Short Interest in Covestro AG (OTCMKTS:COVTY) Declines By 82.6%

Covestro AG (OTCMKTS:COVTY – Get Rating) was the target of a large decrease in short interest during the month of April. As of April 30th, there was short interest totalling 400 shares, a decrease of 82.6% from the April 15th total of 2,300 shares. Based on an average daily volume of 161,900 shares, the short-interest ratio is presently 0.0 days.

A number of research analysts have commented on the company. JPMorgan Chase & Co. lowered their price target on Covestro from €62.00 ($65.26) to €58.50 ($61.58) and set a “neutral” rating for the company in a research report on Wednesday, May 4th. Deutsche Bank Aktiengesellschaft cut their price target on Covestro from €72.00 ($75.79) to €60.00 ($63.16) in a research note on Wednesday, May 4th. Morgan Stanley cut their price target on Covestro from €64.00 ($67.37) to €62.00 ($65.26) in a research note on Monday, March 28th. Societe Generale cut their price target on Covestro from €56.00 ($58.95) to €45.00 ($47.37) and set a “hold” rating on the stock in a research note on Wednesday, May 4th. Finally, Stifel Nicolaus downgraded Covestro from a “buy” rating to a “hold” rating in a research note on Wednesday, April 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $55.64.

Shares of Covestro stock traded down $0.06 during trading on Thursday, reaching $20.18. 54,067 shares of the stock traded hands, compared to its average volume of 132,462. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 5.20, a P/E/G ratio of 0.19 and a beta of 1.24. The business has a fifty day simple moving average of $23.80 and a two-hundred day simple moving average of $28.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.13 and a quick ratio of 1.30. Covestro has a 52-week low of $19.67 and a 52-week high of $35.85.

The business also recently declared a dividend, which was paid on Friday, May 6th. Investors of record on Monday, April 25th were given a $1.3605 dividend. The ex-dividend date of this dividend was Friday, April 22nd. This represents a yield of 5.92%. Covestro’s dividend payout ratio is currently 34.02%.

Covestro Company Profile (Get Rating)

Covestro AG supplies high-tech polymer materials and related application solutions. It operates in two segments, Performance Materials, and Solutions & Specialties. The Performance Materials segment develops, produces, and supplies high-performance materials, such as polyurethanes and polycarbonates, and base chemicals, which include diphenylmethane diisocyanate (MDI), toluylene diisocyanate, long-chain polyols, and polycarbonate resins for use in furniture and wood processing, construction, automotive, and transportation industries, as well as roof structures, insulation for buildings and refrigerators, mattresses, car seats, and other applications.

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