KMG Chemicals, Inc. (NYSE:KMG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “KMG Chemicals manufactures, markets and distributes specialty, niche chemicals. The company manufactures, markets and distributes three wood preserving chemicals, pentachlorophenol, creosote and sodium pentachlorophenate, to industrial customers engaged in the wood preserving business. The company’s customers use these preservatives to treat wood and supply the treated wood products to end-users in a variety of industries, principally the railroad, utility and construction industries. “
Separately, BidaskClub cut shares of KMG Chemicals from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th.
KMG Chemicals (NYSE:KMG) last announced its quarterly earnings data on Monday, October 16th. The specialty chemicals company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.53 by $0.16. KMG Chemicals had a net margin of 7.09% and a return on equity of 17.45%. The business had revenue of $96.26 million during the quarter, compared to analysts’ expectations of $96.00 million. The firm’s revenue was up 27.8% on a year-over-year basis.
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In related news, major shareholder David L. Hatcher sold 9,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $49.49, for a total value of $445,410.00. Following the completion of the transaction, the insider now directly owns 1,655,097 shares in the company, valued at approximately $81,910,750.53. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder David L. Hatcher sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $57.24, for a total transaction of $171,720.00. Following the completion of the transaction, the insider now owns 1,508,097 shares of the company’s stock, valued at $86,323,472.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,000 shares of company stock valued at $13,176,360. Company insiders own 6.90% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning purchased a new stake in KMG Chemicals in the 2nd quarter worth $105,000. Legal & General Group Plc increased its holdings in KMG Chemicals by 23.2% in the 2nd quarter. Legal & General Group Plc now owns 2,198 shares of the specialty chemicals company’s stock worth $106,000 after acquiring an additional 414 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in KMG Chemicals by 59.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,620 shares of the specialty chemicals company’s stock worth $128,000 after acquiring an additional 981 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in KMG Chemicals in the 3rd quarter worth $155,000. Finally, Russell Investments Group Ltd. increased its holdings in KMG Chemicals by 28.8% in the 1st quarter. Russell Investments Group Ltd. now owns 3,481 shares of the specialty chemicals company’s stock worth $160,000 after acquiring an additional 778 shares in the last quarter. 58.43% of the stock is owned by institutional investors.
KMG Chemicals Company Profile
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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