Citigroup Inc. Reiterates “Neutral” Rating for Ciner Resources LP (NYSE:CINR)

Ciner Resources LP (NYSE:CINR)‘s stock had its “neutral” rating reissued by analysts at Citigroup Inc. in a report issued on Thursday. They currently have a $25.00 price objective on the basic materials company’s stock, down from their previous price objective of $29.00. Citigroup Inc.’s price target indicates a potential upside of 4.56% from the company’s current price.

Several other analysts have also recently commented on the stock. BidaskClub cut shares of Ciner Resources from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 6th. ValuEngine cut shares of Ciner Resources from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research raised shares of Ciner Resources from a “sell” rating to a “hold” rating in a research note on Thursday, May 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $28.75.

Shares of Ciner Resources (NYSE:CINR) traded down 5.27% during midday trading on Thursday, reaching $23.91. The company had a trading volume of 43,025 shares. The company has a market capitalization of $481.28 million, a P/E ratio of 12.02 and a beta of 0.97. The firm’s 50 day moving average price is $27.01 and its 200-day moving average price is $28.29. Ciner Resources has a 12 month low of $22.61 and a 12 month high of $32.50.

Ciner Resources (NYSE:CINR) last released its quarterly earnings results on Monday, August 7th. The basic materials company reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by $0.12. Ciner Resources had a net margin of 8.18% and a return on equity of 15.65%. The company had revenue of $119.70 million for the quarter, compared to the consensus estimate of $129.20 million. During the same period last year, the company earned $0.52 earnings per share. Ciner Resources’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts anticipate that Ciner Resources will post $1.93 earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in CINR. Walthausen & Co. LLC boosted its position in shares of Ciner Resources by 40.0% in the first quarter. Walthausen & Co. LLC now owns 350,770 shares of the basic materials company’s stock worth $10,007,000 after buying an additional 100,280 shares during the last quarter. FMR LLC boosted its position in shares of Ciner Resources by 97.5% in the second quarter. FMR LLC now owns 285,435 shares of the basic materials company’s stock worth $7,821,000 after buying an additional 140,931 shares during the last quarter. Midas Management Corp boosted its position in shares of Ciner Resources by 60.0% in the first quarter. Midas Management Corp now owns 94,802 shares of the basic materials company’s stock worth $2,704,000 after buying an additional 35,564 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Ciner Resources by 1.2% in the second quarter. California Public Employees Retirement System now owns 91,100 shares of the basic materials company’s stock worth $2,496,000 after buying an additional 1,100 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Ciner Resources by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 71,021 shares of the basic materials company’s stock worth $1,946,000 after buying an additional 10,150 shares during the last quarter. 9.01% of the stock is currently owned by hedge funds and other institutional investors.

About Ciner Resources

Ciner Resources LP, through its subsidiary, Ciner Wyoming LLC (Ciner Wyoming), produces soda ash and serves a global market from its facility in the Green River Basin of Wyoming. The Company processes trona ore into soda ash, a raw material in flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products.

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