Linscomb Wealth Inc. Lowers Stake in Calumet, Inc. $CLMT

Linscomb Wealth Inc. lowered its stake in shares of Calumet, Inc. (NASDAQ:CLMT) by 53.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,889 shares of the oil and gas company’s stock after selling 30,000 shares during the period. Linscomb Wealth Inc.’s holdings in Calumet were worth $514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CLMT. Legal & General Group Plc lifted its holdings in Calumet by 36.6% during the second quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock worth $1,137,000 after buying an additional 19,322 shares during the period. New York State Common Retirement Fund purchased a new stake in Calumet during the second quarter worth $343,000. Quantbot Technologies LP purchased a new stake in Calumet during the second quarter worth $241,000. Invesco Ltd. lifted its holdings in Calumet by 514.8% during the second quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock worth $1,491,000 after buying an additional 79,247 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Calumet by 199.9% during the second quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock worth $544,000 after buying an additional 23,031 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Price Performance

NASDAQ CLMT opened at $35.47 on Friday. The stock’s fifty day moving average price is $32.72 and its 200 day moving average price is $26.18. Calumet, Inc. has a 1 year low of $12.70 and a 1 year high of $36.94. The company has a market cap of $3.09 billion, a price-to-earnings ratio of -16.42 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last released its earnings results on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($3.31). The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the firm posted ($1.87) earnings per share. Calumet’s revenue for the quarter was up 3.6% compared to the same quarter last year. Research analysts expect that Calumet, Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Calumet

In related news, major shareholder Group Heritage sold 626,998 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the transaction, the insider directly owned 12,980,211 shares of the company’s stock, valued at $422,376,065.94. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Sajkowski sold 3,310 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $34.46, for a total value of $114,062.60. Following the completion of the transaction, the director directly owned 81,958 shares in the company, valued at approximately $2,824,272.68. The trade was a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CLMT. TD Cowen upped their target price on Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a report on Thursday, March 5th. The Goldman Sachs Group lowered Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a report on Friday, April 24th. HC Wainwright upped their target price on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, March 30th. UBS Group restated a “neutral” rating and set a $26.00 target price on shares of Calumet in a report on Friday, February 13th. Finally, Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.