worth $71,000 after buying an additional 3,000 shares in the last quarter. Jane Street Group LLC boosted its stake in Cosan by 4.2% during the second quarter. Jane Street Group LLC now owns 95,992 shares of the company’s stock valued at $485,000 after buying an additional 3,866 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Cosan by 40.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,753 shares of the company’s stock worth $58,000 after acquiring an additional 4,255 shares during the period. Russell Investments Group Ltd. raised its position in Cosan by 27.2% in the third quarter. Russell Investments Group Ltd. now owns 27,416 shares of the company’s stock worth $126,000 after acquiring an additional 5,856 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Cosan by 4.1% in the 1st quarter. SG Americas Securities LLC now owns 196,491 shares of the company’s stock valued at $810,000 after acquiring an additional 7,739 shares during the last quarter.

About Cosan

Cosan Limited (NYSE: CSAN) is a Brazilian diversified energy and logistics group focused on agribusiness, fuels, and infrastructure. Its core activities include the cultivation of sugarcane, production of ethanol and sugar, generation of bioelectricity from bagasse, and distribution of fuels under the Raízen joint venture with Shell. Through its subsidiary Moove, Cosan is a leading global producer of base oils and lubricants, while Comgás serves as one of Brazil’s largest natural gas distributors.

Founded in 1936 in the state of São Paulo, Cosan has grown through organic expansion and strategic acquisitions.