Platform Specialty Products Corporation (NYSE:PAH) – Investment analysts at SunTrust Banks lowered their FY2017 earnings per share estimates for shares of Platform Specialty Products in a research report issued on Wednesday. SunTrust Banks analyst J. Sheehan now expects that the specialty chemicals company will post earnings per share of $0.78 for the year, down from their previous estimate of $0.79. SunTrust Banks currently has a “Buy” rating and a $15.00 price target on the stock. SunTrust Banks also issued estimates for Platform Specialty Products’ Q4 2017 earnings at $0.24 EPS and FY2019 earnings at $1.09 EPS.
A number of other brokerages have also recently weighed in on PAH. Barclays reduced their price target on Platform Specialty Products from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 11th. Zacks Investment Research cut Platform Specialty Products from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. ValuEngine cut Platform Specialty Products from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Credit Suisse Group assumed coverage on Platform Specialty Products in a research report on Wednesday, November 15th. They issued a “neutral” rating and a $12.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. Platform Specialty Products currently has an average rating of “Hold” and an average target price 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $904.30 million for the quarter, compared to analyst estimates of $912.19 million. Platform Specialty Products had a negative net margin of 4.12% and a positive return on equity of 7.45%. Platform Specialty Products’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.14 EPS.
In other news, insider Diego Lopez Casanello purchased 4,000 shares of the stock in a transaction that occurred on Tuesday, December 19th. The shares were purchased at an average cost of $9.91 per share, for a total transaction of $39,640.00. Following the completion of the purchase, the insider now directly owns 15,000 shares of the company’s stock, valued at approximately $148,650. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Martin E. Franklin purchased 164,467 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were purchased at an average price of $9.57 per share, for a total transaction of $1,573,949.19. The disclosure for this purchase can be found here. Insiders bought 669,467 shares of company stock worth $6,453,139 over the last quarter. 5.20% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Platform Specialty Products in the 3rd quarter valued at approximately $111,000. Quantbot Technologies LP bought a new stake in shares of Platform Specialty Products in the 2nd quarter valued at approximately $129,000. JPMorgan Chase & Co. grew its stake in shares of Platform Specialty Products by 167.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 15,217 shares of the specialty chemicals company’s stock valued at $193,000 after purchasing an additional 9,528 shares during the period. Petrus Trust Company LTA bought a new stake in shares of Platform Specialty Products in the 2nd quarter valued at approximately $222,000. Finally, Virtu KCG Holdings LLC grew its stake in shares of Platform Specialty Products by 81.4% in the 2nd quarter. Virtu KCG Holdings LLC now owns 32,341 shares of the specialty chemicals company’s stock valued at $410,000 after purchasing an additional 14,509 shares during the period. Hedge funds and other institutional investors own 93.53% of the company’s stock.
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About Platform Specialty Products
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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