B. Riley Financial Inc. Decreases Position in Ferroglobe PLC (GSM)
B. Riley Financial Inc. cut its stake in Ferroglobe PLC (NASDAQ:GSM) by 36.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 359,600 shares of the basic materials company’s stock after selling 208,435 shares during the quarter. Ferroglobe makes up approximately 1.3% of B. Riley Financial Inc.’s portfolio, making the stock its 13th largest holding. B. Riley Financial Inc. owned approximately 0.21% of Ferroglobe worth $4,732,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new position in Ferroglobe in the 3rd quarter valued at about $1,048,000. Invictus RG purchased a new position in Ferroglobe in the 3rd quarter worth approximately $146,000. Dimensional Fund Advisors LP lifted its stake in Ferroglobe by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,249,451 shares of the basic materials company’s stock worth $55,922,000 after purchasing an additional 109,552 shares in the last quarter. Budros Ruhlin & Roe Inc. lifted its stake in Ferroglobe by 44.4% in the 3rd quarter. Budros Ruhlin & Roe Inc. now owns 19,636 shares of the basic materials company’s stock worth $258,000 after purchasing an additional 6,033 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Ferroglobe by 9.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 231,552 shares of the basic materials company’s stock worth $3,026,000 after purchasing an additional 20,578 shares in the last quarter. 36.61% of the stock is currently owned by hedge funds and other institutional investors.
GSM has been the topic of a number of research reports. Jefferies Group reissued a “positive” rating and issued a $17.00 target price (up from $12.00) on shares of Ferroglobe in a research note on Friday, August 18th. BidaskClub raised shares of Ferroglobe from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 19th. Zacks Investment Research raised shares of Ferroglobe from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Wednesday, August 23rd. B. Riley reissued a “buy” rating and issued a $16.00 target price (up from $14.25) on shares of Ferroglobe in a research note on Tuesday, August 29th. Finally, Stifel Nicolaus reissued a “buy” rating on shares of Ferroglobe in a research note on Sunday, September 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $19.25.
Shares of Ferroglobe PLC (NASDAQ:GSM) opened at $15.79 on Tuesday. The company has a current ratio of 1.80, a quick ratio of 1.09 and a debt-to-equity ratio of 0.45. Ferroglobe PLC has a 1-year low of $8.54 and a 1-year high of $16.50.
Ferroglobe (NASDAQ:GSM) last announced its quarterly earnings results on Monday, November 27th. The basic materials company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The business had revenue of $451.60 million during the quarter, compared to the consensus estimate of $435.15 million. Ferroglobe had a negative net margin of 2.84% and a negative return on equity of 0.75%. The business’s quarterly revenue was up 23.8% compared to the same quarter last year. analysts expect that Ferroglobe PLC will post 0.13 earnings per share for the current fiscal year.
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Ferroglobe PLC, formerly VeloNewco Limited, is engaged in silicon and specialty metals industry. The Company produces silicon metal and silicon- and manganese-based alloy, which serves customers in the chemical, aluminum, solar, steel and ductile iron foundry industries. It operates through two segments: Electrometallurgy and Energy.
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