Harbor Capital Advisors Inc. Invests $2.62 Million in Solventum Co. (NYSE:SOLV)

Harbor Capital Advisors Inc. bought a new stake in Solventum Co. (NYSE:SOLV) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 37,632 shares of the company’s stock, valued at approximately $2,624,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Solventum in the first quarter valued at $5,747,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Solventum in the 1st quarter worth about $209,000. LRI Investments LLC acquired a new position in shares of Solventum in the 1st quarter valued at about $43,000. Magnetar Financial LLC bought a new stake in shares of Solventum during the 1st quarter valued at about $3,478,000. Finally, Alpine Global Management LLC acquired a new stake in Solventum during the first quarter worth approximately $1,766,000.

Solventum Stock Performance

Shares of Solventum stock opened at $72.17 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90. The stock has a fifty day simple moving average of $69.14 and a 200 day simple moving average of $61.70. Solventum Co. has a 12-month low of $47.16 and a 12-month high of $96.05.

Solventum (NYSE:SOLV) last released its quarterly earnings results on Thursday, August 8th. The company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.10. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. The business’s revenue was up .2% compared to the same quarter last year. Sell-side analysts expect that Solventum Co. will post 6.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SOLV has been the topic of a number of research reports. Stifel Nicolaus started coverage on shares of Solventum in a research report on Tuesday, October 8th. They set a “buy” rating and a $82.00 target price on the stock. Wells Fargo & Company cut their price objective on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. BTIG Research initiated coverage on Solventum in a research report on Thursday, September 5th. They issued a “neutral” rating for the company. Piper Sandler initiated coverage on Solventum in a report on Monday, October 7th. They issued a “neutral” rating and a $71.00 price target on the stock. Finally, Morgan Stanley decreased their price objective on Solventum from $70.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.33.

Solventum Company Profile

Solventum Corporation, a healthcare company, engages in the developing, manufacturing, and commercializing a portfolio of solutions to address critical customer and patient needs. It operates through four segments: Medsurg, Dental Solutions, Health Information Systems, and Purification and Filtration.