Ferroglobe (NASDAQ:GSM) Shares Down 6.8% Following Insider Selling

Ferroglobe PLC (NASDAQ:GSM) was down 6.8% during trading on Thursday following insider selling activity. The company traded as low as $3.77 and last traded at $3.7750. Approximately 204,133 shares were traded during trading, a decline of 86% from the average session volume of 1,445,033 shares. The stock had previously closed at $4.05.

Specifically, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the 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 owned 31,693 shares in the company, valued at approximately $136,279.90. This represents a 50.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

GSM has been the subject of several research reports. Wall Street Zen cut shares of Ferroglobe from a “buy” rating to a “hold” rating in a research note on Sunday. Weiss Ratings lowered shares of Ferroglobe from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.00.

Ferroglobe Stock Down 5.9%

The stock has a market cap of $711.06 million, a PE ratio of -17.32 and a beta of 1.02. The business has a 50 day moving average price of $3.65 and a 200 day moving average price of $4.19. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 0.06.

Ferroglobe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 22nd will be given a $0.015 dividend. This represents a $0.06 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 22nd. Ferroglobe’s dividend payout ratio is currently -27.27%.

Institutional Investors Weigh In On Ferroglobe

Several hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of Ferroglobe by 168.8% during the 1st quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company’s stock valued at $4,121,000 after purchasing an additional 697,476 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Ferroglobe by 32.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock valued at $1,231,000 after purchasing an additional 81,611 shares during the period. Geode Capital Management LLC boosted its holdings in Ferroglobe by 1,068.3% during the second quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock worth $5,719,000 after buying an additional 1,424,998 shares in the last quarter. Legal & General Group Plc boosted its holdings in Ferroglobe by 48.6% during the second quarter. Legal & General Group Plc now owns 129,244 shares of the basic materials company’s stock worth $474,000 after buying an additional 42,279 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Ferroglobe by 4,411.5% during the second quarter. Rhumbline Advisers now owns 178,611 shares of the basic materials company’s stock valued at $655,000 after buying an additional 174,652 shares during the period. Hedge funds and other institutional investors own 89.64% of the company’s stock.

About Ferroglobe

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.