Norges Bank Invests $21.65 Million in Huntsman Corporation $HUN

Norges Bank bought a new stake in Huntsman Corporation (NYSE:HUN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,077,866 shares of the basic materials company’s stock, valued at approximately $21,651,000. Norges Bank owned 1.20% of Huntsman as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. IFP Advisors Inc raised its position in shares of Huntsman by 197.6% in the 2nd quarter. IFP Advisors Inc now owns 3,661 shares of the basic materials company’s stock worth $38,000 after acquiring an additional 2,431 shares in the last quarter. Byrne Asset Management LLC bought a new stake in Huntsman in the second quarter worth approximately $44,000. Caitong International Asset Management Co. Ltd lifted its stake in Huntsman by 1,717.9% in the first quarter. Caitong International Asset Management Co. Ltd now owns 3,254 shares of the basic materials company’s stock valued at $51,000 after buying an additional 3,075 shares during the period. Zions Bancorporation National Association UT bought a new position in shares of Huntsman during the 1st quarter worth approximately $53,000. Finally, Strengthening Families & Communities LLC boosted its holdings in shares of Huntsman by 1,966.7% during the 1st quarter. Strengthening Families & Communities LLC now owns 3,906 shares of the basic materials company’s stock worth $62,000 after buying an additional 3,717 shares in the last quarter. Institutional investors own 84.81% of the company’s stock.

Wall Street Analyst Weigh In

HUN has been the topic of a number of research reports. Mizuho dropped their target price on shares of Huntsman from $9.00 to $8.00 and set an “underperform” rating on the stock in a research report on Friday, October 3rd. Jefferies Financial Group decreased their price target on shares of Huntsman from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 10th. Alembic Global Advisors set a $11.00 price objective on shares of Huntsman in a report on Monday, October 27th. The Goldman Sachs Group raised their target price on Huntsman from $8.50 to $9.50 and gave the company a “sell” rating in a research note on Thursday. Finally, Citigroup boosted their target price on Huntsman from $8.50 to $10.50 and gave the company a “neutral” rating in a research report on Wednesday, December 3rd. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $10.23.

Huntsman Stock Down 2.0%

Shares of NYSE HUN opened at $9.84 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.36 and a quick ratio of 0.84. The company has a 50-day moving average price of $8.84 and a 200-day moving average price of $10.04. The stock has a market capitalization of $1.71 billion, a P/E ratio of -5.18 and a beta of 0.68. Huntsman Corporation has a 1 year low of $7.30 and a 1 year high of $20.94.

Huntsman (NYSE:HUN) last announced its quarterly earnings results on Thursday, November 6th. The basic materials company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.10. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.45 billion. Huntsman had a negative net margin of 5.69% and a negative return on equity of 3.26%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 EPS. On average, equities research analysts forecast that Huntsman Corporation will post 0.32 EPS for the current fiscal year.

Huntsman Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a dividend of $0.0875 per share. The ex-dividend date is Monday, December 15th. This represents a $0.35 annualized dividend and a yield of 3.6%. Huntsman’s dividend payout ratio is -52.63%.

About Huntsman

Huntsman Corporation manufactures and sells diversified organic chemical products worldwide. The company operates in three segments: Polyurethanes, Performance Products, and Advanced Materials. The Polyurethanes segment offers polyurethane chemicals, including methyl diphenyl diisocyanate, polyether and polyester polyols, and thermoplastic polyurethane; and aniline, benzene, nitrobenzene and other co-products.