CLMTNasdaqPetroleum RefiningFiscal year ends December 31
Calumet, Inc. /DE
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$55.54−2.21 (-3.83%)
Close on Oct 19, 2026
- Market cap
- $4.86B
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
52.4%
46M of 88M shares
Institutional holders
188
40 new, 29 sold out
Net institutional buying
1M
In Q2 2026
Insider trades, 12 months
0 buys · 7 sales
Net sold $20.67M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Two Seas Capital LP | 8,098,229 | 9.30% | 13G (passive) amendment | Dec 31, 2025 |
| Sina Toussi | 6,619,708 | 7.50% | 13G (passive) amendment | Jun 30, 2026 |
| Bagaria Rajay | 6,033,379 | 7.00% | 13G (passive) | Mar 18, 2025 |
| BlackRock, Inc. | 4,708,310 | 5.40% | 13G (passive) | Jun 30, 2025 |
| Two Seas Capital GP LLC | 4,497,609 | 5.20% | 13G (passive) | Jun 30, 2025 |
| The Heritage Group | 14,523,185 | 16.56% | 13D (active) amendment | Jun 5, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of CLMT | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Two Seas Capital LP | 6,619,708 | 7.53% | $238.44M | +659,416 | 4.72% |
| BlackRock, Inc. | 5,234,106 | 5.95% | $188.53M | +253,578 | 0.00% |
| Wasserstein Debt Opportunities Management, L.P. | 3,964,893 | 4.51% | $142.82M | −608,470 | 54.09% |
| State Street Corp | 3,471,065 | 3.95% | $125.03M | +390,906 | 0.00% |
| Vanguard Capital Management LLC | 3,453,911 | 3.93% | $124.41M | +18,517 | 0.00% |
| Adams Asset Advisors, LLC | 2,006,206 | 2.28% | $72.26M | −1,196,026 | 8.20% |
| Geode Capital Management, LLC | 1,962,286 | 2.23% | $70.69M | +89,427 | 0.00% |
| Barclays PLC | 1,409,773 | 1.60% | $50.78M | +731,860 | 0.01% |
| Vanguard Portfolio Management LLC | 1,025,321 | 1.17% | $36.93M | +95,069 | 0.00% |
| Bank Of America Corp /De/ | 981,353 | 1.12% | $35.35M | −172,391 | 0.00% |
| Wellington Management Group Llp | 811,482 | 0.92% | $29.23M | −19,076 | 0.01% |
| Citadel Advisors LLC | 762,084 | 0.87% | $27.45M | +226,051 | 0.00% |
| Morgan Stanley | 708,206 | 0.81% | $25.51M | −343,791 | 0.00% |
| Marshall Wace, Llp | 617,138 | 0.70% | $22.23M | −206,890 | 0.02% |
| Northern Trust Corp | 615,263 | 0.70% | $22.16M | +34,173 | 0.00% |
| Voleon Capital Management LP | 612,506 | 0.70% | $22.06M | −69,426 | 0.40% |
| Charles Schwab Investment Management Inc | 552,791 | 0.63% | $19.91M | +12,124 | 0.00% |
| Brown Advisory Inc | 535,044 | 0.61% | $19.27M | −30,680 | 0.03% |
| Citigroup Inc | 480,623 | 0.55% | $17.31M | −6,356 | 0.01% |
| Bnp Paribas Arbitrage, Snc | 479,261 | 0.55% | $17.26M | +172,374 | 0.01% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 188 | 46M | 52.4% | 40 / 70 | 54 / 29 | 6M | 5M |
| Q1 2026 | 181 | 45M | 51.7% | 65 / 52 | 41 / 19 | 13M | 8M |
| Q4 2025 | 140 | 45M | 51.3% | 15 / 39 | 56 / 20 | 3M | 3M |
| Q3 2025 | 149 | 46M | 51.8% | 30 / 44 | 41 / 15 | 5M | 4M |
| Q2 2025 | 134 | 45M | 50.8% | 35 / 43 | 29 / 29 | 11M | 6M |
| Q1 2025 | 129 | 40M | 45.2% | 28 / 42 | 36 / 21 | 7M | 5M |
| Q4 2024 | 123 | 37M | 42.1% | 48 / 26 | 29 / 15 | 9M | 5M |
| Q3 2024 | 91 | 32M | 36.5% | 91 / 0 | 0 / 3 | 32M | 0M |
| Q2 2024 | 3 | 0M | 0.1% | 3 / 0 | 0 / 0 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of CLMT | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 2,628,999 | 2.99% | $94.70M | 0.00% | Jun 30, 2026 |
