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

Calumet, Inc. (NASDAQ:CLMT) major shareholder Group Heritage sold 626,998 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were 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 in the company, valued at $422,376,065.94. The trade was a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Calumet Stock Performance

Shares of CLMT opened at $32.23 on Wednesday. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -14.92 and a beta of 0.72. The company’s 50 day simple moving average is $31.89 and its 200 day simple moving average is $25.41. Calumet, Inc. has a 1 year low of $12.70 and a 1 year high of $36.94.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. The Goldman Sachs Group downgraded Calumet from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a research report on Friday, April 24th. UBS Group reiterated a “neutral” rating and set a $26.00 target price on shares of Calumet in a research report on Friday, February 13th. TD Cowen increased their target price on Calumet from $19.00 to $25.00 and gave the stock a “hold” rating in a research report on Thursday, March 5th. Weiss Ratings upgraded Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. Finally, HC Wainwright increased their target price on Calumet from $33.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $36.75.

Hedge Funds Weigh In On Calumet

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Calumet by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,703,040 shares of the oil and gas company’s stock worth $93,449,000 after purchasing an additional 58,376 shares during the period. Bank of America Corp DE raised its holdings in shares of Calumet by 65.1% in the 1st quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock worth $41,419,000 after purchasing an additional 454,985 shares during the period. Marshall Wace LLP raised its holdings in shares of Calumet by 35.8% in the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after purchasing an additional 234,766 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Calumet in the 1st quarter worth about $14,066,000. Finally, Mariner LLC raised its holdings in shares of Calumet by 959.6% in the 3rd quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock worth $6,742,000 after purchasing an additional 334,544 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Company Profile

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.