Marshall Wace North America L.P. raised its stake in Platform Specialty Products Corp (NYSE:PAH) by 26.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,251,290 shares of the specialty chemicals company’s stock after buying an additional 263,457 shares during the quarter. Marshall Wace North America L.P.’s holdings in Platform Specialty Products were worth $15,604,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. NEXT Financial Group Inc purchased a new position in Platform Specialty Products in the third quarter valued at about $115,000. InterOcean Capital LLC purchased a new position in Platform Specialty Products in the second quarter valued at about $121,000. Raymond James Trust N.A. purchased a new position in Platform Specialty Products in the third quarter valued at about $176,000. Caption Management LLC purchased a new position in Platform Specialty Products in the second quarter valued at about $232,000. Finally, Global Endowment Management LP purchased a new position in Platform Specialty Products in the third quarter valued at about $341,000. 94.50% of the stock is owned by institutional investors.
PAH has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a report on Friday, August 31st. Citigroup cut shares of Platform Specialty Products from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $13.00 to $14.00 in a research note on Wednesday, September 19th. ValuEngine cut shares of Platform Specialty Products from a “hold” rating to a “sell” rating in a research note on Thursday, October 11th. Finally, Nomura dropped their price objective on shares of Platform Specialty Products from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, October 15th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $13.00.
Platform Specialty Products (NYSE:PAH) last issued its quarterly earnings data on Thursday, November 1st. The specialty chemicals company reported $0.04 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.04. Platform Specialty Products had a negative net margin of 14.14% and a positive return on equity of 8.48%. The business had revenue of $488.50 million during the quarter, compared to analysts’ expectations of $500.69 million. During the same period last year, the company posted $0.02 EPS. The company’s revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts expect that Platform Specialty Products Corp will post 0.14 earnings per share for the current fiscal year.
In other Platform Specialty Products news, EVP John Edward Capps acquired 65,000 shares of the company’s stock in a transaction dated Monday, November 12th. The stock was acquired at an average cost of $10.86 per share, with a total value of $705,900.00. Following the purchase, the executive vice president now directly owns 89,333 shares in the company, valued at approximately $970,156.38. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Martin E. Franklin acquired 549,000 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average cost of $10.97 per share, with a total value of $6,022,530.00. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 805,000 shares of company stock valued at $8,788,615. Corporate insiders own 5.40% of the company’s stock.
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Platform Specialty Products Company Profile
Platform Specialty Products Corporation produces and sells specialty chemical products worldwide. It operates through two segments, Performance Solutions and Agricultural Solutions. The Performance Solutions segment offers a range of specialty chemicals, such as surface and coating materials, functional conversion coatings, electronic assembly materials, water-based hydraulic control fluids, and photopolymers.
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