Zacks Investment Research upgraded shares of Israel Chemicals (NYSE:ICL) from a hold rating to a buy rating in a report published on Friday morning. They currently have $6.50 target price on the basic materials company’s stock.
According to Zacks, “Israel Chemicals Ltd. is a manufacturer of specialty fertilizers and specialty phosphates, flame retardants and water treatment solutions. It operates primarily in three markets: agriculture, food and engineered materials. The Company’s products include bromine specialty chemicals, potash, phosphate fertilizers, and specialty performance and industrial products. It markets its products primarily in Israel, Europe, and the Americas. Israel Chemicals Ltd. is headquartered in Tel Aviv, Israel. “
A number of other brokerages have also issued reports on ICL. BMO Capital Markets reiterated a hold rating and set a $5.25 target price on shares of Israel Chemicals in a research report on Wednesday, September 19th. Jefferies Financial Group reiterated a hold rating and set a $6.57 target price on shares of Israel Chemicals in a research report on Sunday, October 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Israel Chemicals presently has a consensus rating of Buy and a consensus price target of $6.11.
Israel Chemicals (NYSE:ICL) last released its quarterly earnings results on Thursday, November 1st. The basic materials company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.01. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.38 billion. Israel Chemicals had a net margin of 23.84% and a return on equity of 13.67%. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.09 earnings per share. Research analysts predict that Israel Chemicals will post 0.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 19th. Shareholders of record on Tuesday, December 4th were paid a $0.051 dividend. This represents a $0.20 annualized dividend and a yield of 3.55%. The ex-dividend date was Monday, December 3rd. This is an increase from Israel Chemicals’s previous quarterly dividend of $0.04. Israel Chemicals’s dividend payout ratio is presently 16.13%.
Large investors have recently modified their holdings of the business. Lourd Capital LLC bought a new stake in Israel Chemicals in the third quarter valued at approximately $167,000. Citadel Advisors LLC bought a new stake in Israel Chemicals in the third quarter valued at approximately $174,000. AXA bought a new stake in Israel Chemicals in the third quarter valued at approximately $181,000. Janus Henderson Group PLC bought a new stake in Israel Chemicals in the third quarter valued at approximately $201,000. Finally, Neuberger Berman Group LLC increased its stake in Israel Chemicals by 54.0% in the third quarter. Neuberger Berman Group LLC now owns 57,943 shares of the basic materials company’s stock valued at $354,000 after purchasing an additional 20,315 shares in the last quarter. 9.19% of the stock is owned by hedge funds and other institutional investors.
About Israel Chemicals
Israel Chemicals Ltd. operates as a specialty minerals company worldwide. The company operates through two segments, Essential Minerals and Specialty Solutions. The company extracts potash from the Dead Sea; mines and produces potash, salt, and Polysulphate; and produces, markets, and sells pure magnesium and magnesium alloys, as well as produces dry carnallite and related by-products, including chlorine and sylvinite.
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