Cadence Capital Management LLC raised its holdings in shares of KMG Chemicals, Inc. (NYSE:KMG) by 17.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,704 shares of the specialty chemicals company’s stock after purchasing an additional 6,324 shares during the period. Cadence Capital Management LLC owned 0.27% of KMG Chemicals worth $3,151,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Gabelli Funds LLC bought a new position in shares of KMG Chemicals during the third quarter valued at approximately $7,434,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of KMG Chemicals during the third quarter valued at approximately $9,250,000. Gamco Investors INC. ET AL bought a new position in shares of KMG Chemicals during the third quarter valued at approximately $2,108,000. Wells Fargo & Company MN increased its stake in shares of KMG Chemicals by 9.1% during the third quarter. Wells Fargo & Company MN now owns 968,870 shares of the specialty chemicals company’s stock valued at $73,208,000 after purchasing an additional 80,570 shares in the last quarter. Finally, Youngs Advisory Group Inc. increased its stake in shares of KMG Chemicals by 3.0% during the third quarter. Youngs Advisory Group Inc. now owns 32,013 shares of the specialty chemicals company’s stock valued at $2,419,000 after purchasing an additional 936 shares in the last quarter. 86.27% of the stock is owned by institutional investors and hedge funds.
NYSE:KMG opened at $75.89 on Wednesday. KMG Chemicals, Inc. has a 52 week low of $50.67 and a 52 week high of $79.35. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.71 and a current ratio of 2.62. The company has a market cap of $1.19 billion, a PE ratio of 18.01, a PEG ratio of 0.58 and a beta of 0.48.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Monday, October 1st were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, September 28th. KMG Chemicals’s payout ratio is 2.77%.
A number of brokerages have weighed in on KMG. Fraser Mackenzie reaffirmed a “buy” rating on shares of KMG Chemicals in a research note on Friday, November 2nd. ValuEngine cut shares of KMG Chemicals from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Zacks Investment Research upgraded shares of KMG Chemicals from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Thursday, October 4th. Gabelli cut shares of KMG Chemicals from a “buy” rating to a “hold” rating in a report on Thursday, August 16th. Finally, Seaport Global Securities cut shares of KMG Chemicals from a “buy” rating to a “neutral” rating in a report on Friday, September 14th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. KMG Chemicals presently has a consensus rating of “Hold” and an average price target of $76.00.
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About KMG Chemicals
KMG Chemicals, Inc, through its subsidiaries, manufactures, formulates, and distributes specialty chemicals and performance materials worldwide. The company's Electronic Chemicals segment is involved in the sale of high purity process chemicals primarily to etch and clean silicon wafers in the production of semiconductors, photovoltaics, and flat panel displays.
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