Kronos Worldwide (NYSE:KRO) Shares Gap Down Following Weak Earnings
Kronos Worldwide (NYSE:KRO) shares fell sharply after the company reported disappointing earnings, with a loss of $0.32 per share against an expected loss of $0.06. The stock opened at $4.10, down from a previous close of $4.72, and last traded at $4.2860. The company also announced a quarterly dividend of $0.05 per share, payable on December 11. Analysts have downgraded the stock, with Goldman Sachs lowering its target price from $8.50 to $6.00, reflecting a consensus rating of "Strong Sell."
Kronos Worldwide Inc (NYSE:KRO - Get Free Report) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $4.72, but opened at $4.10. Kronos Worldwide shares last traded at $4.2860, with a volume of 75,591 shares traded.
The specialty chemicals company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.26). The company had revenue of $456.90 million during the quarter, compared to analyst estimates of $519.27 million. Kronos Worldwide had a net margin of 3.57% and a return on equity of 8.04%.
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Kronos Worldwide Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 11th. Investors of record on Friday, November 21st will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $0.20 annualized dividend and a yield of 4.6%. Kronos Worldwide's dividend payout ratio (DPR) is presently 34.48%.
Analyst Ratings Changes
Several equities research analysts have commented on the stock. The Goldman Sachs Group lowered their target price on shares of Kronos Worldwide from $8.50 to $6.00 and set a "sell" rating for the company in a research note on Friday, October 17th. Wall Street Zen cut shares of Kronos Worldwide from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Kronos Worldwide in a report on Wednesday, October 8th. Finally, Zacks Research upgraded Kronos Worldwide from a "strong sell" rating to a "hold" rating in a report on Monday, October 27th. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Kronos Worldwide has an average rating of "Strong Sell" and a consensus price target of $6.50.
Get Our Latest Stock Analysis on Kronos Worldwide
Institutional Investors Weigh In On Kronos Worldwide
Several institutional investors and hedge funds have recently added to or reduced their stakes in KRO. Nuveen LLC acquired a new stake in shares of Kronos Worldwide in the 1st quarter valued at approximately $2,090,000. Allworth Financial LP raised its position in Kronos Worldwide by 260.5% during the first quarter. Allworth Financial LP now owns 68,501 shares of the specialty chemicals company's stock worth $528,000 after acquiring an additional 49,501 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Kronos Worldwide by 7.9% in the second quarter. Janney Montgomery Scott LLC now owns 57,469 shares of the specialty chemicals company's stock valued at $356,000 after acquiring an additional 4,214 shares during the last quarter. Trexquant Investment LP grew its position in shares of Kronos Worldwide by 67.1% in the 1st quarter. Trexquant Investment LP now owns 17,811 shares of the specialty chemicals company's stock valued at $133,000 after acquiring an additional 7,151 shares during the period. Finally, GSA Capital Partners LLP increased its stake in shares of Kronos Worldwide by 40.0% during the 1st quarter. GSA Capital Partners LLP now owns 121,097 shares of the specialty chemicals company's stock worth $906,000 after purchasing an additional 34,620 shares during the last quarter. 15.11% of the stock is owned by institutional investors.
Kronos Worldwide Stock Performance
The company has a market capitalization of $503.70 million, a P/E ratio of 7.53 and a beta of 1.11. The stock's fifty day moving average price is $5.54 and its 200-day moving average price is $6.15. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.04 and a current ratio of 2.79.
Kronos Worldwide Company Profile
(Get Free Report)Kronos Worldwide, Inc produces and markets titanium dioxide pigments (TiO2) in Europe, North America, the Asia Pacific, and internationally. The company produces TiO2 in two crystalline forms, rutile and anatase to impart whiteness, brightness, opacity, and durability for various products, including paints, coatings, plastics, paper, fibers, and ceramics, as well as for various specialty products, such as inks, foods, and cosmetics.
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