Ferroglobe PLC (NASDAQ:GSM)‘s stock had its “buy” rating reaffirmed by investment analysts at B. Riley in a research report issued on Tuesday. They presently have a $16.00 target price on the basic materials company’s stock, up from their previous target price of $14.25. B. Riley’s target price would indicate a potential upside of 22.04% from the company’s previous close.

The analysts wrote, “We expect F3Q results to be in line, but believe F4Q outlook could be slightly below consensus as the latest industry data suggests a mixed demand environment. Although the company is not exposed to the ongoing Chinese slowdown, a number of comm equipment companies such as Infinera (INFN) and Viavi (VIAV) have recently reported that the overall telecom spending environment remains choppy. This demand dynamic is due to several factors, particularly M&A activity, which could slow the ongoing US metro upgrade cycle. While India and the DCI (Datacenter Interconnect) segment continue to be robust growth drivers, we are uncertain if they will be strong enough to meet the Street’s Q/Q revenue growth expectation of +5.9%.””

Several other analysts also recently weighed in on the company. BidaskClub upgraded Ferroglobe PLC from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Zacks Investment Research downgraded Ferroglobe PLC from a “hold” rating to a “sell” rating in a research note on Monday, May 22nd. Jefferies Group LLC restated a “buy” rating and issued a $12.00 price target on shares of Ferroglobe PLC in a research note on Wednesday, July 19th. ValuEngine upgraded Ferroglobe PLC from a “sell” rating to a “hold” rating in a research note on Tuesday, May 16th. Finally, TheStreet downgraded Ferroglobe PLC from a “c-” rating to a “d” rating in a research note on Thursday, May 18th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Ferroglobe PLC presently has a consensus rating of “Buy” and an average price target of $14.50.

Ferroglobe PLC (NASDAQ GSM) opened at 13.11 on Tuesday. The firm’s market capitalization is $2.25 billion. Ferroglobe PLC has a 12 month low of $7.67 and a 12 month high of $14.00. The company has a 50 day moving average price of $12.85 and a 200 day moving average price of $11.03.

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A number of hedge funds have recently modified their holdings of the stock. Independent Portfolio Consultants Inc. increased its stake in shares of Ferroglobe PLC by 1.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 18,810 shares of the basic materials company’s stock valued at $194,000 after buying an additional 255 shares in the last quarter. First Mercantile Trust Co. increased its position in Ferroglobe PLC by 7.6% in the first quarter. First Mercantile Trust Co. now owns 53,187 shares of the basic materials company’s stock worth $549,000 after buying an additional 3,751 shares during the period. Russell Investments Group Ltd. increased its position in Ferroglobe PLC by 617.7% in the first quarter. Russell Investments Group Ltd. now owns 1,029,063 shares of the basic materials company’s stock worth $10,630,000 after buying an additional 885,677 shares during the period. Boston Partners increased its position in Ferroglobe PLC by 15.1% in the first quarter. Boston Partners now owns 4,002,844 shares of the basic materials company’s stock worth $41,349,000 after buying an additional 525,827 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Ferroglobe PLC by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 418,779 shares of the basic materials company’s stock worth $4,326,000 after buying an additional 9,648 shares during the period. Institutional investors and hedge funds own 37.82% of the company’s stock.

About Ferroglobe PLC

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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