Ciner Resources LP (NYSE:CINR) Position Held by Midas Management Corp
Midas Management Corp continued to hold its position in Ciner Resources LP (NYSE:CINR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 94,802 shares of the basic materials company’s stock at the end of the second quarter. Ciner Resources accounts for 1.4% of Midas Management Corp’s investment portfolio, making the stock its 16th largest position. Midas Management Corp owned about 0.47% of Ciner Resources worth $2,597,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creative Planning increased its stake in Ciner Resources by 49.4% in the first quarter. Creative Planning now owns 3,735 shares of the basic materials company’s stock worth $107,000 after buying an additional 1,235 shares during the period. Central Bank & Trust Co. acquired a new stake in Ciner Resources during the first quarter worth $181,000. Advisory Services Network LLC purchased a new stake in Ciner Resources during the first quarter worth approximately $305,000. Russell Investments Group Ltd. purchased a new stake in Ciner Resources during the fourth quarter worth approximately $592,000. Finally, Pointe Capital Management LLC purchased a new stake in Ciner Resources during the first quarter worth approximately $737,000. 9.01% of the stock is currently owned by institutional investors and hedge funds.
Ciner Resources LP (NYSE CINR) traded down 5.27% during trading on Friday, reaching $23.91. The company had a trading volume of 43,025 shares. The stock has a market cap of $481.28 million, a PE ratio of 12.02 and a beta of 0.97. Ciner Resources LP has a 52-week low of $22.61 and a 52-week high of $32.50. The company has a 50-day moving average price of $27.01 and a 200 day moving average price of $28.29.
Ciner Resources (NYSE:CINR) last announced its earnings results on Monday, August 7th. The basic materials company reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.12. The company had revenue of $119.70 million during the quarter, compared to analyst estimates of $129.20 million. Ciner Resources had a return on equity of 15.65% and a net margin of 8.18%. Ciner Resources’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. On average, analysts anticipate that Ciner Resources LP will post $1.93 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 7th will be paid a $0.567 dividend. The ex-dividend date is Thursday, August 3rd. This is a positive change from Ciner Resources’s previous quarterly dividend of $0.56. This represents a $2.27 dividend on an annualized basis and a yield of 9.49%. Ciner Resources’s dividend payout ratio is presently 114.07%.
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CINR has been the topic of a number of research analyst reports. BidaskClub downgraded Ciner Resources from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded Ciner Resources from a “sell” rating to a “hold” rating in a research report on Thursday, May 18th. ValuEngine downgraded Ciner Resources from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $25.00 target price (down from $29.00) on shares of Ciner Resources in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Ciner Resources presently has a consensus rating of “Hold” and a consensus price target of $28.75.
Ciner Resources Company Profile
Ciner Resources LP, through its subsidiary, Ciner Wyoming LLC (Ciner Wyoming), produces soda ash and serves a global market from its facility in the Green River Basin of Wyoming. The Company processes trona ore into soda ash, a raw material in flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products.
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