Zacks Investment Research Downgrades COVESTRO AG/S (OTCMKTS:COVTY) to Sell

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COVESTRO AG/S (OTCMKTS:COVTY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Covestro AG manufactures polymers and performance plastics. The Company manufactures, markets and distributes coatings, adhesives, insulating materials, sealants, polycarbonates and polyurethanes. It serves automotive, construction, health, electronics and medical engineering industries. Covestro AG is based in Leverkusen, Germany. “

Several other research firms have also weighed in on COVTY. Barclays upgraded shares of COVESTRO AG/S from an “equal weight” rating to an “overweight” rating in a report on Friday, March 8th. HSBC lowered shares of COVESTRO AG/S from a “buy” rating to a “hold” rating in a report on Friday, March 8th.

Shares of COVTY traded down $0.46 during mid-day trading on Wednesday, reaching $23.41. The company had a trading volume of 14,682 shares, compared to its average volume of 15,056. The firm has a market cap of $9.09 billion and a PE ratio of 3.70. COVESTRO AG/S has a fifty-two week low of $21.73 and a fifty-two week high of $48.95.

COVESTRO AG/S Company Profile

Covestro AG develops, produces, and markets polymer materials for various industries worldwide. The company operates in three segments: Polyurethanes; Polycarbonates; and Coatings, Adhesives, Specialties. The Polyurethanes segment offers precursors, such as flexible polyurethane foam primarily used in the furniture and automotive industries; and rigid foam used as insulating material in the construction industry and in refrigeration chains.

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