390,906 Calumet, Inc. $CLMT Shares Bought by State Street Corp

Key Points

• State Street increased its Calumet position by 12.7%, buying 390,906 shares to hold 3.47 million shares worth approximately $125 million, or 3.95% of the company.
• Analyst sentiment remains mixed: Calumet has a consensus “Hold” rating and an average price target of $51.75, with recent target increases from UBS, HC Wainwright and Goldman Sachs.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but its $1.09 loss per share significantly missed the $0.07 consensus estimate. Shares opened at $53.85, near the upper end of their 12-month range.

State Street Corp grew its position in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) by 12.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,471,065 shares of the oil and gas company's stock after acquiring an additional 390,906 shares during the period. State Street Corp owned about 3.95% of Calumet worth $125,028,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its position in Calumet by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,852 shares of the oil and gas company's stock valued at $1,075,000 after purchasing an additional 468 shares during the last quarter. BlueCrest Capital Management Ltd increased its position in shares of Calumet by 33.3% during the second quarter. BlueCrest Capital Management Ltd now owns 80,000 shares of the oil and gas company's stock valued at $2,882,000 after buying an additional 20,000 shares during the period. Nykredit A S purchased a new stake in Calumet in the second quarter worth about $57,000. Concurrent Investment Advisors LLC purchased a new stake in Calumet in the second quarter worth about $2,067,000. Finally, AXQ Capital LP bought a new stake in Calumet during the 2nd quarter valued at approximately $406,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. UBS Group increased their target price on Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 25th. HC Wainwright upped their price target on Calumet from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, September 2nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. The Goldman Sachs Group raised their price objective on Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Tuesday, August 18th. Finally, Citigroup reiterated a "buy" rating on shares of Calumet in a research note on Monday, August 10th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $51.75.

Calumet Trading Down 1.0%

Shares of NASDAQ:CLMT opened at $53.85 on Friday. The stock has a fifty day simple moving average of $48.88 and a two-hundred day simple moving average of $38.96. Calumet, Inc. has a 12-month low of $17.42 and a 12-month high of $59.87. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of -34.74 and a beta of 0.72.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16). The firm had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same period in the previous year, the firm earned ($1.70) EPS. Calumet's quarterly revenue was up 40.8% on a year-over-year basis. As a group, equities research analysts predict that Calumet, Inc. will post 0.76 EPS for the current year.

Insider Transactions at Calumet

In other Calumet news, Director Daniel Sajkowski sold 4,240 shares of Calumet stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the transaction, the director directly owned 77,718 shares of the company's stock, valued at approximately $2,810,282.88. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.15% of the company's stock.

Calumet Profile

Calumet, formally Calumet Specialty Products Partners, L.P., is a producer of specialty hydrocarbon products and renewable fuels. The company supplies products used in transportation, industrial, commercial and consumer applications, with an emphasis on products that are tailored to specific performance requirements rather than sold solely as commodity fuels.

Its product portfolio includes lubricating oils and additives, solvents, waxes, asphalt and other specialty products, as well as gasoline, diesel and other fuel products.

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