Zacks Investment Research Upgrades Calgon Carbon Corp. (CCC) to “Hold”
Calgon Carbon Corp. (NYSE:CCC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Calgon Carbon saw lower profits in the second quarter of 2016. Earnings for the quarter missed the Zacks Consensus Estimate. Sales fell year over year, but beat expectations. The company continues to diversify and grow though its product offerings and increased penetration into new markets. It is also working on lowering costs to boost margins. However, Calgon Carbon remains affected by a still weak global economy. It continues to witness sluggishness in industrial market applications. It is seeing weak demand for activated carbon in specific markets. Calgon Carbon is also exposed to weakness in its equipment business and currency headwinds.”
Several other brokerages have also recently issued reports on CCC. Oppenheimer Holdings Inc. initiated coverage on Calgon Carbon Corp. in a research note on Wednesday, June 1st. They issued an “outperform” rating on the stock. Avondale Partners raised Calgon Carbon Corp. from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research note on Monday, August 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.00.
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Calgon Carbon Corp. (NYSE:CCC) traded down 2.568% during mid-day trading on Friday, hitting $14.985. The company’s stock had a trading volume of 444,790 shares. The firm’s 50-day moving average is $14.14 and its 200-day moving average is $14.42. Calgon Carbon Corp. has a 12-month low of $12.70 and a 12-month high of $18.22. The company has a market cap of $758.60 million, a P/E ratio of 23.378 and a beta of 1.10.
Calgon Carbon Corp. (NYSE:CCC) last announced its quarterly earnings data on Friday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by $0.02. Calgon Carbon Corp. had a return on equity of 8.36% and a net margin of 6.42%. The firm earned $132.60 million during the quarter, compared to the consensus estimate of $130.07 million. During the same period last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. Analysts predict that Calgon Carbon Corp. will post $0.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.20 annualized dividend and a dividend yield of 1.30%. Calgon Carbon Corp.’s dividend payout ratio is presently 31.25%.
Several hedge funds have modified their holdings of the stock. Manchester Capital Management LLC raised its stake in shares of Calgon Carbon Corp. by 0.7% in the second quarter. Manchester Capital Management LLC now owns 29,203 shares of the company’s stock valued at $384,000 after buying an additional 200 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Calgon Carbon Corp. by 2.0% in the first quarter. Arizona State Retirement System now owns 25,939 shares of the company’s stock valued at $364,000 after buying an additional 500 shares in the last quarter. Willingdon Wealth Management raised its stake in shares of Calgon Carbon Corp. by 2.5% in the second quarter. Willingdon Wealth Management now owns 60,113 shares of the company’s stock valued at $790,000 after buying an additional 1,452 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Calgon Carbon Corp. by 1.4% in the first quarter. Prudential Financial Inc. now owns 120,917 shares of the company’s stock valued at $1,695,000 after buying an additional 1,700 shares in the last quarter. Finally, Steinberg Global Asset Management raised its stake in shares of Calgon Carbon Corp. by 7.4% in the first quarter. Steinberg Global Asset Management now owns 27,389 shares of the company’s stock valued at $384,000 after buying an additional 1,885 shares in the last quarter. Hedge funds and other institutional investors own 88.73% of the company’s stock.
Calgon Carbon Corp. Company Profile
Calgon Carbon Corporation is engaged in the manufacture, supply, reactivation and application of activated carbons and the manufacture of ballast water treatment, ultraviolet light disinfection and ion-exchange (IX) technologies. The Company’s technologies are used for the treatment of drinking water, wastewater, ballast water, air emissions, and various industrial and commercial manufacturing processes.
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