| State Street(R) SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF | 1,810,330 | 2.06% | $65.21M | 2.24% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 1,801,758 | 2.05% | $64.90M | 0.08% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 754,715 | 0.86% | $33.35M | 0.10% | Jul 31, 2026 |
| Vanguard Extended Market Index Fund | 739,767 | 0.84% | $26.65M | 0.03% | Jun 30, 2026 |
| Vanguard Energy Index Fund | 479,288 | 0.55% | $17.00M | 0.14% | May 31, 2026 |
| iShares Russell 2000 Growth ETF | 476,588 | 0.54% | $17.17M | 0.11% | Jun 30, 2026 |
| Vanguard Russell 2000 Index Fund | 354,265 | 0.40% | $12.57M | 0.07% | May 31, 2026 |
| Fidelity Extended Market Index Fund | 331,265 | 0.38% | $11.75M | 0.03% | May 31, 2026 |
| Schwab U.S. Small-Cap ETF | 307,011 | 0.35% | $10.89M | 0.05% | May 31, 2026 |
| Hennessy Cornerstone Growth Fund | 283,200 | 0.32% | $12.51M | 2.58% | Jul 31, 2026 |
| Fidelity SAI Small-Mid Cap Momentum Index Fund | 196,131 | 0.22% | $8.67M | 0.21% | Jul 31, 2026 |
| First Trust Small Cap Growth AlphaDEX Fund | 194,903 | 0.22% | $8.61M | 0.66% | Jul 31, 2026 |
| Schwab Small-Cap Index Fund | 168,036 | 0.19% | $7.43M | 0.10% | Jul 31, 2026 |
| iShares Russell 2000 Value ETF | 167,046 | 0.19% | $6.02M | 0.04% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Gregory J. Morical | SVP, GENERAL COUNSEL | 78,505 | 0.09% | Sep 28, 2026 |
| Louis Todd Borgmann | CHIEF EXECUTIVE OFFICER | 371,170 | 0.42% | Sep 28, 2026 |
| Bruce A. Fleming | EVP - MONTANA RENEWABLES | 657,391 | 0.75% | Sep 28, 2026 |
| John Robert Krutz | Chief Accounting Officer | 550 | 0.00% | Apr 2, 2026 |
| Scott Obermeier | EVP - SPECIALTIES | 237,656 | 0.27% | Mar 11, 2026 |
| David Lunin | EVP - CFO | 2,500 | 0.00% | Feb 26, 2026 |
| Vincent Donargo | Chief Accounting Officer | 14,005 | 0.02% | Mar 13, 2025 |
| Stephen P. Mawer | Director | 348,410 | 0.40% | Sep 28, 2026 |
| Paul C. Raymond | Director | 31,800 | 0.04% | Aug 21, 2026 |
| Amy M. Schumacher | Director | 258,160 | 0.29% | Aug 21, 2026 |
| John G. Boss | Director | 33,033 | 0.04% | Aug 21, 2026 |
| Julio M. Quintana | Director | 7,067 | 0.01% | Jul 13, 2026 |
| Karen A. Twitchell | Director | 13,389 | 0.02% | Jul 13, 2026 |
| Daniel J. Sajkowski | Director | 81,958 | 0.09% | Jul 13, 2026 |
| Karen G. Narwold | Director | 7,067 | 0.01% | Jul 13, 2026 |
| Bradford Timothy Sanders | Director | – | – | Jun 4, 2026 |
| Jennifer Straumins | Director | 943,438 | 1.07% | Dec 5, 2025 |
| James S. Carter | Director | 394,632 | 0.45% | Jun 11, 2025 |
| Daniel L. Sheets | Director | 26,824 | 0.03% | Jun 11, 2025 |
| Group Heritage | 10% owner | 13,640,211 | 15.52% | Jun 5, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Gregory J. Morical SVP, GENERAL COUNSEL | Sep 25, 2026 | Option exercise | +30,694 | – | – | 78,505 |
| Gregory J. Morical SVP, GENERAL COUNSEL | Sep 25, 2026 | Tax withholding | −13,560 | – | – | 64,945 |
| Louis Todd Borgmann CHIEF EXECUTIVE OFFICER | Sep 25, 2026 | Option exercise | +107,428 | – | – | 371,170 |
| Louis Todd Borgmann CHIEF EXECUTIVE OFFICER | Sep 25, 2026 | Tax withholding | −46,901 | – | – | 324,269 |
| Bruce A. Fleming EVP - MONTANA RENEWABLES | Sep 25, 2026 | Option exercise | +107,428 | – | – | 657,391 |
| Bruce A. Fleming EVP - MONTANA RENEWABLES | Sep 25, 2026 | Tax withholding | −42,190 | – | – | 615,201 |
| Stephen P. Mawer Director | Sep 25, 2026 | Sale | −24,555 | – | – | 348,410 |
