Versum Materials Inc. (NYSE:VSM) gapped up prior to trading on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $27.66, but opened at $28.63. Versum Materials shares last traded at $29.08, with a volume of 2,240,507 shares changing hands.
The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.07. The business had revenue of $270.80 million for the quarter, compared to the consensus estimate of $249.10 million. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis.
A number of equities analysts have recently commented on VSM shares. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $32.00 price objective (up from $28.00) on shares of Versum Materials in a report on Friday, December 16th. KeyCorp raised their price objective on shares of Versum Materials from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, January 23rd. Goldman Sachs Group, Inc. (The) started coverage on shares of Versum Materials in a report on Friday, February 10th. They set a “neutral” rating and a $32.00 price objective for the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $31.00 price objective on shares of Versum Materials in a report on Tuesday. Finally, Zacks Investment Research raised shares of Versum Materials from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Wednesday, December 7th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $30.13.
In related news, Director Seifi Ghasemi acquired 20,000 shares of the stock in a transaction on Monday, December 5th. The stock was purchased at an average price of $24.66 per share, for a total transaction of $493,200.00. Following the transaction, the director now owns 177,432 shares of the company’s stock, valued at approximately $4,375,473.12. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CFO George G. Bitto acquired 8,000 shares of the stock in a transaction on Monday, December 5th. The stock was bought at an average price of $24.72 per share, with a total value of $197,760.00. Following the transaction, the chief financial officer now directly owns 59,183 shares in the company, valued at approximately $1,463,003.76. The disclosure for this purchase can be found here. Insiders acquired a total of 30,000 shares of company stock valued at $744,360 in the last 90 days. Corporate insiders own 0.49% of the company’s stock.
A number of large investors have recently bought and sold shares of VSM. Franklin Resources Inc. boosted its stake in Versum Materials by 716.4% in the fourth quarter. Franklin Resources Inc. now owns 4,456,042 shares of the company’s stock valued at $125,081,000 after buying an additional 3,910,242 shares during the last quarter. Iridian Asset Management LLC CT boosted its stake in Versum Materials by 11,950.8% in the fourth quarter. Iridian Asset Management LLC CT now owns 2,959,667 shares of the company’s stock valued at $83,078,000 after buying an additional 2,935,107 shares during the last quarter. State Street Corp bought a new stake in Versum Materials during the fourth quarter valued at $74,676,000. Systematic Financial Management LP bought a new stake in Versum Materials during the fourth quarter valued at $49,850,000. Finally, AQR Capital Management LLC bought a new stake in Versum Materials during the fourth quarter valued at $32,572,000. Hedge funds and other institutional investors own 17.22% of the company’s stock.
The firm’s 50 day moving average is $28.17 and its 200-day moving average is $25.69. The company has a market capitalization of $3.21 billion and a PE ratio of 15.15.
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About Versum Materials
Versum Materials, Inc is a provider of solutions to the semiconductor and display industries. The Company is engaged in the development, manufacturing, transportation and handling of specialty materials. Its segments include Materials; Delivery Systems and Services (DS&S), and Corporate. The Materials segment is an integrated provider of specialty materials for the electronics industry, focusing on the integrated circuit and flat-panel display markets.
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