August 19, 2016 Updated 8/19/2016
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Resin distribution leader Nexeo Solutions may be down, but it’s not out — at least on Wall Street.
The firm’s per-share stock price tumbled earlier this month after financial news disappointed investors. But that price is already bouncing back.
Nexeo is a major distributor of plastic resins and specialty chemicals based in The Woodlands, Texas. Its first-ever earnings release as a public company came out on Aug. 9, showing decreased sales and profits. That data sent the firm’s per-share price down 14.5 percent to just over $ 8.
But investors proved to have short memories. As of late trading Aug. 18, Nexeo’s per-share price had recovered more than 13 percent from that low to stand at $ 8.93.
Nexeo stock went public at $ 9.55 on June 10 — one day after W.L. Ross Holding Corp. completed its $ 1.7 billion acquisition of a 65 percent stake in the firm, which had been owned by private equity firm TPG Capital.
