Calumet (NASDAQ:CLMT) Major Shareholder Sells $20,402,514.92 in Stock

Calumet, Inc. (NASDAQ:CLMT) major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $32.54, for a total value of $20,402,514.92. Following the completion of the transaction, the insider directly owned 12,980,211 shares of the company’s stock, valued at $422,376,065.94. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Calumet Trading Up 3.0%

Shares of NASDAQ:CLMT opened at $32.87 on Friday. Calumet, Inc. has a 12-month low of $12.70 and a 12-month high of $36.94. The company has a market capitalization of $2.86 billion, a PE ratio of -15.22 and a beta of 0.72. The business has a 50 day moving average of $32.02 and a two-hundred day moving average of $25.59.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm earned ($1.87) earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. Equities research analysts predict that Calumet, Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of Calumet

Several large investors have recently made changes to their positions in the company. Covestor Ltd increased its position in shares of Calumet by 29.1% during the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 492 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Calumet by 6.9% during the fourth quarter. ProShare Advisors LLC now owns 12,613 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 817 shares in the last quarter. 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 worth $33,000 after purchasing an additional 1,229 shares in the last quarter. Islay Capital Management LLC purchased a new stake in shares of Calumet during the fourth quarter worth approximately $25,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of Calumet during the fourth quarter worth approximately $34,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CLMT has been the subject of a number of analyst reports. The Goldman Sachs Group downgraded Calumet from a “buy” rating to a “neutral” rating and set a $36.00 price target for the company. in a report on Friday, April 24th. HC Wainwright boosted their price target on Calumet from $33.00 to $60.00 and gave the company a “buy” rating in a report on Monday, March 30th. TD Cowen upped their target price on Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a research note on Thursday, March 5th. UBS Group reaffirmed a “neutral” rating and set a $26.00 target price on shares of Calumet in a research note on Friday, February 13th. Finally, Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.75.

About Calumet

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.