| Stephen P. Mawer Director | Sep 25, 2026 | Option exercise | +61,387 | – | – | 372,965 |
| Amy M. Schumacher Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 258,160 |
| Julio M. Quintana Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 7,067 |
| Karen G. Narwold Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 7,067 |
| John G. Boss Director | Jul 9, 2026 | Tax withholding | −2,827 | – | – | 33,033 |
| John G. Boss Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 35,860 |
| Stephen P. Mawer Director | Jul 9, 2026 | Option exercise | +13,780 | – | – | 317,090 |
| Stephen P. Mawer Director | Jul 9, 2026 | Tax withholding | −5,512 | – | – | 311,578 |
| Daniel J. Sajkowski Director | Jul 9, 2026 | Tax withholding | −2,827 | – | – | 81,958 |
| Daniel J. Sajkowski Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 84,785 |
| Karen A. Twitchell Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 13,389 |
| Paul C. Raymond Director | Jul 9, 2026 | Option exercise | +7,067 | – | – | 31,800 |
| Paul C. Raymond Director | Jul 9, 2026 | Tax withholding | −2,827 | – | – | 28,973 |
| Daniel J. Sajkowski Director | Jul 1, 2026 | Sale(10b5-1 plan) | −4,240 | $36.16 | $153.32K | 77,718 |
| Group Heritage 10% owner | Jun 5, 2026 | Gift | −540,000 | – | – | 12,440,211 |
| Group Heritage 10% owner | May 15, 2026 | Option exercise | +1,020,000 | $20.00 | $20.40M | 13,607,209 |
| Group Heritage 10% owner | May 15, 2026 | Sale | −626,998 | $32.54 | $20.40M | 12,980,211 |
| Daniel J. Sajkowski Director | Apr 1, 2026 | Sale(10b5-1 plan) | −3,310 | $34.46 | $114.06K | 81,958 |
| Louis Todd Borgmann CHIEF EXECUTIVE OFFICER | Mar 9, 2026 | Option exercise | +49,974 | – | – | 285,540 |
| Louis Todd Borgmann CHIEF EXECUTIVE OFFICER | Mar 9, 2026 | Tax withholding | −21,798 | – | – | 263,742 |
| Gregory J. Morical SVP, GENERAL COUNSEL | Mar 9, 2026 | Tax withholding | −6,952 | – | – | 47,811 |
| Gregory J. Morical SVP, GENERAL COUNSEL | Mar 9, 2026 | Option exercise | +15,348 | – | – | 54,763 |
| Stephen P. Mawer Director | Mar 9, 2026 | Option exercise | +27,806 | – | – | 315,899 |
| Stephen P. Mawer Director | Mar 9, 2026 | Tax withholding | −12,589 | – | – | 303,310 |
| Scott Obermeier EVP - SPECIALTIES | Mar 9, 2026 | Tax withholding | −10,584 | – | – | 237,656 |
| Scott Obermeier EVP - SPECIALTIES | Mar 9, 2026 | Option exercise | +24,090 | – | – | 248,240 |
| Bruce A. Fleming EVP - MONTANA RENEWABLES | Mar 9, 2026 | Option exercise | +20,621 | – | – | 558,119 |
| Bruce A. Fleming EVP - MONTANA RENEWABLES | Mar 9, 2026 | Tax withholding | −8,156 | – | – | 549,963 |
| Bruce A. Fleming EVP - MONTANA RENEWABLES | Dec 17, 2025 | Gift | −50,000 | – | – | 537,498 |
| Daniel J. Sajkowski Director | Dec 4, 2025 | Option exercise | +5,053 | – | – | 87,290 |
| Daniel J. Sajkowski Director | Dec 4, 2025 | Sale | −2,022 | – | – | 85,268 |
| Amy M. Schumacher Director | Dec 4, 2025 | Option exercise | +5,053 | – | – | 251,093 |
| Karen A. Twitchell Director | Dec 4, 2025 | Option exercise | +2,526 | – | – | 6,322 |
| Paul C. Raymond Director | Dec 4, 2025 | Option exercise | +5,053 | – | – | 24,733 |
| John G. Boss Director | Dec 4, 2025 | Sale | −1,011 | – | – | 28,793 |
| John G. Boss Director | Dec 4, 2025 | Option exercise | +2,526 | – | – | 29,804 |
| Daniel J. Sajkowski Director | Dec 4, 2025 | Option exercise | +5,053 | – | – | 169,290 |
