Bank of America Corp DE Purchases 454,985 Shares of Calumet, Inc. $CLMT

Key Points

• Bank of America increased its Calumet position by 65.1% in the first quarter, purchasing 454,985 shares and bringing its total holdings to 1.15 million shares, worth approximately $41.4 million.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but its adjusted loss of $1.09 per share missed the consensus estimate of $0.07 earnings per share.
• Shares opened at $48.79, near their 12-month high of $49.17. Analysts maintain a consensus “Hold” rating with an average price target of $41.50, below the current share price.

Bank of America Corp DE boosted its position in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 65.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,153,744 shares of the oil and gas company's stock after purchasing an additional 454,985 shares during the period. Bank of America Corp DE owned about 1.32% of Calumet worth $41,419,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Islay Capital Management LLC bought a new stake in shares of Calumet in the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd grew its stake in shares of Calumet by 294.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock worth $33,000 after acquiring an additional 1,229 shares during the period. Global Retirement Partners LLC bought a new position in shares of Calumet during the 4th quarter worth $34,000. KBC Group NV purchased a new stake in Calumet in the 1st quarter worth about $69,000. Finally, Covestor Ltd raised its stake in Calumet by 29.1% in the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock valued at $43,000 after acquiring an additional 492 shares during the period. 34.41% of the stock is owned by institutional investors.

Insider Buying and Selling at Calumet

In other news, Director Daniel J. Sajkowski sold 4,240 shares of the company's 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 sale, the director directly owned 77,718 shares of the company's stock, valued at $2,810,282.88. This represents a 5.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.15% of the stock is owned by corporate insiders.

Calumet Trading Up 3.4%

Shares of NASDAQ CLMT opened at $48.79 on Friday. The firm has a fifty day simple moving average of $38.79 and a two-hundred day simple moving average of $33.45. Calumet, Inc. has a 12 month low of $12.94 and a 12 month high of $49.17. The firm has a market capitalization of $4.25 billion, a PE ratio of -31.48 and a beta of 0.71.

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 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 analyst estimates of $1.12 billion. During the same quarter last year, the firm posted ($1.70) earnings per share. The business's quarterly revenue was up 40.8% on a year-over-year basis. On average, sell-side analysts predict that Calumet, Inc. will post 0.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. TD Cowen upped their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a report on Wednesday. Citigroup reiterated a "buy" rating on shares of Calumet in a research note on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a research report on Friday, August 7th. Finally, The Goldman Sachs Group upped their price target on shares of Calumet from $36.00 to $40.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Calumet currently has an average rating of "Hold" and an average price target of $41.50.

Calumet Profile

Calumet Specialty Products Partners, L.P. NASDAQ: CLMT is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet's product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source