Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 5.9% – Here’s Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price was down 5.9% on Thursday . The stock traded as low as $16.45 and last traded at $16.39. Approximately 247,632 shares traded hands during trading, a decline of 83% from the average daily volume of 1,442,284 shares. The stock had previously closed at $17.41.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. UBS Group lowered shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and cut their target price for the stock from $20.50 to $15.00 in a research report on Tuesday, February 4th. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Wednesday. Wells Fargo & Company boosted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, TD Cowen reduced their price target on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, Calumet Specialty Products Partners currently has a consensus rating of “Hold” and a consensus target price of $23.60.

Calumet Specialty Products Partners Stock Performance

The company has a market cap of $1.41 billion, a P/E ratio of -5.96 and a beta of 1.88. The business has a 50 day moving average price of $19.48 and a two-hundred day moving average price of $18.99.

Insider Buying and Selling at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 37,861 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value of $810,982.62. Following the transaction, the director now owns 1,184,589 shares in the company, valued at approximately $25,373,896.38. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.91% of the company’s stock.

Calumet Specialty Products Partners Company Profile

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.