RS Investment Management Co. LLC decreased its stake in Chemtura Corp. (NYSE:CHMT) by 11.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,331,590 shares of the company’s stock after selling 168,950 shares during the period. RS Investment Management Co. LLC’s holdings in Chemtura Corp. were worth $35,127,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in CHMT. Picton Mahoney Asset Management purchased a new stake in Chemtura Corp. during the first quarter valued at $100,000. Envestnet Asset Management Inc. increased its stake in Chemtura Corp. by 189.3% in the first quarter. Envestnet Asset Management Inc. now owns 5,421 shares of the company’s stock valued at $143,000 after buying an additional 3,547 shares during the last quarter. BlackRock Inc. increased its stake in Chemtura Corp. by 60.4% in the first quarter. BlackRock Inc. now owns 5,864 shares of the company’s stock valued at $155,000 after buying an additional 2,207 shares during the last quarter. Bank of Montreal Can purchased a new stake in Chemtura Corp. during the second quarter valued at $259,000. Finally, BNP Paribas Arbitrage SA increased its stake in Chemtura Corp. by 178.5% in the second quarter. BNP Paribas Arbitrage SA now owns 10,750 shares of the company’s stock valued at $284,000 after buying an additional 6,890 shares during the last quarter. Institutional investors and hedge funds own 91.89% of the company’s stock.
Chemtura Corp. (NYSE:CHMT) traded up 0.80% during trading on Thursday, reaching $27.55. The company’s stock had a trading volume of 443,834 shares. The stock has a 50 day moving average price of $29.34 and a 200 day moving average price of $27.50. The stock has a market capitalization of $1.74 billion, a PE ratio of 51.98 and a beta of 1.84. Chemtura Corp. has a 1-year low of $23.50 and a 1-year high of $32.34.
Chemtura Corp. (NYSE:CHMT) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $441 million for the quarter, compared to analysts’ expectations of $440.06 million. Chemtura Corp. had a return on equity of 11.99% and a net margin of 2.06%. The business’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.29 earnings per share. Analysts anticipate that Chemtura Corp. will post $1.77 earnings per share for the current fiscal year.
CHMT has been the subject of several recent research reports. Zacks Investment Research upgraded Chemtura Corp. from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Tuesday, July 26th. Robert W. Baird downgraded Chemtura Corp. from an “outperform” rating to a “neutral” rating and set a $33.00 price objective for the company. in a report on Friday, September 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $33.60.
In other news, VP Dalip Puri sold 1,900 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $31.48, for a total transaction of $59,812.00. Following the completion of the transaction, the vice president now directly owns 9,524 shares in the company, valued at approximately $299,815.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.
Chemtura Corp. Company Profile
Chemtura Corporation is a developer, manufacturer and marketer of engineered industrial specialty chemicals. The Company’s products are sold to industrial manufacturing customers for use as additives, ingredients or intermediates that add value to their end products. It operates through two segments: Industrial Performance Products and Industrial Engineered Products.
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