Cosan (NYSE:CSAN) Issues Quarterly Earnings Results

Cosan (NYSE:CSAN) issued its earnings results on Friday. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.39, FiscalAI reports. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $998.51 million. Cosan had a negative net margin of 24.09% and a negative return on equity of 14.30%.

Cosan Stock Performance

NYSE CSAN traded down $0.10 on Friday, hitting $2.50. 2,221,799 shares of the company’s stock traded hands, compared to its average volume of 2,019,468. The firm has a market capitalization of $2.48 billion, a PE ratio of -1.02 and a beta of 0.70. Cosan has a 1-year low of $2.45 and a 1-year high of $6.01. The firm’s 50-day moving average price is $2.91 and its two-hundred day moving average price is $3.73. The company has a current ratio of 1.87, a quick ratio of 1.76 and a debt-to-equity ratio of 2.12.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Citigroup raised shares of Cosan to a “hold” rating in a research report on Monday, June 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cosan in a research report on Tuesday, June 9th. Jefferies Financial Group lowered Cosan to a “hold” rating in a research note on Tuesday, May 26th. HSBC lowered shares of Cosan from a “hold” rating to a “reduce” rating and lowered their target price for the stock from $5.00 to $3.20 in a report on Tuesday, May 26th. Finally, Zacks Research upgraded Cosan to a “hold” rating in a report on Thursday, June 18th. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $3.85.

Insider Activity at Cosan

In other news, Director Rubens Ometto Silveira Mello sold 77,640 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $3.44, for a total transaction of $267,081.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marcelo Eduardo Martins acquired 2,441,528 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average cost of $5.14 per share, with a total value of $12,549,453.92. Following the purchase, the chief executive officer owned 4,890,286 shares in the company, valued at $25,136,070.04. This represents a 99.70% increase in their position. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Cosan

Several institutional investors have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Cosan by 113,135.4% in the first quarter. Royal Bank of Canada now owns 198,162 shares of the company’s stock valued at $1,034,000 after acquiring an additional 197,987 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Cosan by 79.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 49,306 shares of the company’s stock valued at $257,000 after buying an additional 21,818 shares during the last quarter. Jane Street Group LLC increased its position in shares of Cosan by 11.1% during the first quarter. Jane Street Group LLC now owns 92,126 shares of the company’s stock worth $481,000 after purchasing an additional 9,181 shares in the last quarter. JPMorgan Chase & Co. increased its position in Cosan by 4,668.1% during the second quarter. JPMorgan Chase & Co. now owns 46,823 shares of the company’s stock worth $236,000 after buying an additional 45,841 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in shares of Cosan in the 2nd quarter valued at $109,000.

About Cosan

Cosan Limited (NYSE: CSAN) is a Brazilian diversified energy and logistics group focused on agribusiness, fuels, and infrastructure. Its core activities include the cultivation of sugarcane, production of ethanol and sugar, generation of bioelectricity from bagasse, and distribution of fuels under the Raízen joint venture with Shell. Through its subsidiary Moove, Cosan is a leading global producer of base oils and lubricants, while Comgás serves as one of Brazil’s largest natural gas distributors.

Founded in 1936 in the state of São Paulo, Cosan has grown through organic expansion and strategic acquisitions.