Webster Bank N. A. increased its position in Platform Specialty Products Corp (NYSE:PAH) by 86.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,500 shares of the specialty chemicals company’s stock after acquiring an additional 47,500 shares during the quarter. Webster Bank N. A.’s holdings in Platform Specialty Products were worth $1,059,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its stake in Platform Specialty Products by 41.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 31,095 shares of the specialty chemicals company’s stock worth $388,000 after purchasing an additional 9,066 shares during the period. NEXT Financial Group Inc bought a new position in Platform Specialty Products in the 3rd quarter worth approximately $115,000. Teachers Advisors LLC boosted its stake in Platform Specialty Products by 4.4% in the 3rd quarter. Teachers Advisors LLC now owns 267,653 shares of the specialty chemicals company’s stock worth $3,338,000 after purchasing an additional 11,319 shares during the period. Raymond James Trust N.A. bought a new position in Platform Specialty Products in the 3rd quarter worth approximately $176,000. Finally, Raymond James & Associates boosted its stake in Platform Specialty Products by 7.5% in the 2nd quarter. Raymond James & Associates now owns 261,558 shares of the specialty chemicals company’s stock worth $3,034,000 after purchasing an additional 18,249 shares during the period. 94.50% of the stock is owned by institutional investors.
Shares of PAH opened at $11.63 on Thursday. The firm has a market capitalization of $3.12 billion, a P/E ratio of 15.30, a P/E/G ratio of 7.04 and a beta of 2.71. Platform Specialty Products Corp has a 52-week low of $9.09 and a 52-week high of $13.54. The company has a quick ratio of 2.00, a current ratio of 2.19 and a debt-to-equity ratio of 2.55.
Platform Specialty Products (NYSE:PAH) last issued its quarterly earnings results on Thursday, November 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $488.50 million during the quarter, compared to the consensus estimate of $500.69 million. Platform Specialty Products had a positive return on equity of 8.48% and a negative net margin of 14.14%. Platform Specialty Products’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.02 earnings per share. On average, sell-side analysts anticipate that Platform Specialty Products Corp will post 0.14 earnings per share for the current fiscal year.
In other Platform Specialty Products news, Director Martin E. Franklin sold 2,419,258 shares of the stock in a transaction on Friday, December 21st. The stock was sold at an average price of $9.91, for a total value of $23,974,846.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ian G. H. Ashken bought 45,500 shares of Platform Specialty Products stock in a transaction on Wednesday, November 14th. The stock was acquired at an average price of $10.76 per share, for a total transaction of $489,580.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,269,250 shares of company stock valued at $13,810,313. 5.40% of the stock is owned by corporate insiders.
Several research analysts have weighed in on the company. Citigroup downgraded Platform Specialty Products from a “buy” rating to a “neutral” rating and upped their price target for the stock from $13.00 to $14.00 in a research note on Wednesday, September 19th. Zacks Investment Research upgraded Platform Specialty Products from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. ValuEngine downgraded Platform Specialty Products from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. Finally, Nomura lowered their target price on Platform Specialty Products from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, October 15th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $13.00.
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About Platform Specialty Products
Platform Specialty Products Corporation produces and sells specialty chemical products worldwide. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers a range of specialty chemicals, such as surface and coating materials, functional conversion coatings, electronic assembly materials, water-based hydraulic control fluids, and photopolymers.
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