Raymond James Trust N.A. purchased a new position in shares of Platform Specialty Products Corp (NYSE:PAH) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,129 shares of the specialty chemicals company’s stock, valued at approximately $176,000.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Platform Specialty Products by 7.8% in the second quarter. BlackRock Inc. now owns 15,180,433 shares of the specialty chemicals company’s stock valued at $176,095,000 after acquiring an additional 1,102,550 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Platform Specialty Products by 70.8% in the second quarter. Gamco Investors INC. ET AL now owns 111,000 shares of the specialty chemicals company’s stock valued at $1,288,000 after acquiring an additional 46,000 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Platform Specialty Products in the second quarter valued at $458,000. Wells Fargo & Company MN raised its stake in shares of Platform Specialty Products by 53.1% in the second quarter. Wells Fargo & Company MN now owns 2,157,426 shares of the specialty chemicals company’s stock valued at $25,026,000 after acquiring an additional 747,969 shares in the last quarter. Finally, Caption Management LLC acquired a new stake in shares of Platform Specialty Products in the second quarter valued at $232,000. Institutional investors own 94.50% of the company’s stock.
Several analysts have recently issued reports on PAH shares. ValuEngine upgraded Platform Specialty Products from a “sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Zacks Investment Research cut Platform Specialty Products from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Citigroup cut Platform Specialty Products from a “buy” rating to a “neutral” rating and increased their price objective for the company from $13.00 to $14.00 in a research note on Wednesday, September 19th. Finally, Nomura reduced their price objective on Platform Specialty Products from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, October 15th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $13.00.
Platform Specialty Products stock opened at $11.44 on Thursday. Platform Specialty Products Corp has a 1-year low of $9.09 and a 1-year high of $13.54. The company has a debt-to-equity ratio of 2.55, a quick ratio of 2.00 and a current ratio of 2.19. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 36.64 and a beta of 3.01.
Platform Specialty Products (NYSE:PAH) last posted its quarterly earnings results on Thursday, November 1st. The specialty chemicals company reported $0.04 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.04. Platform Specialty Products had a positive return on equity of 8.48% and a negative net margin of 14.14%. The company had revenue of $488.50 million for the quarter, compared to analysts’ expectations of $500.69 million. During the same period last year, the firm earned $0.02 earnings per share. Platform Specialty Products’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts anticipate that Platform Specialty Products Corp will post 0.14 earnings per share for the current fiscal year.
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About Platform Specialty Products
Platform Specialty Products Corporation produces and sells specialty chemical products worldwide. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers a range of specialty chemicals, such as surface and coating materials, functional conversion coatings, electronic assembly materials, water-based hydraulic control fluids, and photopolymers.
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