| Daniel J. Sajkowski Director | Dec 4, 2025 | Sale | −2,022 | – | – | 167,268 |
| Jennifer Straumins Director | Dec 4, 2025 | Option exercise | +5,053 | – | – | 943,438 |
| Daniel J. Sajkowski Director | Jul 1, 2025 | Sale(10b5-1 plan) | −2,000 | $15.77 | $31.54K | 82,237 |
| Daniel J. Sajkowski Director | Jun 24, 2025 | Sale | −1,518 | – | – | 84,237 |
| Daniel J. Sajkowski Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 85,755 |
| John G. Boss Director | Jun 24, 2025 | Sale | −1,518 | – | – | 27,278 |
| John G. Boss Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 28,796 |
| Jennifer Straumins Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 938,385 |
| Stephen P. Mawer Director | Jun 24, 2025 | Option exercise | +7,403 | – | – | 291,055 |
| Stephen P. Mawer Director | Jun 24, 2025 | Sale | −2,962 | – | – | 288,093 |
| Paul C. Raymond Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 19,680 |
| Daniel J. Sajkowski Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 165,755 |
| Daniel J. Sajkowski Director | Jun 24, 2025 | Sale | −1,518 | – | – | 164,237 |
| Karen A. Twitchell Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 3,796 |
| Amy M. Schumacher Director | Jun 24, 2025 | Option exercise | +3,796 | – | – | 246,040 |
| Jennifer Straumins Director | Jun 16, 2025 | Sale | −100,000 | $16.23 | $1.62M | 934,589 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| J. Sajkowski 2011 Trust Daniel Director | Jul 1, 2026 | 4,240 | $152.72K | Jul 1, 2026 | Executive compensation for board participation |
| J. Sajkowski 2011 Trust Daniel Director | Apr 1, 2026 | 3,310 | $118.83K | Apr 1, 2026 | Executive compensation for board participation |
| J. Sajkowski 2011 Trust Daniel Director | Jul 1, 2025 | 2,000 | $31.51K | Jul 1, 2025 | Executive compensation for board participation |
| Gregory J. Morical Officer | Jun 16, 2025 | 25,123 | $415.28K | Jun 16, 2025 | Stock Award |
| Jennifer Straumins Director | Jun 16, 2025 | 100,000 | $1.62M | Jun 16, 2025 | CommonStock,parvalue$0.01pershare,acquiredpursuanttoCalumet,Inc.Conversion Agreement |
| Jennifer Straumins Director | Jun 13, 2025 | 50,000 | $754.13K | Jun 13, 2025 | CommonStock, parvalue$0.01pershare,acquired pursuant toCalumet,Inc.Conversion Agreement |
| Jennifer Straumins Director | Jun 5, 2025 | 100,000 | $1.31M | Jun 5, 2025 | CommonStock, parvalue$0.01pershare,acquired pursuant toCalumet,Inc.Conversion Agreement |
| Stephen P. Mawer Officer, Director | Apr 23, 2025 | 3,655 | $33.54K | Apr 22, 2025 | Equity Award |
| Stephen P. Mawer Officer, Director | Mar 24, 2025 | 3,655 | $46.67K | Mar 24, 2025 | Equity Award |
| Stephen P. Mawer Officer, Director | Mar 6, 2025 | 3,655 | $45.80K | Mar 6, 2025 | Equity Award |
| J. Sajkowski 2011 Trust Daniel Director | Mar 3, 2025 | 80,000 | $1.15M | Mar 3, 2025 | Executive compensation for board participation |
| Jennifer Straumins Director | Dec 18, 2024 | 50,000 | $1.08M | Dec 18, 2024 | Common Stock, par value $0.01per share,acquired pursuant to Calumet, Inc.Conversion Agreement |
| Jennifer Straumins Director | Dec 3, 2024 | 75,000 | $1.65M | Dec 3, 2024 | Common Stock, par value $0.01 per share, acquired pursuant to Calumet, Inc. Conversion Agreement |
| Jennifer Straumins Director | Nov 14, 2024 | 200,000 | $4.06M | Nov 12, 2024 | Common Stock, par value $0.01 per share, acquired pursuant to Calumet, Inc. Conversion Agreement |