Denver Investment Advisors LLC Raises Stake in Glatfelter (GLT)
Denver Investment Advisors LLC boosted its position in Glatfelter (NYSE:GLT) by 181.3% during the second quarter, Holdings Channel reports. The fund owned 781,173 shares of the basic materials company’s stock after buying an additional 503,438 shares during the period. Denver Investment Advisors LLC’s holdings in Glatfelter were worth $15,264,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue boosted its stake in shares of Glatfelter by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,810 shares of the basic materials company’s stock worth $104,000 after buying an additional 100 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Glatfelter by 73.5% in the second quarter. Bank of Montreal Can now owns 5,607 shares of the basic materials company’s stock worth $110,000 after buying an additional 2,376 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Glatfelter by 63.2% in the first quarter. Envestnet Asset Management Inc. now owns 5,799 shares of the basic materials company’s stock worth $126,000 after buying an additional 2,246 shares during the last quarter. Mason Street Advisors LLC boosted its stake in shares of Glatfelter by 7.0% in the first quarter. Mason Street Advisors LLC now owns 10,185 shares of the basic materials company’s stock worth $221,000 after buying an additional 669 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of Glatfelter during the first quarter worth about $242,000. Institutional investors and hedge funds own 92.39% of the company’s stock.
Glatfelter (GLT) opened at 17.21 on Wednesday. Glatfelter has a 12-month low of $16.66 and a 12-month high of $25.59. The stock has a market cap of $750.06 million, a PE ratio of 81.56 and a beta of 1.31. The firm has a 50-day moving average price of $19.11 and a 200-day moving average price of $20.41.
Glatfelter (NYSE:GLT) last released its earnings results on Tuesday, August 1st. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.14. The business had revenue of $387.30 million during the quarter, compared to analyst estimates of $394.84 million. Glatfelter had a net margin of 0.59% and a return on equity of 8.32%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the business earned $0.06 EPS. Analysts forecast that Glatfelter will post $1.10 EPS for the current fiscal year.
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A number of analysts have recently issued reports on GLT shares. TheStreet upgraded Glatfelter from a “c” rating to a “b-” rating in a report on Tuesday, May 2nd. ValuEngine upgraded Glatfelter from a “hold” rating to a “buy” rating and set a $14.75 price target for the company in a report on Thursday, May 11th. Zacks Investment Research upgraded Glatfelter from a “sell” rating to a “hold” rating in a report on Tuesday, April 25th. Finally, BMO Capital Markets upgraded Glatfelter from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $23.00 to $24.00 in a report on Monday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.69.
In other Glatfelter news, Chairman Dante C. Parrini bought 5,800 shares of the stock in a transaction on Thursday, August 3rd. The shares were purchased at an average price of $17.28 per share, with a total value of $100,224.00. Following the acquisition, the chairman now directly owns 128,043 shares of the company’s stock, valued at approximately $2,212,583.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Nicholas Debenedictis bought 5,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was acquired at an average cost of $17.62 per share, for a total transaction of $88,100.00. Following the acquisition, the director now directly owns 57,935 shares in the company, valued at $1,020,814.70. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.
Glatfelter Company Profile
P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.
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