Ferroglobe (NASDAQ:GSM) Shares Up 5.1% – Here’s What Happened

Ferroglobe PLC (NASDAQ:GSM)’s share price traded up 5.1% on Tuesday. The stock traded as high as $2.81 and last traded at $2.7650. Approximately 894,922 shares were traded during mid-day trading, a decline of 37% from the average session volume of 1,421,091 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GSM shares. Wall Street Zen raised Ferroglobe from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Needham & Company LLC set a $5.00 price target on shares of Ferroglobe in a report on Friday. Jefferies Financial Group set a $5.00 price objective on shares of Ferroglobe in a research report on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ferroglobe in a research note on Monday, November 2nd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Ferroglobe presently has a consensus rating of “Hold” and an average price target of $5.33.

Ferroglobe Stock Up 5.1%

The company has a market capitalization of $516.03 million, a price-to-earnings ratio of 17.28 and a beta of 1.21. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $4.05 and a 200-day moving average price of $4.17.

Ferroglobe (NASDAQ:GSM) last released its quarterly earnings results on Tuesday, November 3rd. The basic materials company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The company had revenue of $369.76 million during the quarter, compared to analyst estimates of $382.80 million. Ferroglobe had a net margin of 2.13% and a negative return on equity of 5.15%. As a group, equities analysts anticipate that Ferroglobe PLC will post -0.05 earnings per share for the current fiscal year.

Ferroglobe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 22nd will be paid a dividend of $0.0150 per share. The ex-dividend date of this dividend is Tuesday, December 22nd. This represents a $0.06 dividend on an annualized basis and a yield of 2.2%. Ferroglobe’s dividend payout ratio is currently 37.50%.

Insider Activity at Ferroglobe

In other news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of Ferroglobe stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $4.30, for a total value of $138,855.60. Following the transaction, the insider directly owned 31,693 shares of the company’s stock, valued at $136,279.90. This trade represents a 50.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 13.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ferroglobe

Several hedge funds have recently made changes to their positions in the company. Royce & Associates LP raised its stake in Ferroglobe by 45.4% during the 3rd quarter. Royce & Associates LP now owns 2,781,127 shares of the basic materials company’s stock valued at $11,055,000 after purchasing an additional 868,193 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Ferroglobe by 2.0% in the third quarter. Russell Investments Group Ltd. now owns 1,154,691 shares of the basic materials company’s stock worth $4,590,000 after buying an additional 22,873 shares during the period. StoneX Group Inc. acquired a new stake in shares of Ferroglobe in the third quarter worth $48,000. Covestor Ltd grew its holdings in shares of Ferroglobe by 28.4% during the third quarter. Covestor Ltd now owns 22,418 shares of the basic materials company’s stock valued at $89,000 after buying an additional 4,952 shares in the last quarter. Finally, State of Wyoming grew its holdings in shares of Ferroglobe by 68.4% during the third quarter. State of Wyoming now owns 114,275 shares of the basic materials company’s stock valued at $454,000 after buying an additional 46,426 shares in the last quarter. Hedge funds and other institutional investors own 89.64% of the company’s stock.

Ferroglobe Company Profile

Ferroglobe PLC (NASDAQ:GSM) is a global producer of silicon and manganese-based alloys. The company manufactures silicon metal, ferrosilicon, manganese alloys, calcium silicon and other specialty alloy products used in the production of steel, aluminum, silicones, solar materials and other industrial goods. Ferroglobe also operates quartz resources and produces related raw materials used in its alloy manufacturing processes. Its products support several industries, including automotive, construction, energy, chemicals, electronics and renewable energy.