Cornerstone Capital Management Holdings LLC. Has $2.43 Million Holdings in KMG Chemicals, Inc. (KMG)
Cornerstone Capital Management Holdings LLC. reduced its stake in KMG Chemicals, Inc. (NYSE:KMG) by 28.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,353 shares of the specialty chemicals company’s stock after selling 18,000 shares during the period. Cornerstone Capital Management Holdings LLC. owned about 0.29% of KMG Chemicals worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in KMG Chemicals by 2,650.2% during the 2nd quarter. Wells Fargo & Company MN now owns 295,319 shares of the specialty chemicals company’s stock worth $14,373,000 after purchasing an additional 284,581 shares during the last quarter. Numeric Investors LLC boosted its holdings in KMG Chemicals by 82.6% during the 2nd quarter. Numeric Investors LLC now owns 261,829 shares of the specialty chemicals company’s stock worth $12,743,000 after acquiring an additional 118,440 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in KMG Chemicals by 184.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 117,193 shares of the specialty chemicals company’s stock worth $6,432,000 after acquiring an additional 76,047 shares during the last quarter. EAM Investors LLC purchased a new position in KMG Chemicals during the 2nd quarter worth $3,533,000. Finally, AJO LP purchased a new position in KMG Chemicals during the 2nd quarter worth $2,689,000. Institutional investors own 56.17% of the company’s stock.
KMG has been the topic of a number of analyst reports. ValuEngine downgraded shares of KMG Chemicals from a “buy” rating to a “hold” rating in a report on Friday, December 1st. KeyCorp reaffirmed a “buy” rating and issued a $70.00 target price (up previously from $63.00) on shares of KMG Chemicals in a research note on Wednesday, December 13th. Finally, Zacks Investment Research raised KMG Chemicals from a “sell” rating to a “hold” rating and set a $70.00 price objective for the company in a research note on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $70.00.
KMG Chemicals (NYSE:KMG) last posted its quarterly earnings data on Monday, December 11th. The specialty chemicals company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. KMG Chemicals had a return on equity of 15.41% and a net margin of 6.46%. The business had revenue of $110.70 million during the quarter, compared to the consensus estimate of $106.60 million. The business’s revenue for the quarter was up 44.7% on a year-over-year basis. sell-side analysts forecast that KMG Chemicals, Inc. will post 3.14 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 22nd will be issued a dividend of $0.03 per share. The ex-dividend date is Thursday, December 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.18%. KMG Chemicals’s payout ratio is presently 6.28%.
In related news, major shareholder David L. Hatcher sold 3,000 shares of the stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $53.53, for a total transaction of $160,590.00. Following the sale, the insider now directly owns 1,532,097 shares of the company’s stock, valued at $82,013,152.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David L. Hatcher sold 9,000 shares of the stock in a transaction on Monday, September 25th. The shares were sold at an average price of $50.67, for a total value of $456,030.00. Following the sale, the insider now directly owns 1,559,097 shares in the company, valued at $78,999,444.99. The disclosure for this sale can be found here. Insiders have sold 201,000 shares of company stock valued at $10,923,600 over the last 90 days. Corporate insiders own 6.10% of the company’s stock.
KMG Chemicals Company Profile
KMG Chemicals, Inc manufactures, formulates and globally distributes specialty chemicals. The Company operates businesses selling electronic chemicals, industrial wood treating chemicals, and industrial valve lubricants and sealants. The Company operates through two segments: Electronic chemicals and Other chemicals.
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