Element Solutions Inc. $ESI Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Element Solutions stake by 3.3% in the first quarter, acquiring 28,531 additional shares and bringing its holdings to 881,493 shares, or 0.36% of the company. Institutional investors and hedge funds collectively own 92.32% of ESI.
• Element Solutions reported quarterly adjusted EPS of $0.47, beating estimates of $0.43, while revenue rose 56.4% year over year to $977.9 million. Analysts expect full-year EPS of approximately $1.81.
• ESI shares opened at $38.80, below the analyst consensus price target of $43.50. The stock has a consensus “Buy” rating, and the company pays a quarterly dividend of $0.08, yielding about 0.8% annually.

Bank of America Corp DE boosted its stake in shares of Element Solutions Inc. (NYSE:ESI - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 881,493 shares of the company's stock after acquiring an additional 28,531 shares during the quarter. Bank of America Corp DE owned 0.36% of Element Solutions worth $30,094,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake 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 purchasing an additional 468 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Element Solutions during the 4th quarter worth about $28,000. Johnson Financial Group Inc. acquired a new position in shares of Element Solutions in the 3rd quarter worth approximately $47,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Element Solutions during the third quarter worth $49,000. Finally, Quarry LP boosted its holdings in Element Solutions by 27.3% during the 3rd quarter. Quarry LP now owns 2,011 shares of the company's stock valued at $51,000 after acquiring an additional 431 shares during the period. 92.32% of the stock is currently owned by institutional investors and hedge funds.

Element Solutions Trading Down 0.5%

NYSE:ESI opened at $38.80 on Friday. Element Solutions Inc. has a 52-week low of $22.86 and a 52-week high of $49.25. The company has a quick ratio of 2.11, a current ratio of 2.91 and a debt-to-equity ratio of 0.73. The stock has a fifty day simple moving average of $40.90 and a 200-day simple moving average of $37.85. The company has a market capitalization of $9.46 billion, a PE ratio of 52.44, a price-to-earnings-growth ratio of 1.34 and a beta of 1.26.

Element Solutions (NYSE:ESI - Get Free Report) last released its earnings results on Monday, July 27th. The company reported $0.47 earnings per share (EPS) for the quarter, beating 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 company had revenue of $977.90 million for the quarter, compared to analyst estimates of $873.19 million. During the same period in the prior year, the firm earned $0.20 EPS. The firm's quarterly revenue was up 56.4% on a year-over-year basis. On average, equities research analysts expect that Element Solutions Inc. will post 1.81 earnings per share for the current fiscal year.

Element Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 0.8%. Element Solutions's dividend payout ratio is presently 43.24%.

Wall Street Analyst Weigh In

ESI has been the topic of several recent research reports. BMO Capital Markets restated an "outperform" rating on shares of Element Solutions in a report on Tuesday, July 28th. Wall Street Zen raised Element Solutions from a "hold" rating to a "buy" rating in a report on Monday, April 20th. Wolfe Research set a $47.00 price target on shares of Element Solutions in a research report on Wednesday, July 29th. Mizuho reissued a "neutral" rating and issued a $45.00 target price (down from $54.00) on shares of Element Solutions in a report on Tuesday, July 14th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Element Solutions in a research report on Tuesday, May 19th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $43.50.

About Element Solutions

Element Solutions Inc is a global specialty chemicals company that develops and supplies highly engineered chemistries to performance-driven end markets. The company's solutions serve customers across the electronics, energy, transportation, consumer and industrial sectors, with a particular emphasis on electronics chemicals, metal plating, and industrial coatings additives.

In the electronics market, Element Solutions provides a range of plating and surface-treatment chemistries used in the manufacture of printed circuit boards, semiconductor devices, and advanced display technologies.

Want to see what other hedge funds are holding ESI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Element Solutions Inc. (NYSE:ESI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source