Covestro (OTCMKTS:COVTY) Trading Up 1.3% – Here’s Why

Covestro AG Sponsored ADR (OTCMKTS:COVTY)’s stock price was up 1.3% during mid-day trading on Friday . The stock traded as high as $35.44 and last traded at $35.44. Approximately 7,329 shares changed hands during mid-day trading, an increase of 17% from the average daily volume of 6,267 shares. The stock had previously closed at $35.00.

Analysts Set New Price Targets

Separately, Alembic Global Advisors downgraded Covestro to a “hold” rating in a research note on Monday, October 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Covestro Stock Performance

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.39 and a quick ratio of 0.74. The company has a market cap of $13.40 billion, a price-to-earnings ratio of -26.85 and a beta of 0.98. The firm has a 50 day simple moving average of $34.41 and a 200-day simple moving average of $34.47.

Covestro (OTCMKTS:COVTY) last announced its quarterly earnings results on Thursday, October 30th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.02. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.69 billion. Covestro had a negative return on equity of 7.07% and a negative net margin of 3.34%. As a group, analysts predict that Covestro AG Sponsored ADR will post 0.03 EPS for the current fiscal year.

About Covestro

Covestro AG supplies high-tech polymer materials and application solutions. It operates in two segments, Performance Materials, and Solutions & Specialties. The Performance Materials segment develops, produces, and supplies high-performance materials, such as polyurethanes and polycarbonates, and base chemicals, which include diphenylmethane diisocyanate (MDI), toluylene diisocyanate, long-chain polyols, and polycarbonate resins for use in furniture and wood processing, construction, automotive, and transportation industries, as well as roof structures, insulation for buildings and refrigerators, mattresses, car seats, and other applications.