Summit Global Investments Acquires 17,024 Shares of Element Solutions Inc. $ESI

Summit Global Investments acquired a new position in shares of Element Solutions Inc. (NYSE:ESI) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 17,024 shares of the company’s stock, valued at approximately $618,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in ESI. North Dakota State Investment Board lifted its stake in Element Solutions by 4.4% in the third quarter. North Dakota State Investment Board now owns 6,990 shares of the company’s stock valued at $254,000 after buying an additional 293 shares during the last quarter. Arnhold LLC purchased a new position in shares of Element Solutions during the third quarter worth approximately $17,484,000. Signaturefd LLC grew its position in shares of Element Solutions by 103.9% during the third quarter. Signaturefd LLC now owns 6,207 shares of the company’s stock worth $225,000 after acquiring an additional 3,163 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Element Solutions by 248.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 17,795 shares of the company’s stock valued at $646,000 after acquiring an additional 12,691 shares during the period. Finally, Iridian Asset Management LLC CT increased its holdings in shares of Element Solutions by 21.3% in the 3rd quarter. Iridian Asset Management LLC CT now owns 224,053 shares of the company’s stock valued at $8,129,000 after acquiring an additional 39,351 shares during the period. Institutional investors and hedge funds own 92.32% of the company’s stock.

Element Solutions Stock Down 0.5%

ESI stock opened at $34.10 on Tuesday. The company has a current ratio of 2.78, a quick ratio of 2.06 and a debt-to-equity ratio of 0.71. The company’s 50-day moving average price is $35.18 and its 200 day moving average price is $36.80. Element Solutions Inc. has a 52 week low of $22.86 and a 52 week high of $49.25. The company has a market cap of $8.27 billion, a P/E ratio of 40.11, a P/E/G ratio of 1.20 and a beta of 1.26.

Element Solutions (NYSE:ESI) last posted its earnings results on Wednesday, October 21st. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $995.30 million for the quarter, compared to analyst estimates of $964.23 million. Element Solutions had a return on equity of 15.45% and a net margin of 5.87%. Element Solutions’s revenue was up 51.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, research analysts expect that Element Solutions Inc. will post 1.85 earnings per share for the current fiscal year.

Element Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.9%. Element Solutions’s payout ratio is 37.65%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ESI. Truist Financial increased their price target on shares of Element Solutions from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. UBS Group lifted their price objective on shares of Element Solutions from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, October 5th. Jefferies Financial Group initiated coverage on shares of Element Solutions in a report on Wednesday, September 2nd. They issued a “buy” rating and a $55.00 target price for the company. Mizuho increased their target price on shares of Element Solutions from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. Finally, William Blair set a $48.00 price target on Element Solutions in a report on Friday, August 28th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $46.36.

About Element Solutions

Element Solutions Inc (NYSE: ESI) is a specialty chemicals company that develops and produces materials used in electronics manufacturing and a range of industrial applications. Its products are designed to support processes such as printed circuit board fabrication, semiconductor packaging, electronic assembly, metal finishing, and surface treatment.

Through its electronics-focused businesses, including MacDermid Alpha Solutions, the company supplies solder materials, electronic assembly chemicals, circuit board materials, and semiconductor packaging solutions.