Covestro (OTCMKTS:COVTY) Sets New 1-Year Low After Analyst Downgrade

Covestro AG (OTCMKTS:COVTYGet Rating) shares reached a new 52-week low during mid-day trading on Thursday after The Goldman Sachs Group downgraded the stock from a conviction-buy rating to a buy rating. The stock traded as low as $14.45 and last traded at $14.82, with a volume of 177811 shares changing hands. The stock had previously closed at $15.01.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price target on shares of Covestro from €62.00 ($63.27) to €58.50 ($59.69) and set a “neutral” rating on the stock in a report on Wednesday, May 4th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Covestro from €50.00 ($51.02) to €45.00 ($45.92) and set a “buy” rating on the stock in a research note on Wednesday. Oddo Bhf cut shares of Covestro from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 11th. Credit Suisse Group decreased their target price on Covestro from €53.00 ($54.08) to €40.00 ($40.82) in a research report on Wednesday, July 20th. Finally, Societe Generale decreased their target price on Covestro from €56.00 ($57.14) to €45.00 ($45.92) and set a “hold” rating on the stock in a research report on Wednesday, May 4th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Covestro currently has a consensus rating of “Hold” and a consensus target price of $47.31.

Covestro Stock Up 0.7 %

The company has a current ratio of 2.00, a quick ratio of 1.14 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $16.47 and a two-hundred day simple moving average of $21.12. The company has a market cap of $5.77 billion, a PE ratio of 3.67, a price-to-earnings-growth ratio of 0.27 and a beta of 1.21.

Covestro (OTCMKTS:COVTYGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.55 EPS for the quarter. The business had revenue of $5.01 billion for the quarter. Covestro had a return on equity of 17.11% and a net margin of 7.77%. As a group, equities research analysts predict that Covestro AG will post 1.64 earnings per share for the current year.

About Covestro

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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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