Element Solutions (NYSE:ESI) Shares Gap Up After Strong Earnings

Element Solutions Inc (NYSE:ESI) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.91, but opened at $9.77. Element Solutions shares last traded at $9.55, with a volume of 48,293 shares trading hands.

The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The firm had revenue of $456.70 million for the quarter, compared to the consensus estimate of $468.94 million. Element Solutions had a negative net margin of 13.82% and a positive return on equity of 6.63%. The business’s revenue for the quarter was down 9.0% compared to the same quarter last year.

A number of research analysts recently issued reports on ESI shares. Zacks Investment Research downgraded shares of Element Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. Raymond James reiterated an “average” rating and set a $6.50 target price on shares of Element Solutions in a research report on Monday, April 8th. Finally, Royal Bank of Canada started coverage on shares of Element Solutions in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $8.00 target price on the stock.

In related news, COO Scot Benson bought 20,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $10.50 per share, for a total transaction of $210,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Rakesh Sachdev sold 28,764 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $10.71, for a total transaction of $308,062.44. The disclosure for this sale can be found here. 13.30% of the stock is owned by insiders.

The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 68.46 and a beta of 2.14. The stock’s 50 day simple moving average is $10.12. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.75 and a current ratio of 2.20.

Element Solutions Company Profile (NYSE:ESI)

Element Solutions Inc produces and sells specialty chemical products worldwide. The company operates through two segments, Electronics and Industrial & Specialty. The Electronics segment researches, formulates, and delivers specialty chemicals and materials for various types of electronics hardware products.

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