433,139 Shares of Kronos Worldwide Inc $KRO Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 433,139 shares of Kronos Worldwide in the second quarter, valued at approximately $2.74 million and representing about 0.38% of the company. Institutional investors collectively owned 15.11% of KRO.
• Kronos Worldwide reported quarterly revenue of $558.1 million and EPS of $0.13, exceeding analysts’ estimates of $484.5 million and $0.07, respectively, though it continued to post negative net margins and return on equity.
• KRO shares opened at $7.93, while the company maintained its quarterly dividend of $0.05 per share, equivalent to a 2.5% annualized yield. Analyst sentiment was mixed, with a consensus “Reduce” rating and an $8.50 price target.

Bank of America Corp DE acquired a new stake in shares of Kronos Worldwide Inc (NYSE:KRO - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 433,139 shares of the specialty chemicals company's stock, valued at approximately $2,742,000. Bank of America Corp DE owned approximately 0.38% of Kronos Worldwide at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Kronos Worldwide during the 2nd quarter worth approximately $10,886,000. Bank of New York Mellon Corp purchased a new stake in shares of Kronos Worldwide in the second quarter valued at $5,030,000. Dayah Capital LLC purchased a new stake in shares of Kronos Worldwide in the second quarter valued at $878,000. Monaco Asset Management SAM purchased a new stake in shares of Kronos Worldwide in the second quarter valued at $964,000. Finally, PDT Partners LLC acquired a new stake in shares of Kronos Worldwide in the second quarter worth $1,336,000. 15.11% of the stock is currently owned by institutional investors and hedge funds.

Kronos Worldwide Stock Down 2.5%

KRO stock opened at $7.93 on Wednesday. The company has a current ratio of 3.30, a quick ratio of 1.55 and a debt-to-equity ratio of 0.76. Kronos Worldwide Inc has a 1 year low of $4.08 and a 1 year high of $9.17. The company has a fifty day simple moving average of $7.90 and a 200 day simple moving average of $7.04. The firm has a market cap of $912.74 million, a PE ratio of -8.35 and a beta of 1.08.

Kronos Worldwide (NYSE:KRO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The specialty chemicals company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.06. Kronos Worldwide had a negative net margin of 5.63% and a negative return on equity of 12.28%. The firm had revenue of $558.10 million during the quarter, compared to analysts' expectations of $484.51 million. Sell-side analysts anticipate that Kronos Worldwide Inc will post 0.35 EPS for the current fiscal year.

Kronos Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, September 3rd. Kronos Worldwide's dividend payout ratio (DPR) is presently -21.05%.

Wall Street Analysts Forecast Growth

KRO has been the topic of a number of research analyst reports. Weiss Ratings upgraded Kronos Worldwide from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, July 10th. Zacks Research downgraded Kronos Worldwide from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 14th. Wall Street Zen upgraded Kronos Worldwide from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Kronos Worldwide from $6.00 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, August 25th. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $8.00 target price on shares of Kronos Worldwide in a report on Thursday, August 13th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $8.50.

About Kronos Worldwide

Kronos Worldwide, Inc NYSE: KRO is a global producer and marketer of titanium dioxide (TiO₂) pigments. Its products are used to provide whiteness, opacity, brightness and durability in a broad range of applications, including paints and coatings, plastics, paper, printing inks and other specialty products.

The company also produces titanium chemicals and coproducts, including iron salts and other materials generated through its manufacturing processes. Kronos sells its products primarily to industrial customers and serves markets in North America, Europe and other international regions.

Kronos Worldwide traces its operating history to the early 20th century and is headquartered in Dallas, Texas.

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