Platform Specialty Products (NYSE:PAH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Platform Specialty Products Corporation is a producer of high technology specialty chemical products as well as technical services. The company serves electronics, metal and plastic plating, graphic arts, and offshore oil production and drilling industries. Platform Specialty Products Corporation is headquartered in Miami, United States. “
Several other research firms also recently weighed in on PAH. Barclays cut their price objective on Platform Specialty Products from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 11th. ValuEngine downgraded Platform Specialty Products from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Credit Suisse Group initiated coverage on Platform Specialty Products in a report on Wednesday, November 15th. They set a “neutral” rating and a $12.00 price objective on the stock. Finally, SunTrust Banks raised Platform Specialty Products from a “hold” rating to a “buy” rating and raised their price objective for the company from $13.00 to $15.00 in a report on Monday, September 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $13.50.
Platform Specialty Products (NYSE:PAH) last released its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). Platform Specialty Products had a negative net margin of 4.12% and a positive return on equity of 7.45%. The firm had revenue of $904.30 million for the quarter, compared to analyst estimates of $912.19 million. During the same period last year, the business earned $0.14 EPS. The company’s revenue was up 1.5% compared to the same quarter last year. equities research analysts expect that Platform Specialty Products will post 0.77 earnings per share for the current year.
In related news, Director Martin E. Franklin bought 500,000 shares of the business’s stock in a transaction on Monday, December 18th. The shares were purchased at an average cost of $9.66 per share, with a total value of $4,830,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Martin E. Franklin bought 164,467 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were bought at an average cost of $9.57 per share, for a total transaction of $1,573,949.19. The disclosure for this purchase can be found here. Insiders have acquired a total of 669,467 shares of company stock worth $6,453,139 over the last ninety days. Company insiders own 5.20% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in PAH. Oppenheimer Asset Management Inc. acquired a new position in Platform Specialty Products during the 3rd quarter worth about $111,000. FNY Partners Fund LP lifted its holdings in Platform Specialty Products by 177.8% during the 2nd quarter. FNY Partners Fund LP now owns 10,000 shares of the specialty chemicals company’s stock worth $126,000 after buying an additional 6,400 shares during the period. Quantbot Technologies LP acquired a new position in Platform Specialty Products during the 2nd quarter worth about $129,000. Bfsg LLC acquired a new position in Platform Specialty Products during the 2nd quarter worth about $130,000. Finally, JPMorgan Chase & Co. lifted its holdings in Platform Specialty Products by 167.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,217 shares of the specialty chemicals company’s stock worth $193,000 after buying an additional 9,528 shares during the period. 93.53% of the stock is currently owned by hedge funds and other institutional investors.
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Platform Specialty Products Company Profile
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, the Asia-Pacific, and Europe. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers plating products that are used to plate holes; electroless nickel products, which are applied to various metal and plastic surfaces; electronic assembly materials for use in the electronic market and residential boiler systems; final finishes that are used on printed circuit boards; circuit formation products for surface preparation; oxides, which are used in the fabrication of multilayer circuit boards; semiconductor materials and packaging products; and pre-treatment and cleaning solutions.
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