Jennison Associates LLC Boosts Stake in Element Solutions Inc. $ESI

Key Points

• Jennison Associates LLC increased its stake in Element Solutions by 36.7% in the first quarter, buying an additional 798,923 shares and bringing its holdings to 2,977,958 shares valued at about $101.7 million.
• Element Solutions reported strong quarterly results, with earnings of $0.41 per share versus the $0.38 estimate and revenue of $840 million, well above expectations and up 41.5% year over year.
• Analysts remain generally positive on the stock, with a consensus Buy rating and average price target of $43, while recent targets ranged from $45 to $52.

Jennison Associates LLC lifted its position in Element Solutions Inc. (NYSE:ESI - Free Report) by 36.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,977,958 shares of the company's stock after acquiring an additional 798,923 shares during the period. Jennison Associates LLC owned 1.22% of Element Solutions worth $101,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Assetmark Inc. grew its stake in Element Solutions by 151.0% in the first quarter. Assetmark Inc. now owns 778 shares of the company's stock worth $27,000 after purchasing an additional 468 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Element Solutions during the 4th quarter valued at $28,000. Johnson Financial Group Inc. bought a new stake in shares of Element Solutions during the 3rd quarter valued at $47,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Element Solutions in the 3rd quarter worth about $49,000. Finally, Quarry LP grew its position in shares of Element Solutions by 27.3% in the 3rd quarter. Quarry LP now owns 2,011 shares of the company's stock worth $51,000 after buying an additional 431 shares during the period. Hedge funds and other institutional investors own 92.32% of the company's stock.

Element Solutions Trading Up 0.2%

NYSE:ESI opened at $37.47 on Monday. The stock has a market cap of $9.13 billion, a price-to-earnings ratio of 60.43, a PEG ratio of 1.30 and a beta of 1.23. The company has a quick ratio of 1.91, a current ratio of 2.68 and a debt-to-equity ratio of 0.75. The company's 50 day moving average price is $42.64 and its 200-day moving average price is $36.52. Element Solutions Inc. has a 52 week low of $22.63 and a 52 week high of $49.25.

Element Solutions (NYSE:ESI - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.38 by $0.03. The business had revenue of $840.00 million for the quarter, compared to the consensus estimate of $710.51 million. Element Solutions had a return on equity of 14.19% and a net margin of 5.32%.The company's revenue was up 41.5% compared to the same quarter last year. During the same period last year, the business posted $0.34 EPS. On average, equities research analysts forecast that Element Solutions Inc. will post 1.79 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. Investors of record on Monday, June 1st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.32 annualized dividend and a dividend yield of 0.9%. Element Solutions's dividend payout ratio (DPR) is 51.61%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ESI. Truist Financial lifted their price target on shares of Element Solutions from $47.00 to $48.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Freedom Capital upgraded shares of Element Solutions to a "strong-buy" rating in a report on Friday, March 27th. Mizuho reaffirmed a "neutral" rating and set a $45.00 target price (down from $54.00) on shares of Element Solutions in a research note on Tuesday, July 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Element Solutions in a report on Tuesday, May 19th. Finally, UBS Group lifted their target price on shares of Element Solutions to $52.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $43.00.

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.

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