Patheon NV (NASDAQ:PTHN) Stake Cut by Bank of America Corp DE
Bank of America Corp DE cut its stake in Patheon NV (NASDAQ:PTHN) by 4.1% during the first quarter, Holdings Channel reports. The firm owned 93,222 shares of the company’s stock after selling 3,987 shares during the period. Bank of America Corp DE’s holdings in Patheon NV were worth $2,455,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PTHN. Zweig DiMenna Associates LLC purchased a new position in Patheon NV during the first quarter valued at approximately $6,585,000. Ameriprise Financial Inc. boosted its position in Patheon NV by 47.6% in the first quarter. Ameriprise Financial Inc. now owns 1,803,720 shares of the company’s stock valued at $47,511,000 after buying an additional 581,914 shares during the period. Three Peaks Capital Management LLC purchased a new position in Patheon NV during the first quarter valued at approximately $2,641,000. UBS Asset Management Americas Inc. purchased a new position in Patheon NV during the first quarter valued at approximately $302,000. Finally, Forward Management LLC boosted its position in Patheon NV by 67.4% in the first quarter. Forward Management LLC now owns 8,714 shares of the company’s stock valued at $230,000 after buying an additional 3,509 shares during the period.
Patheon NV (NASDAQ PTHN) remained flat at $34.97 on Friday. 38,210 shares of the company traded hands. The stock has a 50-day moving average price of $34.90 and a 200-day moving average price of $31.16. Patheon NV has a 52 week low of $23.72 and a 52 week high of $35.01. The firm has a market cap of $5.08 billion and a PE ratio of 44.83.
Patheon NV (NASDAQ:PTHN) last issued its quarterly earnings data on Thursday, June 8th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.01. The firm had revenue of $483.40 million for the quarter, compared to analyst estimates of $466.08 million. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities analysts forecast that Patheon NV will post $1.14 earnings per share for the current fiscal year.
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Several research firms have commented on PTHN. Jefferies Group LLC reiterated a “hold” rating and issued a $35.00 price objective on shares of Patheon NV in a report on Friday, July 21st. Raymond James Financial, Inc. reiterated a “market perform” rating and issued a $35.00 price objective on shares of Patheon NV in a report on Thursday, June 8th. J P Morgan Chase & Co cut shares of Patheon NV from an “overweight” rating to a “neutral” rating in a report on Thursday, June 8th. Zacks Investment Research cut shares of Patheon NV from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Finally, Leerink Swann cut shares of Patheon NV from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $31.00 to $35.00 in a report on Friday, June 9th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Patheon NV has an average rating of “Hold” and a consensus price target of $32.88.
About Patheon NV
Patheon N.V. is a provider of outsourced pharmaceutical development and manufacturing services. The Company’s segments include Drug Product Services (DPS), Pharmaceutical Development Services (PDS) and Drug Substance Services (DSS). The DPS segment is engaged in manufacturing and packaging for approved prescription, over-the-counter (OTC) and nutritional products.
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