Rangeley Capital LLC Sells 206,300 Shares of Calumet, Inc. $CLMT

Rangeley Capital LLC cut its position in shares of Calumet, Inc. (NASDAQ:CLMT) by 79.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,000 shares of the oil and gas company’s stock after selling 206,300 shares during the quarter. Calumet accounts for 1.7% of Rangeley Capital LLC’s portfolio, making the stock its 17th biggest holding. Rangeley Capital LLC’s holdings in Calumet were worth $1,903,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CLMT. Islay Capital Management LLC bought a new stake in shares of Calumet in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd increased its position in shares of Calumet by 294.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,229 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Calumet during the fourth quarter valued at approximately $34,000. KBC Group NV acquired a new position in shares of Calumet in the first quarter valued at $69,000. Finally, Covestor Ltd raised its stake in shares of Calumet by 29.1% in the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 492 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total transaction of $153,318.40. Following the completion of the sale, the director owned 77,718 shares in the company, valued at $2,810,282.88. This trade represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the transaction, the insider directly owned 12,980,211 shares of the company’s stock, valued at $422,376,065.94. This represents a 4.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.07% of the stock is currently owned by company insiders.

Calumet Stock Performance

Shares of CLMT opened at $41.69 on Monday. The stock has a market cap of $3.63 billion, a PE ratio of -19.30 and a beta of 0.72. Calumet, Inc. has a 1 year low of $12.94 and a 1 year high of $45.20. The stock has a 50 day simple moving average of $36.34 and a 200-day simple moving average of $31.18.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) EPS for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the company posted ($1.87) earnings per share. Calumet’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Calumet, Inc. will post -0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CLMT has been the topic of a number of recent research reports. TD Cowen reiterated a “hold” rating on shares of Calumet in a research note on Wednesday, June 3rd. The Goldman Sachs Group cut shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Friday, April 24th. Weiss Ratings raised shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Finally, HC Wainwright lifted their target price on shares of Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $36.75.

Calumet Profile

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet’s product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.