Sawgrass Asset Management LLC Acquires New Stake in Trinseo S.A. (TSE)
Sawgrass Asset Management LLC acquired a new stake in Trinseo S.A. (NYSE:TSE) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,400 shares of the basic materials company’s stock, valued at approximately $234,000.
Other large investors have also recently made changes to their positions in the company. Daiwa Securities Group Inc. purchased a new stake in shares of Trinseo in the 2nd quarter valued at approximately $103,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Trinseo in the 1st quarter valued at approximately $154,000. Citigroup Inc. increased its position in shares of Trinseo by 10.7% in the 2nd quarter. Citigroup Inc. now owns 2,698 shares of the basic materials company’s stock valued at $185,000 after purchasing an additional 260 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Trinseo by 14.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,203 shares of the basic materials company’s stock valued at $219,000 after purchasing an additional 403 shares during the last quarter. Finally, Ronald Blue & Co. LLC increased its position in shares of Trinseo by 5.2% in the 2nd quarter. Ronald Blue & Co. LLC now owns 3,206 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 158 shares during the last quarter. 97.81% of the stock is currently owned by institutional investors.
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Trinseo S.A. (TSE) opened at 67.35 on Friday. The stock has a market capitalization of $2.95 billion, a P/E ratio of 9.54 and a beta of 2.39. The company has a 50 day moving average of $64.57 and a 200-day moving average of $66.25. Trinseo S.A. has a 52-week low of $44.70 and a 52-week high of $72.60.
Trinseo (NYSE:TSE) last posted its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.41). The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.08 billion. Trinseo had a net margin of 7.88% and a return on equity of 67.05%. The company’s revenue was up 18.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.30 earnings per share. Equities research analysts anticipate that Trinseo S.A. will post $6.63 EPS for the current year.
Trinseo announced that its board has initiated a stock repurchase plan on Thursday, June 22nd that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the basic materials company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Christopher D. Pappas sold 25,000 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $69.49, for a total value of $1,737,250.00. Following the sale, the insider now directly owns 265,240 shares of the company’s stock, valued at $18,431,527.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Timothy M. Stedman sold 5,399 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $67.38, for a total transaction of $363,784.62. Following the completion of the sale, the insider now directly owns 18,298 shares in the company, valued at $1,232,919.24. The disclosure for this sale can be found here. Insiders sold 85,399 shares of company stock worth $5,914,585 over the last ninety days. 0.65% of the stock is currently owned by corporate insiders.
A number of equities research analysts have commented on the stock. ValuEngine downgraded shares of Trinseo from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 14th. Zacks Investment Research downgraded shares of Trinseo from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Barclays PLC dropped their price objective on shares of Trinseo from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. BidaskClub downgraded shares of Trinseo from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Finally, Citigroup Inc. dropped their price objective on shares of Trinseo from $70.00 to $68.00 and set a “neutral” rating on the stock in a research report on Monday, August 7th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $75.80.
Trinseo Company Profile
Trinseo SA is a materials company engaged in the manufacture and marketing of synthetic rubber, latex and plastics. The Company’s segments include Latex Binders, Synthetic Rubber, Performance Plastics, Basic Plastics, Feedstocks and Americas Styrenics. The Latex Binders segment produces styrene-butadiene latex (SB latex) and other latex polymers and binders.
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