COVESTRO AG/S (OTCMKTS:COVTY) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research cut shares of COVESTRO AG/S (OTCMKTS:COVTY) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Covestro AG manufactures polymers and performance plastics. The Company manufactures, markets and distributes coatings, adhesives, insulating materials, sealants, polycarbonates and polyurethanes. It serves automotive, construction, health, electronics and medical engineering industries. Covestro AG is based in Leverkusen, Germany. “

Other equities analysts also recently issued research reports about the stock. Morgan Stanley reaffirmed an overweight rating on shares of COVESTRO AG/S in a report on Monday, March 30th. JPMorgan Chase & Co. downgraded shares of COVESTRO AG/S from an overweight rating to a neutral rating in a report on Tuesday, March 24th. Bank of America raised shares of COVESTRO AG/S from an underperform rating to a neutral rating in a report on Wednesday, May 20th. UBS Group reissued a neutral rating on shares of COVESTRO AG/S in a report on Monday, May 4th. Finally, Berenberg Bank raised shares of COVESTRO AG/S from a sell rating to a hold rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $18.00.

OTCMKTS COVTY traded up $0.01 during mid-day trading on Wednesday, hitting $19.12. The company’s stock had a trading volume of 54,901 shares, compared to its average volume of 5,093. The firm has a market capitalization of $6.98 billion, a P/E ratio of 6.46 and a beta of 1.43. The stock’s fifty day simple moving average is $18.38 and its two-hundred day simple moving average is $19.13. COVESTRO AG/S has a 52-week low of $13.18 and a 52-week high of $26.55.

COVESTRO AG/S Company Profile

Covestro AG develops, produces, and markets polymer materials for various industries worldwide. The company operates in three segments: Polyurethanes; Polycarbonates; and Coatings, Adhesives, Specialties. The Polyurethanes segment offers precursors, such as flexible polyurethane foam primarily used in the furniture and automotive industries; and rigid foam used as insulating material in the construction industry and in refrigeration chains.

Recommended Story: Range Trading

Get a free copy of the Zacks research report on COVESTRO AG/S (COVTY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for COVESTRO AG/S (OTCMKTS:COVTY)

Receive News & Ratings for COVESTRO AG/S Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for COVESTRO AG/S and related companies with MarketBeat.com's FREE daily email newsletter.