Ferroglobe PLC (GSM) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of Ferroglobe PLC (NASDAQ:GSM) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Globe Specialty Metals, Inc., together with its subsidiary companies, is among the world’s largest producers of silicon metal and silicon-based specialty alloys – critical ingredients in a host of industrial and consumer products with growing markets. The Company’s customers include major silicone chemical, aluminum and steel manufacturers, producers of photovoltaic solar cells and computer chips, the auto industry, ductile iron foundries and concrete producers. Headquartered in New York City, the company has major manufacturing facilities in the U.S. states of Ohio, West Virginia, Alabama and New York, as well as in the Brazilian state of Pará, Mendoza province Argentina and Ningxia province China. Its principal operating subsidiaries are Globe Metallurgical, Inc. and Solsil, Inc. in the U.S.; Globe Metais Indústria e Comércio S.A. in Brazil; Globe Metales S.A. in Argentina; and Ningxia Yonvey Coal Industry Co., Ltd., in China. “
Several other analysts have also recently issued reports on GSM. BidaskClub raised shares of Ferroglobe PLC from a hold rating to a buy rating in a report on Wednesday, June 28th. Jefferies Group LLC reaffirmed a buy rating and issued a $12.00 price target on shares of Ferroglobe PLC in a report on Wednesday, July 19th. B. Riley reaffirmed a buy rating and issued a $16.00 price target (up from $14.25) on shares of Ferroglobe PLC in a report on Tuesday, August 29th. Finally, Stifel Nicolaus reaffirmed a buy rating on shares of Ferroglobe PLC in a report on Sunday, September 3rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Buy and an average price target of $15.60.
Ferroglobe PLC (GSM) traded down 0.46% on Wednesday, hitting $15.14. 356,188 shares of the company were exchanged. Ferroglobe PLC has a 52-week low of $8.54 and a 52-week high of $15.25. The firm has a 50 day moving average of $13.58 and a 200-day moving average of $11.80. The stock’s market cap is $2.60 billion.
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A number of hedge funds have recently added to or reduced their stakes in the business. Ardsley Advisory Partners increased its stake in Ferroglobe PLC by 128.8% during the second quarter. Ardsley Advisory Partners now owns 595,000 shares of the basic materials company’s stock valued at $7,107,000 after purchasing an additional 335,000 shares during the last quarter. Nomura Holdings Inc. bought a new stake in Ferroglobe PLC during the second quarter valued at $12,104,000. Kingdon Capital Management L.L.C. bought a new stake in Ferroglobe PLC during the second quarter valued at $1,194,000. BlueCrest Capital Management Ltd increased its stake in Ferroglobe PLC by 356.3% during the second quarter. BlueCrest Capital Management Ltd now owns 54,334 shares of the basic materials company’s stock valued at $649,000 after purchasing an additional 42,427 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC bought a new stake in Ferroglobe PLC during the second quarter valued at $3,411,000. Hedge funds and other institutional investors own 38.16% of the company’s stock.
Ferroglobe PLC Company Profile
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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