Zacks Investment Research Downgrades Calgon Carbon (CCC) to Sell

Calgon Carbon (NYSE:CCC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

According to Zacks, “Earnings estimate of Calgon Carbon for the fourth quarter has been going down of late. Calgon Carbon faces headwinds from higher operating and other expenses which may continue to hurt its earnings in the fourth quarter. Demand for activated carbon also remain weak in specific markets. The company is also exposed to weakness in its equipment business. Its stretched valuation is another concern.”

Shares of Calgon Carbon (NYSE:CCC) opened at $21.35 on Thursday. The company has a quick ratio of 1.68, a current ratio of 2.80 and a debt-to-equity ratio of 0.59. Calgon Carbon has a 52 week low of $12.00 and a 52 week high of $22.10. The stock has a market cap of $1,082.27, a price-to-earnings ratio of 177.93 and a beta of 1.07.

Several hedge funds have recently added to or reduced their stakes in CCC. Magnetar Financial LLC acquired a new stake in shares of Calgon Carbon in the 3rd quarter valued at $51,004,000. Allianz Asset Management GmbH acquired a new position in Calgon Carbon during the 3rd quarter worth $25,744,000. Gabelli Funds LLC acquired a new position in Calgon Carbon during the 3rd quarter worth $25,601,000. JPMorgan Chase & Co. lifted its position in Calgon Carbon by 981.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 853,931 shares of the industrial products company’s stock worth $18,274,000 after acquiring an additional 774,981 shares during the last quarter. Finally, ARP Americas LLC acquired a new position in Calgon Carbon during the 3rd quarter worth $14,034,000. 93.32% of the stock is owned by institutional investors and hedge funds.

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About Calgon Carbon

Calgon Carbon Corporation is a manufacturer of activated carbon, with capabilities in ultraviolet (UV) light disinfection. The Company provides purification solutions for drinking water, wastewater, pollution abatement, and a range of industrial and commercial manufacturing processes. The Company operates through four segments: Activated Carbon and Service, Equipment, Consumer and Other.

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