Platform Specialty Products (PAH) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Platform Specialty Products (NYSE:PAH) from a sell rating to a hold rating in a report issued on Thursday.

According to Zacks, “Platform Specialty Products Corporation is a producer of high technology specialty chemical products as well as technical services. The company serves electronics, metal and plastic plating, graphic arts, and offshore oil production and drilling industries. Platform Specialty Products Corporation is headquartered in Miami, United States. “

Several other brokerages have also commented on PAH. Barclays dropped their price target on shares of Platform Specialty Products from $15.00 to $14.00 and set an equal weight rating for the company in a research report on Wednesday, October 11th. ValuEngine lowered shares of Platform Specialty Products from a buy rating to a hold rating in a research report on Friday, December 1st. Credit Suisse Group began coverage on shares of Platform Specialty Products in a research report on Wednesday, November 15th. They issued a neutral rating and a $12.00 price objective for the company. Finally, SunTrust Banks raised shares of Platform Specialty Products from a hold rating to a buy rating and increased their price objective for the stock from $13.00 to $15.00 in a research report on Monday, September 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $13.50.

Shares of Platform Specialty Products (NYSE PAH) remained flat at $$10.56 during mid-day trading on Thursday. The company had a trading volume of 3,813,600 shares, compared to its average volume of 3,908,600. Platform Specialty Products has a 52 week low of $9.11 and a 52 week high of $14.82. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.05 and a quick ratio of 1.55. The stock has a market cap of $3,030.00, a price-to-earnings ratio of -22.00, a price-to-earnings-growth ratio of 0.92 and a beta of 3.07.

Platform Specialty Products (NYSE:PAH) last issued its quarterly earnings results on Thursday, November 2nd. The specialty chemicals company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). Platform Specialty Products had a positive return on equity of 7.45% and a negative net margin of 4.12%. The company had revenue of $904.30 million for the quarter, compared to analyst estimates of $912.19 million. During the same period last year, the company posted $0.14 EPS. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. sell-side analysts forecast that Platform Specialty Products will post 0.77 EPS for the current year.

In other news, Director Martin E. Franklin purchased 500,000 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was acquired at an average cost of $9.66 per share, with a total value of $4,830,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Diego Lopez Casanello purchased 4,000 shares of the stock in a transaction that occurred on Tuesday, December 19th. The shares were purchased at an average cost of $9.91 per share, with a total value of $39,640.00. Following the completion of the acquisition, the insider now owns 15,000 shares in the company, valued at approximately $148,650. The disclosure for this purchase can be found here. Insiders bought 669,467 shares of company stock valued at $6,453,139 in the last three months. Company insiders own 5.20% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. bought a new position in Platform Specialty Products during the 3rd quarter valued at $111,000. FNY Partners Fund LP boosted its stake in Platform Specialty Products by 177.8% during the 2nd quarter. FNY Partners Fund LP now owns 10,000 shares of the specialty chemicals company’s stock valued at $126,000 after acquiring an additional 6,400 shares during the last quarter. Quantbot Technologies LP bought a new position in Platform Specialty Products during the 2nd quarter valued at $129,000. Bfsg LLC bought a new position in Platform Specialty Products during the 2nd quarter valued at $130,000. Finally, JPMorgan Chase & Co. boosted its stake in Platform Specialty Products by 167.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,217 shares of the specialty chemicals company’s stock valued at $193,000 after acquiring an additional 9,528 shares during the last quarter. 93.53% of the stock is owned by institutional investors and hedge funds.

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Platform Specialty Products Company Profile

Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, the Asia-Pacific, and Europe. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers plating products that are used to plate holes; electroless nickel products, which are applied to various metal and plastic surfaces; electronic assembly materials for use in the electronic market and residential boiler systems; final finishes that are used on printed circuit boards; circuit formation products for surface preparation; oxides, which are used in the fabrication of multilayer circuit boards; semiconductor materials and packaging products; and pre-treatment and cleaning solutions.

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