Baird Remains Sidelined on Chemtura (CHMT) Following Mixed 3Q

November 1, 2016 6:52 AM EDT
Get Alerts CHMT Hot Sheet
Price: $33.15 --0%

Rating Summary:
    3 Buy, 8 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade CHMT Now!
Join SI Premium – FREE

Get the Pulse of the Market with's Pulse Picks. Get your Free Trial here.

Baird reiterated a Neutral rating and $33.00 price target on Chemtura Corporation (NYSE: CHMT) following the company's 3Q earnings report. CHMT reported sales of $414M vs. consensus estimates of $429.0M. Non-GAAP EPS was $0.52 vs. $0.49. Increased demand and pricing for bromine and bromine derivatives led to a bottom-line beat for CHMT. However, Clear brine demand remained soft in Q3 due to ongoing weakness in the oil and gas markets.

Analyst Ben Kallo commented, "Q3 results missed consensus estimates on the top line, but beat our/consensus adj. EPS on strong margins. Core segment sales were impacted by lower volumes and selling prices y/y, although operating income increased y/y and was helped by improved bromine pricing. Additionally, the merger agreement with Lanxess remains on track to close by mid-2017, which will likely dictate stock performance going forward. We continue to believe it is unlikely a competing offer will materialize."

For an analyst ratings summary and ratings history on Chemtura Corporation click here. For more ratings news on Chemtura Corporation click here.

Shares of Chemtura Corporation closed at $32.80 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View

Related Entities

Robert W Baird, Earnings, Definitive Agreement, Ben Kallo

Add Your Comment