Renaissance Technologies LLC Makes New Investment in Calumet, Inc. $CLMT

Key Points

• Renaissance Technologies initiated a Calumet stake of 391,800 shares worth approximately $14.1 million, representing 0.45% of the company. Institutional investors collectively own 34.41% of Calumet.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a consensus price target of $37.75, below the stock’s recent $44.19 price.
• Calumet reported a first-quarter EPS loss of $3.64, significantly below the expected $0.33 loss, despite revenue rising 3.6% year over year to $1.03 billion; major shareholders and a director also recently sold shares.

Renaissance Technologies LLC bought a new stake in shares of Calumet, Inc. (NASDAQ:CLMT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 391,800 shares of the oil and gas company's stock, valued at approximately $14,066,000. Renaissance Technologies LLC owned 0.45% of Calumet as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of CLMT. Islay Capital Management LLC bought a new stake in shares of Calumet in the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd lifted its position in Calumet by 294.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 1,229 shares during the period. Global Retirement Partners LLC bought a new position in Calumet during the fourth quarter valued at approximately $34,000. Covestor Ltd boosted its holdings in Calumet by 29.1% in the fourth quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company's stock worth $43,000 after purchasing an additional 492 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Calumet in the third quarter worth approximately $59,000. Institutional investors own 34.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. The Goldman Sachs Group lifted their target price on shares of Calumet from $36.00 to $40.00 and gave the stock a "neutral" rating in a research report on Thursday. TD Cowen reissued a "hold" rating on shares of Calumet in a report on Wednesday, June 3rd. Finally, Weiss Ratings upgraded Calumet from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $37.75.

Calumet Stock Up 1.0%

NASDAQ CLMT opened at $44.19 on Friday. Calumet, Inc. has a 52 week low of $12.94 and a 52 week high of $45.20. The firm has a market capitalization of $3.85 billion, a P/E ratio of -20.46 and a beta of 0.72. The company has a 50-day moving average price of $37.33 and a 200-day moving average price of $31.90.

Calumet (NASDAQ:CLMT - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($3.31). The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1 billion. The company's revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.87) earnings per share. As a group, equities research analysts anticipate that Calumet, Inc. will post -0.13 EPS for the current year.

Insider Activity at Calumet

In other news, major shareholder Group Heritage sold 626,998 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the completion of the sale, the insider owned 12,980,211 shares of the company's stock, valued at $422,376,065.94. The trade was a 4.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Daniel J. Sajkowski sold 4,240 shares of the company's stock in a transaction 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 completion of the sale, the director owned 77,718 shares of the company's stock, valued at $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.07% of the stock is currently owned by company insiders.

Calumet Company 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.

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