Element Solutions Inc (NYSE:ESI) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totalling 15,100,000 shares, a drop of 10.1% from the August 30th total of 16,790,000 shares. Based on an average daily volume of 1,950,000 shares, the days-to-cover ratio is presently 7.7 days. Approximately 7.2% of the company’s stock are sold short.
In other Element Solutions news, CEO Benjamin Gliklich bought 7,500 shares of Element Solutions stock in a transaction dated Thursday, August 8th. The stock was bought at an average cost of $9.54 per share, for a total transaction of $71,550.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Scot Benson bought 10,000 shares of Element Solutions stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $9.37 per share, with a total value of $93,700.00. The disclosure for this purchase can be found here. 13.30% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESI. Kings Point Capital Management bought a new stake in Element Solutions in the 2nd quarter valued at $46,000. Pinebridge Investments L.P. bought a new stake in Element Solutions in the 2nd quarter valued at $79,000. Symons Capital Management Inc. bought a new stake in Element Solutions in the 2nd quarter valued at $122,000. HighTower Advisors LLC bought a new stake in Element Solutions in the 2nd quarter valued at $135,000. Finally, Neo Ivy Capital Management bought a new stake in Element Solutions in the 2nd quarter valued at $154,000. Institutional investors and hedge funds own 88.24% of the company’s stock.
Several research analysts have recently commented on the company. Zacks Investment Research downgraded Element Solutions from a “hold” rating to a “sell” rating and set a $10.00 target price for the company. in a research note on Thursday. Royal Bank of Canada assumed coverage on Element Solutions in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $8.00 target price for the company. ValuEngine upgraded Element Solutions from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. SunTrust Banks reduced their target price on Element Solutions from $11.00 to $10.00 and set a “hold” rating for the company in a research note on Friday. Finally, Barclays reiterated a “hold” rating and set a $11.00 target price on shares of Element Solutions in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $9.10.
Shares of NYSE ESI traded up $0.07 during midday trading on Monday, hitting $9.85. 12,293 shares of the company’s stock were exchanged, compared to its average volume of 1,788,969. The company has a quick ratio of 2.14, a current ratio of 2.74 and a debt-to-equity ratio of 0.68. Element Solutions has a 12 month low of $8.55 and a 12 month high of $12.74. The company’s 50 day moving average price is $9.85 and its 200 day moving average price is $10.14. The firm has a market capitalization of $2.40 billion, a PE ratio of 70.36 and a beta of 2.13.
Element Solutions (NYSE:ESI) last issued its earnings results on Friday, August 2nd. The company reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The company had revenue of $456.70 million during the quarter, compared to the consensus estimate of $468.94 million. Element Solutions had a positive return on equity of 5.76% and a negative net margin of 18.53%. Element Solutions’s quarterly revenue was down 9.0% compared to the same quarter last year. On average, equities research analysts anticipate that Element Solutions will post 0.85 EPS for the current year.
Element Solutions Company Profile
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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