California Public Employees Retirement System trimmed its holdings in shares of Carbo Ceramics, Inc. (NYSE:CRR) by 8.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,300 shares of the oil and gas company’s stock after selling 22,000 shares during the period. California Public Employees Retirement System owned 0.88% of Carbo Ceramics worth $1,639,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in CRR. UBS Asset Management Americas Inc. acquired a new stake in Carbo Ceramics during the 2nd quarter valued at $103,000. Texas Permanent School Fund increased its holdings in Carbo Ceramics by 0.8% during the 2nd quarter. Texas Permanent School Fund now owns 15,456 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 128 shares in the last quarter. Creative Planning increased its holdings in Carbo Ceramics by 101.5% during the 2nd quarter. Creative Planning now owns 17,106 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 8,618 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in Carbo Ceramics by 13.9% during the 1st quarter. Public Employees Retirement System of Ohio now owns 9,786 shares of the oil and gas company’s stock valued at $128,000 after purchasing an additional 1,196 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Carbo Ceramics by 1.8% during the 1st quarter. Arizona State Retirement System now owns 11,014 shares of the oil and gas company’s stock valued at $144,000 after purchasing an additional 200 shares in the last quarter. 71.79% of the stock is owned by hedge funds and other institutional investors.
CRR has been the subject of a number of recent analyst reports. ValuEngine raised Carbo Ceramics from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 25th. Piper Jaffray Companies set a $9.00 target price on Carbo Ceramics and gave the company a “hold” rating in a research note on Thursday, July 27th. Scotiabank set a $12.00 target price on Carbo Ceramics and gave the company a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research cut Carbo Ceramics from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, Cowen and Company set a $11.00 target price on Carbo Ceramics and gave the company a “hold” rating in a research note on Friday, October 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $10.75.
Carbo Ceramics (NYSE:CRR) last released its earnings results on Thursday, October 26th. The oil and gas company reported ($0.97) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.81) by ($0.16). Carbo Ceramics had a negative net margin of 79.49% and a negative return on equity of 15.58%. The firm had revenue of $50.20 million during the quarter, compared to analyst estimates of $46.98 million. During the same period last year, the business posted ($0.49) earnings per share. The firm’s quarterly revenue was up 148.5% on a year-over-year basis. sell-side analysts predict that Carbo Ceramics, Inc. will post -3.74 EPS for the current fiscal year.
Carbo Ceramics Profile
CARBO Ceramics Inc is a technology company that provides products and services to the global oil and gas and industrial markets. The Company operates through two segments: Oilfield Technologies and Services, and Environmental Products and Services. The Company’s oilfield technologies and services segment includes the manufacturing and selling of proppant products for use primarily in the hydraulic fracturing of oil and natural gas wells, Fracpro software for the design of fracture treatments, and StrataGen consulting services for the optimizing of well completions.
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