CenterBook Partners LP Makes New Investment in Solstice Advanced Mat $SOLS

Key Points

• CenterBook Partners initiated a position in Solstice Advanced Materials, buying 91,170 shares worth about $5.1 million, or roughly 0.06% of the company. Several other institutional investors also established or increased stakes.
• Solstice reported quarterly EPS of $0.80, beating the $0.69 consensus, on revenue of $1.05 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $77.30; the company also announced a quarterly dividend of $0.075 per share.

CenterBook Partners LP bought a new stake in Solstice Advanced Mat (NASDAQ:SOLS - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 91,170 shares of the company's stock, valued at approximately $5,135,000. CenterBook Partners LP owned about 0.06% of Solstice Advanced Mat at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State Street Corp acquired a new position in Solstice Advanced Mat in the second quarter valued at approximately $448,557,000. Bank of America Corp DE bought a new position in Solstice Advanced Mat in the second quarter valued at approximately $153,615,000. Anchor Capital Advisors LLC acquired a new position in Solstice Advanced Mat in the 2nd quarter worth $55,866,000. Deroy & Devereaux Private Investment Counsel Inc. boosted its position in shares of Solstice Advanced Mat by 36.5% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 570,114 shares of the company's stock worth $32,109,000 after buying an additional 152,428 shares during the period. Finally, Alyeska Investment Group L.P. bought a new position in shares of Solstice Advanced Mat during the 2nd quarter worth approximately $49,768,000.

Solstice Advanced Mat Stock Performance

SOLS stock traded up $2.96 during mid-day trading on Friday, hitting $58.00. The company had a trading volume of 3,138,807 shares, compared to its average volume of 2,087,625. Solstice Advanced Mat has a 12 month low of $40.43 and a 12 month high of $90.80. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.08 and a current ratio of 1.46. The stock's fifty day moving average price is $59.95 and its two-hundred day moving average price is $69.93. The firm has a market cap of $9.21 billion and a PE ratio of 28.43.

Solstice Advanced Mat (NASDAQ:SOLS - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.11. The firm had revenue of $1.05 billion for the quarter. Solstice Advanced Mat had a net margin of 5.13% and a return on equity of 14.28%. On average, analysts forecast that Solstice Advanced Mat will post 2.91 earnings per share for the current fiscal year.

Solstice Advanced Mat Announces Dividend

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

Analyst Ratings Changes

A number of analysts have commented on SOLS shares. Barclays assumed coverage on shares of Solstice Advanced Mat in a research note on Monday, October 12th. They issued an "overweight" rating and a $73.00 price target for the company. Mizuho lowered their price objective on 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. Jefferies Financial Group initiated coverage on Solstice Advanced Mat in a research report on Thursday, September 3rd. They set a "buy" rating and a $86.00 target price for the company. BMO Capital Markets reaffirmed an "outperform" rating and issued a $87.00 price objective on shares of Solstice Advanced Mat in a research note on Wednesday, October 21st. Finally, Wall Street Zen lowered Solstice Advanced Mat from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.30.

Solstice Advanced Mat Profile

Solstice Advanced Materials, Inc NASDAQ: SOLS is a specialty materials company that develops and manufactures engineered materials and chemical technologies for industrial and commercial applications. The company was established as an independent public company following the separation of Honeywell's Advanced Materials business.

Its portfolio includes fluorine-based products, specialty films, advanced fibers, resins, additives, and other performance materials. These products are used in areas such as refrigeration and air conditioning, healthcare and pharmaceutical packaging, electronics and semiconductors, transportation, aerospace, and protective equipment.

Solstice Advanced Materials serves customers across global markets through a portfolio that includes Solstice refrigerants and blowing agents, Aclar specialty pharmaceutical films, and Spectra high-performance fibers.

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