Platform Specialty Products Corp (PAH) Position Increased by Renaissance Technologies LLC
Renaissance Technologies LLC lifted its stake in Platform Specialty Products Corp (NYSE:PAH) by 2,459.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 504,200 shares of the specialty chemicals company’s stock after purchasing an additional 484,500 shares during the period. Renaissance Technologies LLC owned approximately 0.17% of Platform Specialty Products worth $5,849,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. LPL Financial LLC acquired a new stake in shares of Platform Specialty Products in the first quarter valued at about $108,000. First National Bank of Omaha acquired a new stake in shares of Platform Specialty Products in the second quarter valued at about $139,000. Brown Advisory Inc. acquired a new stake in shares of Platform Specialty Products in the first quarter valued at about $155,000. State of Alaska Department of Revenue lifted its stake in shares of Platform Specialty Products by 33.1% in the second quarter. State of Alaska Department of Revenue now owns 26,400 shares of the specialty chemicals company’s stock valued at $305,000 after purchasing an additional 6,570 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its stake in shares of Platform Specialty Products by 56.8% in the first quarter. Xact Kapitalforvaltning AB now owns 33,415 shares of the specialty chemicals company’s stock valued at $322,000 after purchasing an additional 12,100 shares during the period. Hedge funds and other institutional investors own 95.22% of the company’s stock.
NYSE:PAH opened at $11.08 on Friday. The company has a quick ratio of 1.62, a current ratio of 2.11 and a debt-to-equity ratio of 2.07. Platform Specialty Products Corp has a twelve month low of $9.09 and a twelve month high of $13.54. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.81 and a beta of 3.18.
In other Platform Specialty Products news, Director Pershing Square Capital Manage bought 9,968,304 shares of the company’s stock in a transaction on Monday, August 6th. The stock was purchased at an average cost of $12.10 per share, for a total transaction of $120,616,478.40. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Scot Benson bought 6,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were acquired at an average price of $12.56 per share, with a total value of $75,360.00. Following the completion of the acquisition, the insider now directly owns 85,456 shares in the company, valued at approximately $1,073,327.36. The disclosure for this purchase can be found here. Insiders have acquired a total of 10,281,137 shares of company stock valued at $124,380,356 over the last 90 days. 5.40% of the stock is currently owned by insiders.
Several analysts recently commented on PAH shares. ValuEngine upgraded shares of Platform Specialty Products from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 12th. Zacks Investment Research upgraded shares of Platform Specialty Products from a “sell” rating to a “hold” rating in a research note on Wednesday, September 26th. Citigroup cut shares of Platform Specialty Products from a “buy” rating to a “neutral” rating and raised their price objective for the company from $13.00 to $14.00 in a research note on Wednesday, September 19th. Finally, Goldman Sachs Group cut shares of Platform Specialty Products from a “buy” rating to a “neutral” rating in a research note on Monday, July 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $13.20.
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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