Mercer International (NASDAQ:MERC) Major Shareholder Peter Kellogg Acquires 36,000 Shares of Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg acquired 36,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was bought at an average price of $0.82 per share, with a total value of $29,520.00. Following the completion of the acquisition, the insider directly owned 1,198,231 shares of the company’s stock, valued at $982,549.42. This trade represents a 3.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Mercer International Stock Performance

Mercer International stock opened at $0.65 on Thursday. The company has a debt-to-equity ratio of 23.58, a quick ratio of 1.22 and a current ratio of 2.17. Mercer International Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $4.47. The stock has a market cap of $43.37 million, a price-to-earnings ratio of -0.08 and a beta of 0.52. The stock’s 50 day simple moving average is $0.88 and its two-hundred day simple moving average is $1.47.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last issued its quarterly earnings results on Thursday, May 7th. The basic materials company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.04). Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%.The firm had revenue of $489.30 million during the quarter, compared to analysts’ expectations of $493.00 million. As a group, analysts expect that Mercer International Inc. will post -2.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mercer International

Several hedge funds have recently modified their holdings of MERC. Gamco Investors INC. ET AL bought a new position in shares of Mercer International during the 2nd quarter valued at about $244,000. Jump Financial LLC lifted its stake in shares of Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock valued at $969,000 after purchasing an additional 214,008 shares during the last quarter. Geode Capital Management LLC boosted its stake in Mercer International by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock worth $1,111,000 after buying an additional 14,603 shares during the period. Gabelli Funds LLC purchased a new position in shares of Mercer International during the 2nd quarter worth about $1,804,000. Finally, Millennium Management LLC boosted its position in shares of Mercer International by 16.1% during the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock valued at $2,866,000 after buying an additional 137,906 shares during the period. Hedge funds and other institutional investors own 85.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Royal Bank Of Canada cut their price objective on shares of Mercer International from $1.25 to $1.00 and set a “sector perform” rating on the stock in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Mercer International from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Finally, TD reduced their price target on Mercer International from $1.00 to $0.50 and set a “sell” rating for the company in a research report on Monday, May 11th. Two research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, Mercer International has an average rating of “Strong Sell” and a consensus target price of $1.85.

About Mercer International

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.