Platform Specialty Products Corp (NYSE:PAH) – Research analysts at SunTrust Banks dropped their FY2017 earnings estimates for 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 target price 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.
PAH has been the topic of a number of other reports. Credit Suisse Group began coverage on shares of Platform Specialty Products in a report on Wednesday, November 15th. They set a “neutral” rating and a $12.00 price objective on the stock. Zacks Investment Research raised shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a report on Thursday, January 4th. ValuEngine lowered shares of Platform Specialty Products from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Barclays dropped their price objective on shares of Platform Specialty Products from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $13.50.
Platform Specialty Products (NYSE:PAH) last announced its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $904.30 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the firm earned $0.14 earnings per share.
In other Platform Specialty Products news, Director Martin E. Franklin purchased 164,467 shares of the stock in a transaction on Thursday, December 14th. The shares were bought at an average cost of $9.57 per share, with a total value of $1,573,949.19. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martin E. Franklin purchased 500,000 shares of the stock in a transaction on Monday, December 18th. The stock was acquired at an average cost of $9.66 per share, for a total transaction of $4,830,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 669,467 shares of company stock worth $6,453,139. 5.20% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of PAH. Oppenheimer Asset Management Inc. purchased a new stake in Platform Specialty Products in the third quarter valued at $111,000. Quantbot Technologies LP purchased a new stake in shares of Platform Specialty Products during the 2nd quarter worth about $129,000. JPMorgan Chase & Co. boosted its stake in shares of Platform Specialty Products by 167.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,217 shares of the specialty chemicals company’s stock worth $193,000 after acquiring an additional 9,528 shares in the last quarter. Petrus Trust Company LTA purchased a new stake in shares of Platform Specialty Products during the 2nd quarter worth about $222,000. Finally, Virtu KCG Holdings LLC boosted its stake in shares of Platform Specialty Products by 81.4% during the 2nd quarter. Virtu KCG Holdings LLC now owns 32,341 shares of the specialty chemicals company’s stock worth $410,000 after acquiring an additional 14,509 shares in the last quarter. 93.53% of the stock is currently owned by institutional investors.
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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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