Huntsman Corporation (HUN) Sets New 12-Month High After Earnings Beat

Huntsman Corporation (NYSE:HUN) reached a new 52-week high during trading on Monday following a stronger than expected earnings report. The stock traded as high as $31.88 and last traded at $31.90, with a volume of 6,245,577 shares trading hands. The stock had previously closed at $31.06.

The basic materials company reported $0.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.17. Huntsman Corporation had a net margin of 5.37% and a return on equity of 34.90%. The company had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter last year, the company earned $0.38 earnings per share. Huntsman Corporation’s revenue for the quarter was up 18.5% on a year-over-year basis.

Several brokerages have issued reports on HUN. UBS AG increased their price objective on shares of Huntsman Corporation from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Monday. Nomura increased their price objective on shares of Huntsman Corporation to $40.00 and gave the company a “buy” rating in a research report on Monday. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Huntsman Corporation in a research report on Friday. KeyCorp reaffirmed a “buy” rating and issued a $34.00 price objective on shares of Huntsman Corporation in a research report on Tuesday, October 17th. Finally, Zacks Investment Research raised shares of Huntsman Corporation from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Wednesday, October 11th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $31.55.

Institutional investors and hedge funds have recently modified their holdings of the company. Mckinley Capital Management LLC Delaware acquired a new position in shares of Huntsman Corporation during the second quarter valued at $106,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Huntsman Corporation during the second quarter valued at $109,000. SG Americas Securities LLC acquired a new position in shares of Huntsman Corporation during the first quarter valued at $122,000. Opera Trading Capital acquired a new position in shares of Huntsman Corporation during the second quarter valued at $129,000. Finally, Bronfman E.L. Rothschild L.P. increased its holdings in shares of Huntsman Corporation by 0.4% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,385 shares of the basic materials company’s stock valued at $139,000 after purchasing an additional 24 shares during the period. 75.00% of the stock is currently owned by institutional investors.

The company’s 50-day moving average price is $28.26 and its 200 day moving average price is $26.26. The firm has a market cap of $7.53 billion, a P/E ratio of 17.78 and a beta of 2.79.

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About Huntsman Corporation

Huntsman Corporation is a manufacturer of differentiated organic chemical products and of inorganic chemical products. The Company operates all of its businesses through its subsidiary, Huntsman International LLC (Huntsman International). The Company operates through five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives.

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