Trading Report: The Prudential Financial Inc. Raises Stake in Platform Specialty Products Corp. (PAH)

The Prudential Financial Inc. Raises Stake in Platform Specialty Products Corp. (PAH)

Prudential Financial Inc. raised its stake in Platform Specialty Products Corp. (NYSE:PAH) by 163.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 619,461 shares of the company’s stock after buying an additional 384,761 shares during the period. Prudential Financial Inc. owned approximately 0.27% of Platform Specialty Products Corp. worth $5,501,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Platform Specialty Products Corp. by 12.6% in the first quarter. Wellington Management Group LLP now owns 28,164,686 shares of the company’s stock valued at $242,216,000 after buying an additional 3,162,721 shares during the period. Emerald Acquisition Ltd. acquired a new position in shares of Platform Specialty Products Corp. during the second quarter valued at $16,441,000. Elliott Management Corp acquired a new position in shares of Platform Specialty Products Corp. during the first quarter valued at $12,440,000. UBS Group AG increased its position in shares of Platform Specialty Products Corp. by 16.4% in the first quarter. UBS Group AG now owns 2,237,844 shares of the company’s stock valued at $19,246,000 after buying an additional 314,962 shares during the period. Finally, Barclays PLC increased its position in shares of Platform Specialty Products Corp. by 77.5% in the first quarter. Barclays PLC now owns 510,371 shares of the company’s stock valued at $4,083,000 after buying an additional 222,761 shares during the period. Institutional investors own 76.75% of the company’s stock.

Shares of Platform Specialty Products Corp. (NYSE:PAH) traded down 4.18% on Thursday, hitting $6.87. The stock had a trading volume of 331,515 shares. The firm has a 50 day moving average of $8.51 and a 200 day moving average of $9.00. The stock’s market cap is $1.58 billion. Platform Specialty Products Corp. has a 12 month low of $5.25 and a 12 month high of $13.96.

Platform Specialty Products Corp. (NYSE:PAH) last released its earnings results on Monday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.04. The company earned $922 million during the quarter, compared to analyst estimates of $887.71 million. Platform Specialty Products Corp. had a negative net margin of 12.86% and a negative return on equity of 1.80%. The company’s revenue for the quarter was up 36.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. On average, equities analysts forecast that Platform Specialty Products Corp. will post $0.57 earnings per share for the current fiscal year.

Several equities analysts recently weighed in on PAH shares. Barclays PLC set a $10.00 price target on shares of Platform Specialty Products Corp. and gave the stock an “equal weight” rating in a report on Wednesday, October 5th. Roth Capital started coverage on shares of Platform Specialty Products Corp. in a report on Monday, August 22nd. They issued a “buy” rating and a $12.00 price target on the stock. Zacks Investment Research cut shares of Platform Specialty Products Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. Nomura reaffirmed a “neutral” rating and set a $12.00 price objective (up previously from $11.00) on shares of Platform Specialty Products Corp. in a research note on Tuesday, September 13th. Finally, Citigroup Inc. started coverage on shares of Platform Specialty Products Corp. in a research note on Thursday, July 28th. They set a “buy” rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Platform Specialty Products Corp. currently has a consensus rating of “Hold” and an average price target of $11.83.

In other Platform Specialty Products Corp. news, Director Martin E. Franklin acquired 1,050,000 shares of the company’s stock in a transaction that occurred on Friday, September 16th. The shares were purchased at an average price of $8.25 per share, with a total value of $8,662,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is owned by insiders.

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