Zacks Investment Research upgraded shares of Balchem (NASDAQ:BCPC) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. They currently have $156.00 price target on the basic materials company’s stock.
According to Zacks, “Balchem Corporation provides state-of-the-art solutions and the finest quality products for a range of industries worldwide. Balchem Company consists of four business segments: Human Nutrition & Health; Animal Nutrition & Health; Specialty Products; and Industrial Products. The Human Nutrition & Health segment delivers customized food and beverage ingredient systems, as well as key nutrients into a variety of applications across the food, supplement and pharmaceutical industries. The Animal Nutrition & Health segment manufactures and supplies products to numerous animal health markets. Through Specialty Products, Balchem provides specialty-packaged chemicals for use in healthcare and other industries, and also provides chelated minerals to the micronutrient agricultural market. The Industrial Products segment manufactures and supplies certain derivative products into industrial applications. “
BCPC has been the topic of several other research reports. HC Wainwright boosted their price objective on Balchem from $145.00 to $160.00 and gave the stock a buy rating in a report on Monday, August 2nd. Stephens cut Balchem from an overweight rating to an equal weight rating and lifted their target price for the company from $140.00 to $145.00 in a research note on Monday, August 2nd. They noted that the move was a valuation call.
Balchem (NASDAQ:BCPC) last issued its quarterly earnings data on Thursday, July 29th. The basic materials company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.05. Balchem had a net margin of 12.08% and a return on equity of 13.38%. The business had revenue of $202.37 million for the quarter, compared to analysts’ expectations of $191.00 million. On average, sell-side analysts anticipate that Balchem will post 3.78 earnings per share for the current fiscal year.
In other news, CAO William A. Backus sold 12,248 shares of the stock in a transaction on Friday, August 6th. The stock was sold at an average price of $134.04, for a total transaction of $1,641,721.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO William A. Backus sold 10,520 shares of the stock in a transaction dated Monday, August 9th. The shares were sold at an average price of $132.02, for a total value of $1,388,850.40. The disclosure for this sale can be found here. 1.54% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eaton Vance Management grew its stake in Balchem by 1.7% in the first quarter. Eaton Vance Management now owns 106,663 shares of the basic materials company’s stock valued at $13,376,000 after purchasing an additional 1,812 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Balchem by 17.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,259 shares of the basic materials company’s stock worth $559,000 after purchasing an additional 633 shares during the last quarter. Rhumbline Advisers lifted its holdings in Balchem by 1.2% during the 1st quarter. Rhumbline Advisers now owns 95,841 shares of the basic materials company’s stock worth $12,019,000 after purchasing an additional 1,137 shares during the last quarter. Man Group plc lifted its holdings in Balchem by 14.4% during the 1st quarter. Man Group plc now owns 2,125 shares of the basic materials company’s stock worth $266,000 after purchasing an additional 268 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in Balchem by 37.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 385,461 shares of the basic materials company’s stock worth $48,341,000 after purchasing an additional 104,794 shares during the last quarter. 86.94% of the stock is currently owned by institutional investors.
Balchem Company Profile
Balchem Corp. provides marketing of specialty performance ingredients and products. It operates through the following segments: Human Nutrition and Health, Animal Nutrition and Health, Specialty Products and Industrial Products. The Human Nutrition and Health segment supplies ingredients in the food and beverage industry, providing customized solutions in powder, solid and liquid flavor delivery systems, spray dried emulsified powder systems, and cereal systems.
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