SunTrust Banks Lowers Platform Specialty Products (PAH) to Hold

Platform Specialty Products (NYSE:PAH) was downgraded by research analysts at SunTrust Banks from a “buy” rating to a “hold” rating in a research note issued on Monday, The Fly reports.

PAH has been the subject of several other research reports. ValuEngine cut shares of Platform Specialty Products from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. Zacks Investment Research upgraded shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a research report on Wednesday, October 3rd. Finally, Citigroup cut shares of Platform Specialty Products from a “buy” rating to a “neutral” rating and raised their price objective for the company from $13.00 to $14.00 in a research report on Wednesday, September 19th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Platform Specialty Products currently has a consensus rating of “Hold” and an average target price of $13.00.

Shares of PAH stock opened at $11.84 on Monday. Platform Specialty Products has a 12-month low of $9.09 and a 12-month high of $13.54. The stock has a market cap of $3.35 billion, a P/E ratio of 15.58, a PEG ratio of 7.56 and a beta of 2.71. 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 posted its quarterly earnings data on Thursday, November 1st. The specialty chemicals company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $488.50 million during the quarter, compared to analysts’ expectations of $500.69 million. Platform Specialty Products had a negative net margin of 14.14% and a positive return on equity of 8.48%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 EPS. On average, equities research analysts expect that Platform Specialty Products will post 0.14 EPS for the current fiscal year.

In other Platform Specialty Products news, Director Martin E. Franklin purchased 549,000 shares of the stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $10.97 per share, for a total transaction of $6,022,530.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ian G. H. Ashken purchased 45,500 shares of the stock in a transaction dated Wednesday, November 14th. The shares were acquired at an average price of $10.76 per share, with a total value of $489,580.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,269,250 shares of company stock valued at $13,810,313. 5.40% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of PAH. FMR LLC grew its position in shares of Platform Specialty Products by 17.2% during the 2nd quarter. FMR LLC now owns 30,966,786 shares of the specialty chemicals company’s stock worth $359,215,000 after buying an additional 4,533,865 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Platform Specialty Products during the 3rd quarter worth approximately $38,749,000. Peregrine Capital Management LLC acquired a new stake in shares of Platform Specialty Products during the 3rd quarter worth approximately $24,399,000. BlackRock Inc. grew its position in shares of Platform Specialty Products by 7.8% during the 2nd quarter. BlackRock Inc. now owns 15,180,433 shares of the specialty chemicals company’s stock worth $176,095,000 after buying an additional 1,102,550 shares during the period. Finally, Diameter Capital Partners LP acquired a new stake in shares of Platform Specialty Products during the 3rd quarter worth approximately $10,849,000. Institutional investors own 94.50% of the company’s stock.

Platform Specialty Products Company Profile

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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