Zacks Investment Research upgraded shares of Chemtura Corp. (NYSE:CHMT) from a hold rating to a buy rating in a research note issued to investors on Monday. The firm currently has $37.00 price target on the stock.
According to Zacks, “Chemtura Corporation is a global manufacturer and marketer of specialty chemicals, crop protection and pool, spa and home care products. “
A number of other analysts have also commented on the company. Gabelli lowered Chemtura Corp. from a buy rating to a hold rating in a research report on Tuesday, September 27th. Robert W. Baird lowered Chemtura Corp. from an outperform rating to a neutral rating and set a $33.00 price objective for the company. in a research report on Friday, September 9th. Seaport Global Securities cut Chemtura Corp. from a buy rating to a neutral rating and reduced their target price for the stock from $34.00 to $33.50 in a report on Monday. Longbow Research cut Chemtura Corp. from a buy rating to a neutral rating in a report on Tuesday, September 27th. Finally, SunTrust Banks Inc. cut Chemtura Corp. from a buy rating to a neutral rating and set a $33.50 target price on the stock. in a report on Monday, September 26th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $34.50.
Chemtura Corp. (NYSE:CHMT) opened at 32.85 on Monday. The firm has a market cap of $2.08 billion, a P/E ratio of 61.98 and a beta of 1.66. Chemtura Corp. has a one year low of $23.50 and a one year high of $32.99. The stock has a 50 day moving average price of $29.94 and a 200-day moving average price of $27.84.
Chemtura Corp. (NYSE:CHMT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by $0.06. The firm earned $441 million during the quarter, compared to analyst estimates of $440.06 million. Chemtura Corp. had a return on equity of 11.99% and a net margin of 2.06%. Chemtura Corp.’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 earnings per share. Analysts predict that Chemtura Corp. will post $1.77 EPS for the current fiscal year.
In other news, VP Dalip Puri sold 1,900 shares of Chemtura Corp. stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $31.48, for a total transaction of $59,812.00. Following the transaction, the vice president now owns 9,524 shares in the company, valued at approximately $299,815.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CHMT. Picton Mahoney Asset Management acquired a new position in Chemtura Corp. during the first quarter valued at $100,000. Pacad Investment Ltd. acquired a new position in Chemtura Corp. during the second quarter valued at $103,000. Sei Investments Co. boosted its position in Chemtura Corp. by 40.8% in the second quarter. Sei Investments Co. now owns 4,279 shares of the company’s stock valued at $113,000 after buying an additional 1,240 shares during the period. BlackRock Inc. boosted its position in Chemtura Corp. by 60.4% in the first quarter. BlackRock Inc. now owns 5,864 shares of the company’s stock valued at $155,000 after buying an additional 2,207 shares during the period. Finally, Amalgamated Bank acquired a new position in Chemtura Corp. during the second quarter valued at $204,000. Institutional investors and hedge funds own 92.23% of the company’s stock.
Chemtura Corp. Company Profile
Chemtura Corporation is a developer, manufacturer and marketer of engineered industrial specialty chemicals. The Company’s products are sold to industrial manufacturing customers for use as additives, ingredients or intermediates that add value to their end products. It operates through two segments: Industrial Performance Products and Industrial Engineered Products.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chemtura Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemtura Corp. and related companies with MarketBeat.com's FREE daily email newsletter.