Greenleaf Trust Buys 16,403 Shares of Qnity Electronics, Inc. $Q

Key Points

• Greenleaf Trust increased its Qnity Electronics stake by 233.8% in the third quarter, buying 16,403 additional shares for a total holding of 23,418 shares valued at approximately $2.95 million.
• Analyst sentiment remains generally positive, with Qnity carrying a “Moderate Buy” consensus rating and an average price target of $164.22, despite mixed recent target revisions and a current share price of $115.28.
• Qnity reported quarterly EPS of $1.19, exceeding the $1.07 consensus estimate, and declared a quarterly dividend of $0.08 per share, equivalent to a 0.3% annualized yield.

Greenleaf Trust grew its stake in Qnity Electronics, Inc. (NYSE:Q - Free Report) by 233.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,418 shares of the premier technology solutions leader's stock after buying an additional 16,403 shares during the period. Greenleaf Trust's holdings in Qnity Electronics were worth $2,945,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Qnity Electronics by 741.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,375,735 shares of the premier technology solutions leader's stock worth $518,787,000 after acquiring an additional 3,855,617 shares during the last quarter. Bank of America Corp DE increased its stake in Qnity Electronics by 3.8% in the first quarter. Bank of America Corp DE now owns 2,023,288 shares of the premier technology solutions leader's stock valued at $233,447,000 after acquiring an additional 73,662 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Qnity Electronics by 3.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,661,636 shares of the premier technology solutions leader's stock valued at $191,569,000 after purchasing an additional 48,629 shares in the last quarter. Bank of New York Mellon Corp raised its position in Qnity Electronics by 2.9% during the first quarter. Bank of New York Mellon Corp now owns 1,334,852 shares of the premier technology solutions leader's stock valued at $154,015,000 after purchasing an additional 37,842 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Qnity Electronics by 182.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,168,746 shares of the premier technology solutions leader's stock valued at $134,850,000 after purchasing an additional 754,810 shares in the last quarter.

Insider Activity at Qnity Electronics

In other news, Director Bondt De acquired 1,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was purchased at an average cost of $138.14 per share, with a total value of $138,140.00. Following the completion of the purchase, the director owned 6,647 shares in the company, valued at approximately $918,216.58. The trade was a 17.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. BMO Capital Markets upped their price objective on Qnity Electronics from $180.00 to $185.00 and gave the stock an "outperform" rating in a report on Monday, July 6th. Truist Financial assumed coverage on Qnity Electronics in a report on Wednesday, October 14th. They set a "buy" rating and a $170.00 price objective on the stock. Mizuho dropped their target price on Qnity Electronics from $180.00 to $160.00 and set an "outperform" rating for the company in a research report on Thursday, October 1st. Zacks Research lowered shares of Qnity Electronics from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Qnity Electronics in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $164.22.

Qnity Electronics Stock Down 1.2%

Shares of NYSE Q opened at $115.28 on Tuesday. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.53. Qnity Electronics, Inc. has a 52 week low of $72.81 and a 52 week high of $177.28. The firm's fifty day moving average is $121.85 and its 200 day moving average is $128.92. The company has a market cap of $24.12 billion and a price-to-earnings ratio of 41.17.

Qnity Electronics (NYSE:Q - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The premier technology solutions leader reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.12. The company had revenue of $1.43 billion during the quarter. Qnity Electronics had a net margin of 11.25% and a return on equity of 10.83%. On average, equities research analysts expect that Qnity Electronics, Inc. will post 4.49 earnings per share for the current year.

Qnity Electronics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be given a $0.08 dividend. The ex-dividend date is Monday, November 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. Qnity Electronics's payout ratio is presently 11.43%.

Qnity Electronics Profile

Qnity Electronics, Inc is a global materials and solutions company serving the semiconductor and advanced electronics industries. The company develops and supplies materials used throughout the manufacturing process for integrated circuits, including wafer fabrication, lithography, cleaning, chemical mechanical planarization and advanced packaging.

Its product portfolio includes semiconductor-grade materials such as photoresists, dielectric materials, CMP pads and slurries, cleaners, removers and other process-enabling technologies.

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