Stepan Co. (SCL) Reaches New 12-Month High Following Strong Earnings
Stepan Co. (NYSE:SCL) shares hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $77.62 and last traded at $77.59, with a volume of 109,213 shares. The stock had previously closed at $70.14.
The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $1.15. Stepan had a return on equity of 16.78% and a net margin of 5.29%. The firm had revenue of $445.03 million for the quarter, compared to analyst estimates of $444.65 million. During the same quarter in the previous year, the company posted $0.92 EPS. The business’s revenue was up .2% on a year-over-year basis.
Several brokerages recently commented on SCL. TD Securities cut their target price on Stepan from $39.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, August 12th. Zacks Investment Research upgraded Stepan from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Friday, July 8th. National Bank Financial upgraded Stepan from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $32.00 to $37.00 in a research report on Monday, August 15th. Finally, Seaport Global Securities upped their target price on Stepan from $66.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $48.60.
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In other Stepan news, VP Gregory Servatius sold 1,400 shares of the stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $62.86, for a total value of $88,004.00. Following the transaction, the vice president now owns 24,731 shares in the company, valued at $1,554,590.66. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO F Quinn Stepan, Jr. sold 32,000 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $63.46, for a total value of $2,030,720.00. Following the completion of the transaction, the chief executive officer now owns 157,247 shares in the company, valued at approximately $9,978,894.62. The disclosure for this sale can be found here. 14.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Stepan by 5.5% in the second quarter. Vanguard Group Inc. now owns 1,880,554 shares of the company’s stock valued at $111,951,000 after buying an additional 98,079 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Stepan by 5.0% in the second quarter. BlackRock Fund Advisors now owns 1,229,033 shares of the company’s stock valued at $73,164,000 after buying an additional 58,545 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Stepan by 6.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,030,940 shares of the company’s stock valued at $61,371,000 after buying an additional 65,529 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Stepan by 10.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 639,048 shares of the company’s stock valued at $38,043,000 after buying an additional 60,934 shares during the last quarter. Finally, LSV Asset Management raised its position in shares of Stepan by 2.7% in the second quarter. LSV Asset Management now owns 604,500 shares of the company’s stock valued at $35,985,000 after buying an additional 16,065 shares during the last quarter. Institutional investors and hedge funds own 59.68% of the company’s stock.
The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 19.01 and a beta of 1.17. The stock has a 50-day moving average of $71.43 and a 200 day moving average of $63.68.
Stepan Company Profile
Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a variety of end products. The Company has three segments: Surfactants, Polymers and Specialty Products. The Company’s Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes.
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