The current average analyst rating on the shares is buy and the breakdown of recommendations is 2 strong buy or buy, 1 hold and no sell or strong sell.
The average consensus recommendation for the specialty chemicals peer group is buy.
Wall Street's median 12-month price target for Balchem Corp is $202.50, about 24.4% above its July 30 closing price of $162.73.
The stock recently traded at 27 times the next 12-month earnings vs. a P/E of 30 three months ago.
Segment performance
Human Nutrition Growth - Higher sales in nutrients and food ingredients drove record results in the Human Nutrition and Health segment.
Animal Nutrition Demand - Higher sales in both monogastric and ruminant markets boosted the Animal Nutrition and Health segment.
Specialty Products Sales - Increased sales in performance gases and plant nutrition supported Specialty Products segment growth.
Capital returns and outlook
Balchem repurchased $29 million of stock and expanded its credit facility during the quarter.
The company said it remains confident in its long-term growth outlook.
Quarterly results beat estimates
Balchem's fiscal second-quarter sales rose 11% year over year, beating analyst expectations. The company said it achieved record sales and earnings in all segments, driven by growth across businesses.
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