Renaissance Technologies LLC Purchases 484,500 Shares of Platform Specialty Products Corp (PAH)

Share on StockTwits

Renaissance Technologies LLC boosted its stake in Platform Specialty Products Corp (NYSE:PAH) by 2,459.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 504,200 shares of the specialty chemicals company’s stock after purchasing an additional 484,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Platform Specialty Products were worth $5,849,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in PAH. Wells Fargo & Company MN grew its holdings in Platform Specialty Products by 99.3% in the first quarter. Wells Fargo & Company MN now owns 1,409,457 shares of the specialty chemicals company’s stock valued at $13,573,000 after purchasing an additional 702,328 shares during the period. Northern Trust Corp grew its holdings in Platform Specialty Products by 2.6% in the first quarter. Northern Trust Corp now owns 1,244,025 shares of the specialty chemicals company’s stock valued at $11,980,000 after purchasing an additional 31,400 shares during the period. BlackRock Inc. grew its holdings in Platform Specialty Products by 2.0% in the first quarter. BlackRock Inc. now owns 14,077,883 shares of the specialty chemicals company’s stock valued at $135,570,000 after purchasing an additional 282,062 shares during the period. JPMorgan Chase & Co. grew its holdings in Platform Specialty Products by 28.2% in the first quarter. JPMorgan Chase & Co. now owns 943,297 shares of the specialty chemicals company’s stock valued at $9,083,000 after purchasing an additional 207,282 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Platform Specialty Products by 30.7% in the first quarter. Russell Investments Group Ltd. now owns 1,324,131 shares of the specialty chemicals company’s stock valued at $12,749,000 after purchasing an additional 311,070 shares during the period. Hedge funds and other institutional investors own 95.22% of the company’s stock.

A number of research firms recently issued reports on PAH. ValuEngine downgraded shares of Platform Specialty Products from a “hold” rating to a “sell” rating in a report on Thursday. Goldman Sachs Group downgraded shares of Platform Specialty Products from a “buy” rating to a “neutral” rating in a report on Monday, July 23rd. Zacks Investment Research upgraded shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, Citigroup downgraded shares of Platform Specialty Products from a “buy” rating to a “neutral” rating and boosted their target price for the company from $13.00 to $14.00 in a report on Wednesday, September 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Platform Specialty Products presently has a consensus rating of “Hold” and a consensus target price of $13.20.

Shares of PAH stock opened at $11.08 on Friday. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.81 and a beta of 3.18. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.62 and a current ratio of 2.11. Platform Specialty Products Corp has a fifty-two week low of $9.09 and a fifty-two week high of $13.54.

Platform Specialty Products (NYSE:PAH) last announced its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $997.27 million. Platform Specialty Products had a negative net margin of 4.08% and a positive return on equity of 9.15%. Platform Specialty Products’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. As a group, equities research analysts anticipate that Platform Specialty Products Corp will post 0.57 earnings per share for the current fiscal year.

In other Platform Specialty Products news, insider Scot Benson purchased 6,000 shares of Platform Specialty Products stock in a transaction on Thursday, August 23rd. The shares were purchased at an average cost of $12.56 per share, with a total value of $75,360.00. Following the completion of the transaction, the insider now directly owns 85,456 shares in the company, valued at approximately $1,073,327.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John David Tolbert purchased 16,000 shares of Platform Specialty Products stock in a transaction on Monday, August 6th. The shares were acquired at an average cost of $12.13 per share, for a total transaction of $194,080.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 10,281,137 shares of company stock worth $124,380,356. 5.40% of the stock is currently owned by corporate insiders.

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.

Recommended Story: Conference Calls and Individual Investors

Want to see what other hedge funds are holding PAH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Platform Specialty Products Corp (NYSE:PAH).

Institutional Ownership by Quarter for Platform Specialty Products (NYSE:PAH)

Receive News & Ratings for Platform Specialty Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Platform Specialty Products and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply