Ferroglobe (NASDAQ:GSM) Trading Up 7% – Here’s What Happened

Shares of Ferroglobe PLC (NASDAQ:GSM) traded up 7% on Wednesday . The company traded as high as $5.26 and last traded at $5.32. 343,757 shares changed hands during trading, a decline of 52% from the average session volume of 718,377 shares. The stock had previously closed at $4.97.

Analysts Set New Price Targets

Several equities analysts have commented on GSM shares. Wall Street Zen cut Ferroglobe from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. B. Riley lowered their price objective on Ferroglobe from $8.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ferroglobe in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Ferroglobe from a “strong sell” rating to a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.00.

Ferroglobe Stock Performance

The company has a current ratio of 1.66, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $979.23 million, a price-to-earnings ratio of -7.10 and a beta of 1.08. The stock has a fifty day moving average price of $4.45 and a 200-day moving average price of $4.47.

Ferroglobe (NASDAQ:GSM) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). Ferroglobe had a negative net margin of 9.92% and a negative return on equity of 6.13%. The company had revenue of $311.70 million during the quarter, compared to analyst estimates of $393.80 million. As a group, analysts anticipate that Ferroglobe PLC will post 0.33 earnings per share for the current fiscal year.

Ferroglobe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 22nd were issued a $0.014 dividend. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $0.06 annualized dividend and a dividend yield of 1.1%. Ferroglobe’s dividend payout ratio is presently -6.76%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GSM. Geode Capital Management LLC increased its holdings in Ferroglobe by 1,068.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock valued at $5,719,000 after purchasing an additional 1,424,998 shares in the last quarter. Bridgeway Capital Management LLC bought a new stake in shares of Ferroglobe during the third quarter worth $5,872,000. Donald Smith & CO. Inc. increased its stake in shares of Ferroglobe by 19.8% in the second quarter. Donald Smith & CO. Inc. now owns 7,811,120 shares of the basic materials company’s stock valued at $28,667,000 after buying an additional 1,288,610 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Ferroglobe in the third quarter valued at about $3,231,000. Finally, Millennium Management LLC raised its holdings in shares of Ferroglobe by 168.8% in the first quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company’s stock valued at $4,121,000 after buying an additional 697,476 shares during the last quarter. 89.64% of the stock is owned by institutional investors and hedge funds.

Ferroglobe Company Profile

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.