Covestro (OTCMKTS:COVTY) Shares Up 0.3% – Here’s Why

Covestro AG (OTCMKTS:COVTY)’s stock price rose 0.3% during trading on Friday . The company traded as high as $30.20 and last traded at $30.09. Approximately 12,043 shares traded hands during trading, a decline of 54% from the average daily volume of 26,096 shares. The stock had previously closed at $30.01.

Wall Street Analysts Forecast Growth

COVTY has been the topic of a number of research reports. Barclays upgraded Covestro to a “hold” rating in a research note on Wednesday, October 9th. Citigroup upgraded Covestro to a “hold” rating in a research note on Thursday, October 3rd.

Covestro Stock Performance

The stock has a market cap of $11.37 billion, a price-to-earnings ratio of -40.66 and a beta of 1.18. The company has a 50-day moving average of $31.19 and a 200-day moving average of $29.34.

Covestro (OTCMKTS:COVTY) last released its earnings results on Tuesday, October 29th. The company reported $0.09 earnings per share (EPS) for the quarter. The business had revenue of $3.96 billion for the quarter. As a group, equities research analysts forecast that Covestro AG will post 0.03 EPS for the current year.

About Covestro

Covestro AG supplies high-tech polymer materials and 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.