Kronos Worldwide (NYSE:KRO) Shares Gap Down on Disappointing Earnings

Kronos Worldwide, Inc. (NYSE:KRO) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $8.55, but opened at $7.73. Kronos Worldwide shares last traded at $7.64, with a volume of 36,171 shares trading hands.

The specialty chemicals company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.31). The company had revenue of $423.10 million during the quarter, compared to the consensus estimate of $494.19 million. Kronos Worldwide had a return on equity of 11.74% and a net margin of 5.05%.

Kronos Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Tuesday, March 11th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Tuesday, March 11th. Kronos Worldwide’s dividend payout ratio is presently 24.69%.

Analysts Set New Price Targets

Separately, StockNews.com cut Kronos Worldwide from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a sell rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $12.00.

Institutional Investors Weigh In On Kronos Worldwide

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its holdings in Kronos Worldwide by 329.5% in the third quarter. Barclays PLC now owns 33,695 shares of the specialty chemicals company’s stock worth $419,000 after buying an additional 25,849 shares during the last quarter. Algert Global LLC grew its position in shares of Kronos Worldwide by 230.0% during the third quarter. Algert Global LLC now owns 69,215 shares of the specialty chemicals company’s stock worth $862,000 after purchasing an additional 48,240 shares in the last quarter. State Street Corp increased its holdings in shares of Kronos Worldwide by 1.4% in the third quarter. State Street Corp now owns 575,541 shares of the specialty chemicals company’s stock worth $7,165,000 after purchasing an additional 8,218 shares during the last quarter. Zacks Investment Management bought a new stake in shares of Kronos Worldwide in the 3rd quarter valued at approximately $632,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Kronos Worldwide by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 179,652 shares of the specialty chemicals company’s stock valued at $2,237,000 after acquiring an additional 3,833 shares during the period. Hedge funds and other institutional investors own 15.11% of the company’s stock.

Kronos Worldwide Price Performance

The stock has a market capitalization of $905.91 million, a PE ratio of 9.72 and a beta of 1.16. The stock’s 50 day moving average price is $9.29 and its 200-day moving average price is $10.62. The company has a quick ratio of 1.30, a current ratio of 2.68 and a debt-to-equity ratio of 0.56.

Kronos Worldwide Company Profile

Kronos Worldwide, Inc produces and markets titanium dioxide pigments (TiO2) in Europe, North America, the Asia Pacific, and internationally. The company produces TiO2 in two crystalline forms, rutile and anatase to impart whiteness, brightness, opacity, and durability for various products, including paints, coatings, plastics, paper, fibers, and ceramics, as well as for various specialty products, such as inks, foods, and cosmetics.