FTB Advisors Inc. Invests $114,000 in Huntsman Co. (HUN)
FTB Advisors Inc. acquired a new stake in shares of Huntsman Co. (NYSE:HUN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 3,900 shares of the basic materials company’s stock, valued at approximately $114,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Huntsman during the 2nd quarter valued at about $122,000. C M Bidwell & Associates Ltd. bought a new position in shares of Huntsman during the 1st quarter valued at about $123,000. Point72 Asia Hong Kong Ltd boosted its holdings in shares of Huntsman by 383.2% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 4,803 shares of the basic materials company’s stock valued at $140,000 after purchasing an additional 3,809 shares during the last quarter. KBC Group NV bought a new position in shares of Huntsman during the 1st quarter valued at about $155,000. Finally, Premia Global Advisors LLC bought a new position in shares of Huntsman during the 1st quarter valued at about $206,000. 79.77% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE HUN opened at $31.53 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.58 and a current ratio of 1.93. The stock has a market cap of $7.60 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.06 and a beta of 2.76. Huntsman Co. has a 12-month low of $25.29 and a 12-month high of $36.09.
Huntsman announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 23rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 13.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be given a dividend of $0.1625 per share. This represents a $0.65 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Thursday, September 13th. Huntsman’s dividend payout ratio is 26.21%.
Several research analysts have commented on HUN shares. Zacks Investment Research downgraded shares of Huntsman from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. ValuEngine cut shares of Huntsman from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. MED restated a “buy” rating and set a $40.00 target price on shares of Huntsman in a research report on Tuesday, May 1st. UBS Group upped their target price on shares of Huntsman from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, May 29th. Finally, Citigroup upped their target price on shares of Huntsman from $42.50 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 11th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $37.46.
Huntsman Corporation, through its subsidiary, Huntsman International LLC, manufactures and sells differentiated organic chemical products worldwide. The company operates in four segments: Polyurethanes, Performance Products, Advanced Materials, and Textile Effects. The Polyurethanes segment offers polyurethane chemicals, including methyl diphenyl diisocyanate, polyols, thermoplastic polyurethane, propylene oxide, and methyl tertiary-butyl ether products.
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