Engineers Gate Manager LP Sells 64,769 Shares of Calumet, Inc. $CLMT

Key Points

• Engineers Gate Manager LP cut its Calumet stake by 59.7% in the second quarter, selling 64,769 shares and retaining 43,665 shares valued at approximately $1.57 million.
• Institutional interest was mixed but generally supportive: Two Seas Capital initiated a position worth about $238.4 million, while BlackRock and Bank of America increased their holdings. Institutional investors own 34.41% of Calumet.
• Calumet reported quarterly revenue of $1.45 billion, up 40.8% year over year, but missed earnings expectations with a loss of $1.09 per share. The stock recently traded near its one-year high, while analysts maintained a consensus “Hold” rating with an average price target of $51.75.

Engineers Gate Manager LP lessened its holdings in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 59.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,665 shares of the oil and gas company's stock after selling 64,769 shares during the quarter. Engineers Gate Manager LP's holdings in Calumet were worth $1,573,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Two Seas Capital LP acquired a new position in shares of Calumet during the second quarter worth $238,442,000. BlackRock Inc. lifted its holdings in Calumet by 5.1% during the 2nd quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company's stock worth $188,532,000 after buying an additional 253,578 shares during the period. Bank of America Corp DE increased its stake in shares of Calumet by 65.1% in the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company's stock valued at $41,419,000 after buying an additional 454,985 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Calumet in the first quarter valued at about $14,066,000. Finally, First Trust Advisors LP raised its position in shares of Calumet by 36.2% during the first quarter. First Trust Advisors LP now owns 347,486 shares of the oil and gas company's stock worth $12,475,000 after acquiring an additional 92,368 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

Calumet Price Performance

Shares of CLMT opened at $58.01 on Thursday. The stock has a 50-day moving average of $46.84 and a 200-day moving average of $37.77. The company has a market cap of $5.10 billion, a PE ratio of -37.43 and a beta of 0.72. Calumet, Inc. has a one year low of $17.42 and a one year high of $59.08.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The oil and gas company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the business posted ($1.70) earnings per share. The business's revenue for the quarter was up 40.8% compared to the same quarter last year. Analysts expect that Calumet, Inc. will post 0.76 EPS for the current fiscal year.

Insider Activity

In related news, Director Daniel Sajkowski sold 4,240 shares of Calumet stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the sale, the director owned 77,718 shares of the company's stock, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CLMT shares. HC Wainwright upped their target price on Calumet from $60.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. UBS Group boosted their price target on shares of Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 25th. The Goldman Sachs Group boosted their target price on shares of Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Tuesday, August 18th. TD Cowen upped their price target on shares of Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, August 12th. Finally, Citigroup reiterated a "buy" rating on shares of Calumet in a report on Monday, August 10th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $51.75.

Calumet Company Profile

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.

Want to see what other hedge funds are holding CLMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Calumet, Inc. (NASDAQ:CLMT - Free Report).

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.