Cannell & Spears LLC Trims Stock Position in Constellium SE $CSTM

Key Points

• Cannell & Spears LLC cut its Constellium stake by 6% in the first quarter, selling 57,847 shares and leaving it with 909,200 shares valued at about $22.35 million.
• Several other institutional investors significantly increased their holdings, and 92.59% of Constellium stock is owned by institutions and hedge funds.
• Constellium reported better-than-expected quarterly results with EPS of $1.42 versus $0.62 expected and revenue of $2.46 billion, even as the stock traded down 3.3% to $29.02.

Cannell & Spears LLC lessened its stake in Constellium SE (NYSE:CSTM - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 909,200 shares of the industrial products company's stock after selling 57,847 shares during the quarter. Cannell & Spears LLC owned 0.67% of Constellium worth $22,348,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Constellium by 894.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,056,336 shares of the industrial products company's stock valued at $50,545,000 after acquiring an additional 1,849,554 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of Constellium by 848.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 59,335 shares of the industrial products company's stock worth $1,458,000 after purchasing an additional 53,081 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Constellium by 620.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,228,027 shares of the industrial products company's stock worth $79,345,000 after purchasing an additional 2,780,260 shares during the period. Sei Investments Co. increased its holdings in shares of Constellium by 159.2% during the 1st quarter. Sei Investments Co. now owns 231,774 shares of the industrial products company's stock valued at $5,697,000 after purchasing an additional 142,340 shares in the last quarter. Finally, Walleye Capital LLC purchased a new position in shares of Constellium during the 1st quarter valued at approximately $496,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Constellium

In related news, insider Philippe Hoffmann sold 50,000 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $31.92, for a total value of $1,596,000.00. Following the transaction, the insider directly owned 144,153 shares of the company's stock, valued at approximately $4,601,363.76. This trade represents a 25.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Philip Ryan Jurkovic sold 48,784 shares of Constellium stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $32.01, for a total value of $1,561,575.84. Following the completion of the sale, the senior vice president owned 172,149 shares in the company, valued at approximately $5,510,489.49. The trade was a 22.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 195,153 shares of company stock valued at $6,369,312. Insiders own 1.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CSTM. Weiss Ratings downgraded shares of Constellium from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $34.00 price objective (up from $30.00) on shares of Constellium in a report on Thursday, April 30th. BMO Capital Markets set a $32.00 price objective on shares of Constellium and gave the stock an "outperform" rating in a research report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $40.00 target price on shares of Constellium in a research note on Thursday, April 30th. Finally, Zacks Research cut Constellium from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Constellium presently has a consensus rating of "Moderate Buy" and an average price target of $35.60.

Constellium Trading Down 3.3%

Shares of NYSE:CSTM opened at $29.02 on Friday. The business's 50 day moving average price is $32.11 and its 200-day moving average price is $28.23. Constellium SE has a 1 year low of $13.04 and a 1 year high of $36.99. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 9.39 and a beta of 1.55. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.39 and a quick ratio of 0.60.

Constellium (NYSE:CSTM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The industrial products company reported $1.42 EPS for the quarter, topping the consensus estimate of $0.62 by $0.80. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.43 billion. Constellium had a net margin of 4.87% and a return on equity of 46.22%. The firm's revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. On average, equities research analysts forecast that Constellium SE will post 3.41 earnings per share for the current fiscal year.

About Constellium

Constellium SE is a global leader in the design and manufacture of high-performance aluminum products and solutions. The company serves key markets including aerospace, automotive, and packaging, offering advanced rolled and extruded aluminum sheet, plate and structural components. Its product portfolio encompasses precision-engineered parts for commercial and military aircraft, automotive body structures and closures, beverage and specialty packaging, as well as industrial and structural applications.

Established in 2011 through the consolidation of Rio Tinto Alcan's rolled-products and engineered-products businesses, Constellium has built a reputation for innovation in lightweighting and sustainability.

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