Millennium Management LLC lifted its stake in shares of Huntsman Co. (NYSE:HUN) by 766.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,494,754 shares of the basic materials company’s stock after buying an additional 5,744,820 shares during the quarter. Huntsman comprises about 0.3% of Millennium Management LLC’s portfolio, making the stock its 28th largest holding. Millennium Management LLC owned approximately 2.71% of Huntsman worth $216,210,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Cushing Asset Management LP acquired a new stake in shares of Huntsman during the 4th quarter worth about $1,248,000. Flinton Capital Management LLC acquired a new stake in shares of Huntsman during the 4th quarter worth about $2,120,000. Meadow Creek Investment Management LLC acquired a new stake in Huntsman in the 4th quarter worth about $2,916,000. Cornerstone Capital Management Holdings LLC. raised its stake in Huntsman by 1,329.3% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 732,876 shares of the basic materials company’s stock worth $24,397,000 after purchasing an additional 681,601 shares in the last quarter. Finally, Paloma Partners Management Co raised its stake in Huntsman by 46.2% in the 4th quarter. Paloma Partners Management Co now owns 32,785 shares of the basic materials company’s stock worth $1,091,000 after purchasing an additional 10,354 shares in the last quarter. Institutional investors own 76.04% of the company’s stock.
Several brokerages have weighed in on HUN. Citigroup lifted their price objective on shares of Huntsman from $41.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Tudor Pickering began coverage on shares of Huntsman in a research note on Friday, January 19th. They issued a “buy” rating for the company. ValuEngine cut shares of Huntsman from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 15th. Goldman Sachs Group reiterated a “hold” rating and issued a $36.00 price objective on shares of Huntsman in a research note on Monday, December 4th. Finally, KeyCorp lifted their price objective on shares of Huntsman from $37.00 to $42.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $35.92.
Huntsman (NYSE:HUN) last issued its earnings results on Friday, February 23rd. The basic materials company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.66 by $0.10. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Huntsman had a net margin of 6.73% and a return on equity of 29.30%. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 EPS. sell-side analysts predict that Huntsman Co. will post 2.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be given a $0.1625 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from Huntsman’s previous quarterly dividend of $0.13. This represents a $0.65 annualized dividend and a dividend yield of 1.99%. Huntsman’s payout ratio is presently 28.74%.
Huntsman declared that its Board of Directors has approved a stock repurchase plan on Friday, February 23rd that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the basic materials company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, CEO Anthony P. Hankins sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $33.24, for a total value of $3,324,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Monte G. Edlund sold 2,000 shares of the business’s stock in a transaction that occurred on Saturday, February 17th. The shares were sold at an average price of $21.40, for a total transaction of $42,800.00. Following the completion of the transaction, the insider now owns 52,696 shares of the company’s stock, valued at $1,127,694.40. The disclosure for this sale can be found here. Insiders sold a total of 2,150,955 shares of company stock valued at $48,905,165 over the last 90 days. Corporate insiders own 19.00% of the company’s stock.
Huntsman Corporation is a manufacturer of differentiated organic chemical products and of inorganic chemical products. The Company operates all of its businesses through its subsidiary, Huntsman International LLC (Huntsman International). The Company operates through five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives.
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