Shares of Platform Specialty Products Corp (NYSE:PAH) are trading up a lot today after the company officially appointed a new CEO. Taking over as the latest Chief Executive Officer for the company will be former Sigma-Aldrich Corp. CEO Rakesh Sachdev. This move will be effective starting on Janyary 5, 2016, and Sachdev will also serve on Platform Specialty Products Corp (NYSE:PAH) board.
Sachdev replaces the recently retired Daniel Leever, and he brings plenty of experience to the table. Having worked as President and CEO of Sigma-Adrich from November of 2010 – November of 2015, and President Asia Pacific for Arvin Meritor from 2007-2008, he looks to help advance Platform Specialty Products Corp (NYSE:PAH), increase revenues and make shares of company stock more attractive to investors.
“Rakesh’s deep leadership, strategy and execution experience are precisely the strengths Platform was looking for in its next chief executive,” Platform Chairman Martin Franklin said Wednesday in a statement. “He is the right leader at this stage of Platform’s growth. We are highly confident in Rakesh’s ability to lead Platform as it continues towards its goal of becoming a best-in-class global, diversified specialty chemicals company. I look forward to working closely with Rakesh in the coming years.”The stock is up 15.87% or $1.69 following the news, hitting $12.34 per share. About 4.70M shares traded hands or up 12.17% from the average. PAH has declined 58.88% since May 13, 2015 and is currently downtrending. It has underperformed the S&P500 by 56.26%.
From a total of 4 analysts covering Platform Specialty Products Corporation (NYSE:PAH) stock, 1 rate it a “Buy”, 0 a “Sell”, and 3 a “Hold”. This means that 25% of the ratings are positive. The highest target price is $27 while the lowest target price is $14.0. The mean of all analyst targets is $16.60 which is 34.52% above today’s ($12.34) stock price. Platform Specialty Products Corporation was the topic of 7 analyst reports since August 17, 2015 according to the firm StockzIntelligence Inc. Credit Suisse reinitiated shares on December 3 with a “Neutral” rating.
The institutional sentiment decreased to 1.44 in Q2 2015. It’s down 1.27, from 2.71 in 2015Q2. The ratio dived, as 46 funds sold all their Platform Specialty Products Corp shares they owned while 39 reduced their positions. 27 funds bought stakes while 95 increased their total positions. Institutions now own 190.01 million shares which is 4.03% more than the previous share count of 182.66 million in 2015Q2.
T2 Partners Management Lp holds 9.23% of its total portfolio in Platform Specialty Products Corp, equating to 367,320 shares. Levasseur Capital Partners Llc owns 404,748 shares representing 5.26% of their total US portfolio. Moreover, Incline Global Management Llc has 4.97% of their total portfolio invested in the company, equating to 1.78 million shares. The New York-based Tyrian Investments L.P. has a total of 4.78% of their portfolio invested in the stock. Consulta Ltd, a United Kingdom-based fund reported 3.50 million shares owned.
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, Asia, and Europe. The companyÂ’s Performance Materials segment manufactures and markets plating products that are used to plate holes; final finishes, which are used on printed circuit boards; circuit formation products to promote adhesion and form circuit patterns; oxides that are used in the fabrication of multilayer circuit boards; and pre-treatment and cleaning solutions. It also provides functional conversion coatings; electroless nickel products, which are applied to metal and plastic surfaces; decorative plating products; hard-coated films; production and drilling fluids; and drilling fluids that are used in subsea control systems, as well as technical and support services. This segment serves electronics, industrial, and offshore industries. Its Graphic Solutions segment produces and markets photopolymers through a line of flexographic plates for use in the commercial packaging and printing industries. This segmentÂ’s products include solid sheet printing elements, which are used in the flexographic printing and platemaking processes; liquid photopolymers that are used to produce printing plates for transferring images onto commercial packaging; and printing equipment, which are thermal plate processing systems. The companyÂ’s AgroSolutions segment provides proven plant health and pest control products to growers. Its products include adjuvants, biosolutions, ectoparasiticides, fungicides, herbicides, home and garden products comprising chloropyrifos, insecticides, miticides, plant growth regulators, and seed treatments, as well as honey bee protective miticides and veterinary vaccines. The company was formerly known as Platform Acquisition Holdings Limited and changed its name to Platform Specialty Products Corporation in October 2013. Platform Specialty Products Corporation was founded in 1922 and is headquartered in Miami, Florida.