Today, Nomura Upgraded Platform Specialty Products Corp. (PAH) to “Buy”

Today, Nomura Upgraded Platform Specialty Products Corp. (PAH) to “Buy”

Platform Specialty Products Corp. (NYSE:PAH) was upgraded by equities research analysts at Nomura from a “neutral” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $11.00 price target on the stock, down from their previous price target of $12.00. Nomura’s target price suggests a potential upside of 24.29% from the company’s current price.

PAH has been the topic of several other reports. Barclays PLC set a $10.00 target price on shares of Platform Specialty Products Corp. and gave the stock an “equal weight” rating in a report on Wednesday, October 5th. Citigroup Inc. assumed coverage on shares of Platform Specialty Products Corp. in a report on Thursday, July 28th. They issued a “buy” rating and a $11.00 target price on the stock. Zacks Investment Research lowered shares of Platform Specialty Products Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, October 5th. Finally, Roth Capital set a $12.00 target price on shares of Platform Specialty Products Corp. and gave the stock a “buy” rating in a report on Friday, October 28th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $10.80.

Shares of Platform Specialty Products Corp. (NYSE:PAH) opened at 8.85 on Monday. The company has a 50-day moving average of $7.89 and a 200-day moving average of $8.73. The company’s market capitalization is $2.46 billion. Platform Specialty Products Corp. has a one year low of $5.25 and a one year high of $13.96.

Platform Specialty Products Corp. (NYSE:PAH) last posted its earnings results on Friday, November 4th. The company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.03. The company had revenue of $891 million for the quarter, compared to analyst estimates of $850.16 million. Platform Specialty Products Corp. had a negative net margin of 5.98% and a negative return on equity of 0.53%. The business’s revenue for the quarter was up 49.2% compared to the same quarter last year. During the same period last year, the business posted $0.06 earnings per share. On average, analysts anticipate that Platform Specialty Products Corp. will post $0.59 earnings per share for the current year.

In other Platform Specialty Products Corp. news, Director Martin E. Franklin bought 1,050,000 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The stock was acquired at an average price of $8.25 per share, with a total value of $8,662,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Diego Lopez Casanello bought 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 8th. The stock was acquired at an average cost of $8.26 per share, with a total value of $33,040.00. Following the transaction, the insider now owns 2,000 shares of the company’s stock, valued at approximately $16,520. The disclosure for this purchase can be found here. Corporate insiders own 6.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAH. RS Investment Management Co. LLC acquired a new position in Platform Specialty Products Corp. during the second quarter worth $133,000. IBM Retirement Fund increased its position in shares of Platform Specialty Products Corp. by 23.4% in the second quarter. IBM Retirement Fund now owns 16,600 shares of the company’s stock worth $147,000 after buying an additional 3,147 shares during the period. Seven Eight Capital LLC increased its position in shares of Platform Specialty Products Corp. by 164.5% in the first quarter. Seven Eight Capital LLC now owns 32,000 shares of the company’s stock worth $275,000 after buying an additional 19,900 shares during the period. Elliott Management Corp purchased a new position in shares of Platform Specialty Products Corp. during the first quarter worth approximately $12,440,000. 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 worth $4,083,000 after buying an additional 222,761 shares during the period. 78.65% of the stock is owned by institutional investors and hedge funds.

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