SunTrust Banks Lowers Platform Specialty Products (PAH) to Hold

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Platform Specialty Products (NYSE:PAH) was downgraded by stock analysts at SunTrust Banks from a “buy” rating to a “hold” rating in a report released on Monday, The Fly reports.

PAH has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a research note on Friday, November 30th. ValuEngine upgraded shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Finally, Citigroup set a $12.00 target price on shares of Platform Specialty Products and gave the company a “hold” rating in a research note on Monday, November 5th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $13.00.

Shares of PAH opened at $11.84 on Monday. Platform Specialty Products has a 12 month low of $9.09 and a 12 month high of $13.54. The firm has a market cap of $3.35 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 7.56 and a beta of 2.71. The company has a current ratio of 2.19, a quick ratio of 2.00 and a debt-to-equity ratio of 2.55.

Platform Specialty Products (NYSE:PAH) last announced its quarterly earnings results on Thursday, November 1st. The specialty chemicals company reported $0.04 EPS for the quarter, hitting the Thomson Reuters’ 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 company had revenue of $488.50 million for the quarter, compared to analyst estimates of $500.69 million. During the same quarter in the prior year, the business posted $0.02 EPS. Platform Specialty Products’s quarterly revenue was up 1.6% on a year-over-year basis. Equities research analysts forecast that Platform Specialty Products will post 0.14 earnings per share for the current fiscal year.

In other Platform Specialty Products news, Director Martin E. Franklin sold 2,419,258 shares of the firm’s stock in a transaction on Friday, December 21st. The shares were sold at an average price of $9.91, for a total value of $23,974,846.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ian G. H. Ashken purchased 13,500 shares of the firm’s stock in a transaction on Friday, December 7th. The stock was bought at an average price of $11.00 per share, for a total transaction of $148,500.00. The disclosure for this purchase can be found here. Insiders purchased a total of 1,269,250 shares of company stock worth $13,810,313 over the last quarter. 5.40% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PAH. NEXT Financial Group Inc acquired a new stake in Platform Specialty Products in the 3rd quarter worth $115,000. Raymond James Trust N.A. bought a new position in shares of Platform Specialty Products during the 3rd quarter worth about $176,000. Global Endowment Management LP bought a new position in shares of Platform Specialty Products during the 3rd quarter worth about $341,000. Oppenheimer Asset Management Inc. lifted its holdings in shares of Platform Specialty Products by 41.2% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 31,095 shares of the specialty chemicals company’s stock worth $388,000 after acquiring an additional 9,066 shares during the period. Finally, Strs Ohio bought a new position in shares of Platform Specialty Products during the 3rd quarter worth about $390,000. Institutional investors own 94.50% of the company’s stock.

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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