Calumet (NASDAQ:CLMT) Stock Price Down 2.7% on Insider Selling

Shares of Calumet, Inc. (NASDAQ:CLMT) fell 2.7% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $16.27 and last traded at $16.43. 209,452 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 958,886 shares. The stock had previously closed at $16.88.

Specifically, Director Jennifer Straumins sold 100,000 shares of Calumet stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.23, for a total value of $1,623,000.00. Following the completion of the transaction, the director now directly owns 934,589 shares of the company’s stock, valued at $15,168,379.47. The trade was a 9.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer Straumins sold 50,000 shares of Calumet stock in a transaction on Friday, June 13th. The shares were sold at an average price of $15.08, for a total value of $754,000.00. Following the completion of the transaction, the director now directly owns 1,034,589 shares of the company’s stock, valued at $15,601,602.12. This represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Calumet news, SVP Gregory J. Morical sold 25,123 shares of Calumet stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.69, for a total value of $419,302.87. Following the completion of the transaction, the senior vice president now directly owns 39,415 shares of the company’s stock, valued at $657,836.35. The trade was a 38.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CLMT. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Calumet in a report on Monday, March 3rd. UBS Group upgraded Calumet from a “sell” rating to a “neutral” rating and decreased their price target for the company from $15.00 to $12.00 in a research note on Monday, March 17th. TD Cowen lowered Calumet from a “buy” rating to a “hold” rating and decreased their price target for the company from $26.00 to $16.00 in a research note on Tuesday, March 4th. Wells Fargo & Company decreased their price target on Calumet from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 14th. Finally, Bank of America initiated coverage on Calumet in a research note on Tuesday, May 13th. They issued a “buy” rating and a $15.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Calumet presently has an average rating of “Hold” and an average price target of $18.50.

Calumet Stock Performance

The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -4.11 and a beta of 0.91. The business has a 50 day moving average price of $12.65 and a 200-day moving average price of $15.21.

Calumet (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.62). The firm had revenue of $993.90 million during the quarter, compared to the consensus estimate of $899.62 million. Calumet’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.51) earnings per share. As a group, equities analysts predict that Calumet, Inc. will post -3.02 EPS for the current fiscal year.

About Calumet

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.