Bank of America Corp DE Buys Shares of 981,353 Calumet, Inc. $CLMT

Key Points

• Bank of America acquired 981,353 Calumet shares worth approximately $35.3 million, giving it a 1.12% stake. Several other institutions also initiated positions, while institutional investors collectively own 34.41% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $51.75 target price; price targets range from $40 to $75. Calumet’s shares recently opened at $58.12, near their 52-week high of $59.87.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but posted an adjusted loss of $1.09 per share versus analysts’ expected $0.07 profit.

Bank of America Corp DE bought a new stake in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 981,353 shares of the oil and gas company's stock, valued at approximately $35,348,000. Bank of America Corp DE owned about 1.12% of Calumet at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CLMT. Jupiter Topco LLC bought a new stake in Calumet in the second quarter valued at $8,120,000. Legal & General Group Plc bought a new stake in shares of Calumet during the second quarter valued at approximately $1,734,000. The Manufacturers Life Insurance Company bought a new stake in shares of Calumet during the second quarter valued at approximately $1,075,000. Van Hulzen Asset Management LLC acquired a new position in shares of Calumet during the second quarter worth approximately $216,000. Finally, Cibc World Market Inc. acquired a new position in shares of Calumet during the second quarter worth approximately $287,000. Institutional investors own 34.41% of the company's stock.

Insiders Place Their Bets

In related news, Director Daniel Sajkowski sold 4,240 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the transaction, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. This represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CLMT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. The Goldman Sachs Group raised their price target on Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Tuesday, August 18th. Citigroup reaffirmed a "buy" rating on shares of Calumet in a report on Monday, August 10th. HC Wainwright raised their price objective on shares of Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Finally, TD Cowen raised their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $51.75.

Calumet Stock Performance

NASDAQ CLMT opened at $58.12 on Tuesday. The stock has a market capitalization of $5.11 billion, a P/E ratio of -37.50 and a beta of 0.72. Calumet, Inc. has a 1 year low of $17.42 and a 1 year high of $59.87. The business's fifty day moving average is $48.00 and its two-hundred day moving average is $38.43.

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

About Calumet

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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