Chemtura Corp. (NYSE:CHMT) was downgraded by research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a report issued on Monday.
Several other analysts have also recently commented on CHMT. Zacks Investment Research cut Chemtura Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. SunTrust Banks Inc. lowered Chemtura Corp. from a “buy” rating to a “neutral” rating and set a $33.50 price target on the stock. in a research note on Monday, September 26th. Longbow Research lowered Chemtura Corp. from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 27th. Seaport Global Securities lowered Chemtura Corp. from a “buy” rating to a “neutral” rating and dropped their price target for the company from $34.00 to $33.50 in a research note on Monday, October 3rd. Finally, Robert W. Baird lowered Chemtura Corp. from an “outperform” rating to a “neutral” rating and set a $33.00 price target on the stock. in a research note on Friday, September 9th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $34.50.
Shares of Chemtura Corp. (NYSE:CHMT) traded up 0.06% during trading on Monday, hitting $32.80. 63,284 shares of the stock traded hands. Chemtura Corp. has a 52 week low of $23.50 and a 52 week high of $32.99. The firm has a market cap of $2.07 billion, a P/E ratio of 61.89 and a beta of 1.66. The company has a 50-day moving average of $30.43 and a 200-day moving average of $28.25.
Chemtura Corp. (NYSE:CHMT) last announced its earnings results on Thursday, July 28th. The company reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by $0.06. Chemtura Corp. had a net margin of 2.06% and a return on equity of 11.99%. The company earned $441 million during the quarter, compared to the consensus estimate of $440.06 million. During the same quarter in the previous year, the company earned $0.29 earnings per share. The business’s revenue was down 5.0% on a year-over-year basis. On average, analysts forecast that Chemtura Corp. will post $1.77 EPS for the current fiscal year.
In other news, VP Dalip Puri sold 1,900 shares of the company’s stock in a transaction that occurred on 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 directly owns 9,524 shares of the company’s stock, valued at $299,815.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.60% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its stake in Chemtura Corp. by 24.1% in the second quarter. Public Employees Retirement System of Ohio now owns 7,061 shares of the company’s stock worth $186,000 after buying an additional 1,372 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Chemtura Corp. by 5.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 371,739 shares of the company’s stock worth $9,807,000 after buying an additional 18,335 shares during the last quarter. Amalgamated Bank bought a new stake in Chemtura Corp. during the second quarter worth approximately $204,000. Legal & General Group Plc raised its stake in Chemtura Corp. by 15.9% in the second quarter. Legal & General Group Plc now owns 50,279 shares of the company’s stock worth $1,318,000 after buying an additional 6,912 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new stake in Chemtura Corp. during the second quarter worth approximately $1,901,000. 92.22% of the stock is currently owned by institutional investors.
About Chemtura Corp.
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.
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