Ritholtz Wealth Management increased its holdings in Solaris Energy Infrastructure, Inc. (NYSE:SEI) by 4.1% during the second quarter of 2024, according to a recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm now owns a total of 133,178 shares, having acquired an additional 5,252 shares during this period. At the end of the latest reporting cycle, Ritholtz’s investment in Solaris was valued at approximately $3,768,000, representing 0.20% of the company’s total stock.
Other institutional investors have also made significant adjustments to their positions in Solaris Energy Infrastructure. Notably, Strs Ohio initiated a new position valued at around $28,000 in the first quarter, while Wayfinding Financial LLC invested approximately $29,000. US Bancorp DE, Nisa Investment Advisors LLC, and Zurcher Kantonalbank Zurich Cantonalbank also entered new positions, valued at $38,000, $41,000, and $135,000, respectively. Together, hedge funds and institutional investors now hold 67.44% of the company’s stock.
Insider Transactions and Recent Performance
In addition to institutional investments, insider trading activity has been notable. On September 9, 2024, Chief Financial Officer Kyle S. Ramachandran purchased 2,000 shares of Solaris Energy stock at an average price of $25.00 per share, totaling $50,000. Following this transaction, he directly owns 370,338 shares, valued at approximately $9,258,450, which marks a 0.54% increase in his stake.
Similarly, Chief Executive Officer William A. Zartler bought 10,000 shares on the same day for an average of $24.83 per share, amounting to $248,300. His current ownership stands at 1,049,227 shares, worth around $26,052,306.41, reflecting a 0.96% increase in his holdings. Insider ownership now constitutes 21.20% of the company’s total stock.
Solaris Energy Infrastructure recently reported its quarterly earnings on February 20, 2024, posting an earnings per share of $0.08. The company achieved a net margin of 4.99% and a return on equity of 7.66%, with revenues reaching $75.02 million for the quarter. Analysts project that Solaris will report an earnings per share of $0.36 for the current fiscal year.
Dividend Announcements and Analyst Ratings
In addition to its growth in share value, Solaris Energy Infrastructure announced a quarterly dividend, which was paid on September 26, 2024. Stockholders of record on September 16 received a dividend of $0.12 per share, translating to an annualized dividend of $0.48 and a yield of 0.9%. The company’s payout ratio currently stands at 81.36%.
Recent analyst reports have provided mixed assessments of Solaris Energy Infrastructure’s stock. Raymond James Financial reaffirmed an “outperform” rating with a target price revised from $39.00 to $38.00. Barclays increased its price target from $39.00 to $44.00 while maintaining an “overweight” rating. Northland Securities set a target price of $61.00, whereas Piper Sandler adjusted its estimate from $51.00 to $50.00, also rating the company as “overweight.” Citigroup raised its target price from $38.00 to $56.00, giving it a “buy” rating.
Overall, the stock has received two “Strong Buy” ratings, ten “Buy” ratings, and one “Hold” rating, with an average rating of “Buy” and an average target price of $47.56 according to MarketBeat.com.
Solaris Energy Infrastructure, Inc. operates as a holding company specializing in the manufacture of patented mobile proppant management systems that facilitate the unloading, storage, and delivery of proppants for oil and natural gas well sites. The company’s offerings include Mobile Proppant and Mobile Chemical Management Systems, along with Inventory Management Software.
