KMG Chemicals, Inc. (NYSE:KMG) Upgraded to Buy by BidaskClub

BidaskClub upgraded shares of KMG Chemicals, Inc. (NYSE:KMG) from a hold rating to a buy rating in a research note published on Tuesday, July 11th.

Separately, Gabelli upgraded shares of KMG Chemicals from a hold rating to a buy rating in a report on Monday, May 1st.

KMG Chemicals (NYSE KMG) opened at 47.66 on Tuesday. The company has a 50-day moving average price of $49.93 and a 200-day moving average price of $46.90. KMG Chemicals has a one year low of $25.87 and a one year high of $61.10. The company has a market capitalization of $566.63 million, a price-to-earnings ratio of 26.14 and a beta of 0.58.

KMG Chemicals (NYSE:KMG) last posted its quarterly earnings results on Friday, June 9th. The specialty chemicals company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.06. The business had revenue of $81.60 million during the quarter, compared to analysts’ expectations of $79.78 million. KMG Chemicals had a net margin of 7.05% and a return on equity of 15.66%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the company posted $0.41 earnings per share. Equities research analysts anticipate that KMG Chemicals will post $2.09 EPS for the current year.

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In related news, major shareholder David L. Hatcher sold 6,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $47.85, for a total transaction of $287,100.00. Following the transaction, the insider now directly owns 1,646,097 shares of the company’s stock, valued at $78,765,741.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David L. Hatcher sold 9,000 shares of KMG Chemicals stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $56.68, for a total transaction of $510,120.00. Following the completion of the sale, the insider now directly owns 1,787,097 shares in the company, valued at approximately $101,292,657.96. The disclosure for this sale can be found here. Insiders have sold 186,000 shares of company stock worth $9,347,100 over the last three months. 6.90% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in KMG. Dimensional Fund Advisors LP raised its stake in shares of KMG Chemicals by 7.6% in the second quarter. Dimensional Fund Advisors LP now owns 608,368 shares of the specialty chemicals company’s stock valued at $29,609,000 after buying an additional 43,214 shares in the last quarter. Acadian Asset Management LLC raised its stake in KMG Chemicals by 108.7% in the second quarter. Acadian Asset Management LLC now owns 402,356 shares of the specialty chemicals company’s stock valued at $19,582,000 after buying an additional 209,577 shares during the period. Renaissance Technologies LLC raised its stake in KMG Chemicals by 5.9% in the first quarter. Renaissance Technologies LLC now owns 381,500 shares of the specialty chemicals company’s stock valued at $17,576,000 after buying an additional 21,300 shares during the period. Vanguard Group Inc. raised its stake in KMG Chemicals by 10.2% in the second quarter. Vanguard Group Inc. now owns 376,332 shares of the specialty chemicals company’s stock valued at $18,316,000 after buying an additional 34,875 shares during the period. Finally, Wells Fargo & Company MN raised its stake in KMG Chemicals by 2,650.2% in the second quarter. Wells Fargo & Company MN now owns 295,319 shares of the specialty chemicals company’s stock valued at $14,373,000 after buying an additional 284,581 shares during the period. 71.23% of the stock is currently owned by institutional investors and hedge funds.

About KMG Chemicals

KMG Chemicals, Inc manufactures, formulates and globally distributes specialty chemicals. The Company operates businesses selling electronic chemicals, industrial wood treating chemicals, and industrial valve lubricants and sealants. The Company operates through two segments: Electronic chemicals and Other chemicals.

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