Assenagon Asset Management S.A. Purchases New Stake in Element Solutions Inc. $ESI

Key Points

• Assenagon Asset Management acquired 2.27 million shares of Element Solutions in the third quarter, valued at approximately $82.2 million and representing a 0.93% stake. Institutional investors collectively own 92.32% of the company.
• Element Solutions reported quarterly earnings of $0.47 per share, exceeding estimates of $0.43, while revenue rose 56.4% year over year to $977.9 million. Analysts expect full-year EPS of $1.81.
• Analysts maintain a consensus “Buy” rating with an average price target of $46.18, compared with the stock’s recent price of $34.95. The company also pays a quarterly dividend of $0.08 per share, yielding approximately 0.9%.

Assenagon Asset Management S.A. acquired a new position in Element Solutions Inc. (NYSE:ESI - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,266,527 shares of the company's stock, valued at approximately $82,230,000. Assenagon Asset Management S.A. owned 0.93% of Element Solutions at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ESI. Integrated Wealth Concepts LLC purchased a new position in Element Solutions during the 2nd quarter valued at about $27,000. Assetmark Inc. increased its holdings in Element Solutions by 151.0% during the 1st quarter. Assetmark Inc. now owns 778 shares of the company's stock worth $27,000 after acquiring an additional 468 shares during the period. Fortitude Family Office LLC increased its holdings in Element Solutions by 373.1% during the 3rd quarter. Fortitude Family Office LLC now owns 932 shares of the company's stock worth $34,000 after acquiring an additional 735 shares during the period. NewEdge Advisors LLC increased its holdings in Element Solutions by 57.4% during the 1st quarter. NewEdge Advisors LLC now owns 949 shares of the company's stock worth $32,000 after acquiring an additional 346 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Element Solutions in the 2nd quarter worth approximately $63,000. 92.32% of the stock is currently owned by hedge funds and other institutional investors.

Element Solutions Stock Down 1.6%

ESI stock opened at $34.95 on Friday. Element Solutions Inc. has a fifty-two week low of $22.86 and a fifty-two week high of $49.25. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 1.31 and a beta of 1.26. The business's 50 day moving average price is $35.76 and its two-hundred day moving average price is $38.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.11 and a current ratio of 2.91.

Element Solutions (NYSE:ESI - Get Free Report) last released its earnings results on Monday, July 27th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.04. Element Solutions had a net margin of 5.67% and a return on equity of 14.88%. The firm had revenue of $977.90 million for the quarter, compared to the consensus estimate of $873.19 million. During the same period in the prior year, the firm earned $0.20 EPS. The company's revenue was up 56.4% compared to the same quarter last year. As a group, analysts forecast that Element Solutions Inc. will post 1.81 earnings per share for the current fiscal year.

Element Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.32 annualized dividend and a dividend yield of 0.9%. Element Solutions's dividend payout ratio (DPR) is 43.24%.

Wall Street Analyst Weigh In

A number of research firms have commented on ESI. The Goldman Sachs Group began coverage on shares of Element Solutions in a research note on Friday, September 11th. They issued a "buy" rating and a $44.00 price target for the company. BMO Capital Markets reissued an "outperform" rating and issued a $45.00 price target on shares of Element Solutions in a report on Monday, September 21st. Weiss Ratings cut shares of Element Solutions from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, September 10th. Mizuho dropped their price objective on shares of Element Solutions from $45.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, October 1st. Finally, Freedom Capital raised shares of Element Solutions from a "hold" rating to a "strong-buy" rating in a report on Friday, August 28th. Four research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $46.18.

Element Solutions Profile

Element Solutions Inc NYSE: ESI is a specialty chemicals company that develops and manufactures products used in electronics, industrial processes, and other specialized applications. Its materials and process solutions are designed to improve manufacturing performance, product reliability, and surface protection across a range of end markets.

The company's Electronics segment supplies chemicals, materials, and equipment used in printed circuit board fabrication, semiconductor packaging, and other electronic component manufacturing.

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