Calumet (NASDAQ:CLMT) Major Shareholder Group Heritage Sells 626,998 Shares

Calumet, Inc. (NASDAQ:CLMT) major shareholder Group Heritage sold 626,998 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the transaction, the insider directly owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Calumet Stock Down 0.4%

Shares of CLMT traded down $0.12 during mid-day trading on Tuesday, reaching $32.23. 708,794 shares of the company’s stock were exchanged, compared to its average volume of 1,329,058. The company has a 50-day simple moving average of $31.85 and a two-hundred day simple moving average of $25.32. Calumet, Inc. has a 52-week low of $12.70 and a 52-week high of $36.94. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -14.92 and a beta of 0.72.

Calumet (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, May 8th. The oil and gas company reported ($3.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($3.31). The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. During the same period last year, the business posted ($1.87) earnings per share. Calumet’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts predict that Calumet, Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of Calumet

Several hedge funds and other institutional investors have recently bought and sold shares of CLMT. Islay Capital Management LLC purchased a new stake in shares of Calumet during the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd grew its stake in shares of Calumet by 294.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,229 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Calumet during the 4th quarter valued at $34,000. KBC Group NV purchased a new stake in shares of Calumet during the 1st quarter valued at $69,000. Finally, Covestor Ltd grew its stake in shares of Calumet by 29.1% during the 4th quarter. Covestor Ltd now owns 2,180 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 492 shares during the period. 34.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. UBS Group reissued a “neutral” rating and set a $26.00 price objective on shares of Calumet in a research note on Friday, February 13th. The Goldman Sachs Group cut shares of Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a research note on Friday, April 24th. Weiss Ratings raised shares of Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. TD Cowen lifted their target price on shares of Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a research note on Thursday, March 5th. Finally, HC Wainwright lifted their target price on shares of Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Calumet currently has an average rating of “Hold” and an average price target of $36.75.

About Calumet

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.