Ohio pension fund buys $4M stake in Solstice Advanced Materials
What's the deal? The Public Employees Retirement System of OhioDealroom has a profile for this one. Try Dealroom → bought a new stake in Solstice Advanced MaterialsDealroom has a profile for this one. Try Dealroom → (NASDAQ:SOLS) during the second quarter, according to its latest Form 13F filing with the SEC. The fund acquired 45,360 shares worth about $4,019,000.
Who else is buying? Several institutional investors opened positions in recent quarters, though most were far smaller. Manning & Napier AdvisorsDealroom has a profile for this one. Try Dealroom →, Global Trust Asset ManagementDealroom has a profile for this one. Try Dealroom →, Compass Financial ManagementDealroom has a profile for this one. Try Dealroom →, Princeton Global Asset ManagementDealroom has a profile for this one. Try Dealroom →, and Philadelphia Investment PartnersDealroom has a profile for this one. Try Dealroom → each took stakes valued between $26,000 and $34,000.
What does the company do? Solstice is a global specialty materials company. It sells high-performance products for industries including refrigerants, semiconductor manufacturing, and data center cooling.
How are the numbers? Solstice reported $0.88 earnings per share for the quarter ended July 30, beating the $0.79 consensus by $0.09. Revenue was $1.15 billion, with a net margin of 5.13% and return on equity of 14.28%.
Where does the stock stand? Shares opened at $61.37 on Friday, near the low end of a 52-week range of $40.43 to $90.80. The company carries a market cap of $9.75 billion and a price-to-earnings ratio of 34.67.
What are analysts saying? The stock holds a consensus "Moderate Buy" rating and an average target price of $79.11. Ratings have moved in both directions lately: Wall Street ZenDealroom has a profile for this one. Try Dealroom → cut it to "hold" on August 29, while Royal Bank of CanadaDealroom has a profile for this one. Try Dealroom → trimmed its target to $82 and MizuhoDealroom has a profile for this one. Try Dealroom → lowered its target to $70.
The signal: A state pension fund's multimillion-dollar entry adds institutional weight to Solstice, even as the shares trade below their 200-day average of $74.04 and analysts split on where they head next.
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