Allspring Global Investments Holdings LLC Acquires New Stake in Solstice Advanced Mat $SOLS

Key Points

• Allspring Global Investments Holdings acquired 1,019,423 Solstice Advanced Materials shares in the third quarter, worth about $58.1 million and representing approximately 0.64% of the company.
• Analysts’ consensus rating is “Moderate Buy,” with a $77.30 average price target; ratings include one Strong Buy, eight Buys, and four Holds.
• Solstice reported quarterly EPS of $0.80, beating the $0.69 consensus estimate, and declared a quarterly dividend of $0.075 per share.

Allspring Global Investments Holdings LLC acquired a new position in shares of Solstice Advanced Mat (NASDAQ:SOLS - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,019,423 shares of the company's stock, valued at approximately $58,087,000. Allspring Global Investments Holdings LLC owned approximately 0.64% of Solstice Advanced Mat as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC bought a new position in shares of Solstice Advanced Mat in the 2nd quarter worth $7,262,000. Carnegie Investment Counsel bought a new stake in Solstice Advanced Mat in the first quarter valued at approximately $2,628,000. Squarepoint Ops LLC bought a new stake in Solstice Advanced Mat in the second quarter valued at approximately $11,692,000. State Street Corp bought a new stake in Solstice Advanced Mat in the second quarter valued at approximately $448,557,000. Finally, Salem Investment Counselors Inc. raised its holdings in Solstice Advanced Mat by 23.2% in the third quarter. Salem Investment Counselors Inc. now owns 139,517 shares of the company's stock worth $7,858,000 after purchasing an additional 26,266 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SOLS. Jefferies Financial Group assumed coverage on Solstice Advanced Mat in a research report on Thursday, September 3rd. They set a "buy" rating and a $86.00 price target for the company. Wall Street Zen downgraded shares of Solstice Advanced Mat from a "buy" rating to a "hold" rating in a report on Saturday, August 29th. Mizuho cut their price objective on shares of Solstice Advanced Mat from $70.00 to $65.00 and set a "neutral" rating on the stock in a research report on Thursday, October 1st. Weiss Ratings cut shares of Solstice Advanced Mat from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, October 9th. Finally, UBS Group reduced their target price on shares of Solstice Advanced Mat from $80.00 to $76.00 and set a "buy" rating for the company in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.30.

Solstice Advanced Mat Trading Up 2.2%

NASDAQ SOLS opened at $65.02 on Wednesday. The company has a market cap of $10.22 billion and a PE ratio of 31.87. The company has a current ratio of 1.38, a quick ratio of 1.04 and a debt-to-equity ratio of 1.30. Solstice Advanced Mat has a 12 month low of $40.43 and a 12 month high of $90.80. The stock has a 50 day moving average of $59.98 and a 200-day moving average of $69.94.

Solstice Advanced Mat (NASDAQ:SOLS - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11. The business had revenue of $1.05 billion during the quarter. Solstice Advanced Mat had a net margin of 7.79% and a return on equity of 27.15%. On average, equities research analysts anticipate that Solstice Advanced Mat will post 2.92 EPS for the current fiscal year.

Solstice Advanced Mat Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 25th will be issued a dividend of $0.0750 per share. The ex-dividend date is Wednesday, November 25th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Solstice Advanced Mat's dividend payout ratio (DPR) is presently 14.71%.

About Solstice Advanced Mat

Solstice Advanced Materials is a specialty materials company that develops and manufactures products for industrial and commercial customers. Its offerings include refrigerants and foam-blowing agents, materials used in semiconductor and electronics manufacturing, healthcare packaging films, and other performance materials. The company was established as a spin-off of Honeywell's Advanced Materials business, bringing together product lines and technologies developed within Honeywell and its predecessor businesses.

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