Koppers (NYSE:KOP) Shares Gap Down Following Weak Earnings

Shares of Koppers Holdings Inc. (NYSE:KOP) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.27, but opened at $28.76. Koppers shares last traded at $29.44, with a volume of 52,388 shares.

The specialty chemicals company reported $1.48 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.01). The company had revenue of $504.80 million for the quarter, compared to analysts’ expectations of $540.30 million. Koppers had a return on equity of 17.41% and a net margin of 1.24%. The business’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.36 EPS.

Koppers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.1%. Koppers’s payout ratio is currently 27.59%.

Wall Street Analysts Forecast Growth

Separately, Barrington Research set a $55.00 price target on Koppers and gave the company an “outperform” rating in a report on Friday.

Institutional Investors Weigh In On Koppers

Several large investors have recently made changes to their positions in the business. Creative Planning acquired a new stake in Koppers during the 2nd quarter valued at $365,000. Bailard Inc. acquired a new position in shares of Koppers in the 2nd quarter valued at about $257,000. CSM Advisors LLC acquired a new position in Koppers in the second quarter valued at approximately $4,725,000. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Koppers by 31.2% during the second quarter. Campbell & CO Investment Adviser LLC now owns 42,822 shares of the specialty chemicals company’s stock valued at $1,377,000 after acquiring an additional 10,195 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Koppers by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 206,883 shares of the specialty chemicals company’s stock valued at $6,651,000 after purchasing an additional 5,579 shares during the period. Institutional investors and hedge funds own 92.75% of the company’s stock.

Koppers Stock Performance

The company has a quick ratio of 1.10, a current ratio of 2.64 and a debt-to-equity ratio of 1.96. The company has a 50-day moving average price of $32.61 and a 200-day moving average price of $29.91. The firm has a market capitalization of $577.29 million, a price-to-earnings ratio of 24.87 and a beta of 1.40.

About Koppers

Koppers Holdings Inc provides treated wood products, wood preservation chemicals, and carbon compounds in the United States, Australasia, Europe, and internationally. The company operates through Railroad and Utility Products and Services (RUPS), Performance Chemicals (PC), and Carbon Materials and Chemicals (CMC) segments.