42,868 Shares of Stepan Company $SCL Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 42,868 Stepan shares worth approximately $2.39 million in the second quarter, giving it a roughly 0.19% stake. Institutional investors collectively own 82.7% of the company.
• Stepan reported quarterly EPS of $1.18, beating estimates of $0.61, while revenue rose 15% year over year to $684.1 million.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating despite some upgrades; Stepan also pays a quarterly dividend of $0.395 per share, equivalent to a 2.5% annual yield.

Bank of America Corp DE purchased a new stake in shares of Stepan Company (NYSE:SCL - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 42,868 shares of the basic materials company's stock, valued at approximately $2,389,000. Bank of America Corp DE owned about 0.19% of Stepan at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new position in shares of Stepan in the second quarter worth approximately $25,000. Allworth Financial LP purchased a new stake in Stepan in the second quarter worth approximately $33,000. State of Wyoming purchased a new stake in Stepan in the second quarter worth approximately $77,000. Quantbot Technologies LP bought a new position in Stepan during the second quarter valued at approximately $129,000. Finally, Inceptionr LLC purchased a new position in shares of Stepan during the first quarter worth approximately $213,000. Hedge funds and other institutional investors own 82.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SCL. Zacks Research raised shares of Stepan from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Seaport Research Partners reissued a "buy" rating and issued a $85.00 price target on shares of Stepan in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Stepan from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings raised Stepan from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Stepan has a consensus rating of "Reduce".

Stepan Stock Performance

Stepan stock opened at $62.21 on Thursday. The company has a current ratio of 1.15, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The firm has a 50-day moving average of $62.87 and a 200-day moving average of $56.04. The firm has a market cap of $1.41 billion, a P/E ratio of -518.41 and a beta of 0.94. Stepan Company has a 1-year low of $41.82 and a 1-year high of $68.00.

Stepan (NYSE:SCL - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The basic materials company reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.57. The business had revenue of $684.11 million during the quarter, compared to analyst estimates of $635.85 million. Stepan had a positive return on equity of 3.90% and a negative net margin of 0.11%.Stepan's quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 EPS. Sell-side analysts expect that Stepan Company will post 2.69 EPS for the current year.

Stepan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.3950 per share. This represents a $1.58 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 1st. Stepan's payout ratio is presently -1,316.67%.

Stepan Company Profile

Stepan Company is a global manufacturer of specialty and intermediate chemicals. Founded in 1932 and headquartered in Northbrook, Illinois, the company develops, manufactures and sells chemical products used by businesses in a range of consumer and industrial markets.

Its principal products include surfactants, which are used in detergents, cleaners, personal care products, agricultural formulations and food applications. Stepan also produces polyurethane polyols, specialty polymers and other chemical intermediates used in insulation, construction materials, automotive products, coatings, adhesives and other industrial applications.

Stepan serves customers across North America, Latin America, Europe and Asia through a network of manufacturing and research facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.