Ferroglobe PLC (NASDAQ:GSM) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Ferroglobe PLC (NASDAQ:GSM) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The firm currently has $14.00 target price on the basic materials company’s stock.
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. “
Other analysts have also recently issued research reports about the company. B. Riley reissued a buy rating and set a $14.25 price objective on shares of Ferroglobe PLC in a research report on Wednesday, March 22nd. TheStreet cut Ferroglobe PLC from a c- rating to a d rating in a research report on Thursday, May 18th. ValuEngine raised Ferroglobe PLC from a sell rating to a hold rating in a research report on Tuesday, May 16th. BidaskClub raised Ferroglobe PLC from a buy rating to a strong-buy rating in a research report on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $13.00 price target on shares of Ferroglobe PLC in a research report on Thursday, May 11th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $13.21.
Ferroglobe PLC (NASDAQ GSM) traded up 0.81% during trading on Wednesday, reaching $12.48. The company had a trading volume of 351,426 shares. The stock has a 50 day moving average price of $10.40 and a 200 day moving average price of $10.41. Ferroglobe PLC has a 12 month low of $7.67 and a 12 month high of $12.64. The firm’s market capitalization is $2.14 billion.
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Several large investors have recently added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC raised its stake in Ferroglobe PLC by 9.4% in the first quarter. Frontier Capital Management Co. LLC now owns 4,192,298 shares of the basic materials company’s stock valued at $43,306,000 after buying an additional 358,583 shares in the last quarter. Boston Partners increased its position in shares of Ferroglobe PLC by 15.1% in the first quarter. Boston Partners now owns 4,002,844 shares of the basic materials company’s stock valued at $41,349,000 after buying an additional 525,827 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ferroglobe PLC by 22.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,549,930 shares of the basic materials company’s stock valued at $36,671,000 after buying an additional 657,529 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Ferroglobe PLC by 1.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,902,999 shares of the basic materials company’s stock valued at $19,658,000 after buying an additional 30,153 shares during the last quarter. Finally, FMR LLC increased its position in shares of Ferroglobe PLC by 53.2% in the first quarter. FMR LLC now owns 1,707,268 shares of the basic materials company’s stock valued at $17,636,000 after buying an additional 593,168 shares during the last quarter. Institutional investors own 40.03% 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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