Calgon Carbon (CCC) Lowered to “Sell” at Zacks Investment Research

Calgon Carbon (NYSE:CCC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.

According to Zacks, “Earnings estimate of Calgon Carbon for the fourth quarter of 2017 has been going down of late. Calgon Carbon faces headwinds from higher operating and other expenses which may continue to hurt its earnings in the fourth quarter. Demand for activated carbon also remain weak in specific markets. The company is also exposed to weakness in its equipment business. Its stretched valuation is another concern.”

Calgon Carbon (CCC) traded up $0.05 during trading on Thursday, reaching $21.35. The company’s stock had a trading volume of 1,556,601 shares, compared to its average volume of 1,152,256. Calgon Carbon has a twelve month low of $12.00 and a twelve month high of $22.10. The company has a current ratio of 2.80, a quick ratio of 1.68 and a debt-to-equity ratio of 0.59. The stock has a market cap of $1,084.81, a P/E ratio of 49.65 and a beta of 1.07.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Calgon Carbon by 1.9% in the fourth quarter. BlackRock Inc. now owns 6,485,473 shares of the industrial products company’s stock worth $138,140,000 after buying an additional 118,675 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Calgon Carbon by 2.3% in the second quarter. Vanguard Group Inc. now owns 4,729,298 shares of the industrial products company’s stock worth $71,412,000 after buying an additional 107,866 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Calgon Carbon by 6.2% in the third quarter. Dimensional Fund Advisors LP now owns 3,367,237 shares of the industrial products company’s stock worth $72,059,000 after buying an additional 196,344 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Calgon Carbon in the third quarter worth about $51,004,000. Finally, Gabelli Funds LLC boosted its stake in shares of Calgon Carbon by 45.2% in the fourth quarter. Gabelli Funds LLC now owns 1,737,531 shares of the industrial products company’s stock worth $37,009,000 after buying an additional 541,240 shares during the last quarter. Hedge funds and other institutional investors own 91.68% of the company’s stock.

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About Calgon Carbon

Calgon Carbon Corporation is a manufacturer of activated carbon, with capabilities in ultraviolet (UV) light disinfection. The Company provides purification solutions for drinking water, wastewater, pollution abatement, and a range of industrial and commercial manufacturing processes. The Company operates through four segments: Activated Carbon and Service, Equipment, Consumer and Other.

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