Park West Asset Management LLC Acquires Shares of 1,000,000 Ferroglobe (GSM)
Park West Asset Management LLC acquired a new position in shares of Ferroglobe (NASDAQ:GSM) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 1,000,000 shares of the basic materials company’s stock, valued at approximately $10,730,000.
Several other large investors have also recently made changes to their positions in the company. California Public Employees Retirement System grew its holdings in shares of Ferroglobe by 0.9% during the 4th quarter. California Public Employees Retirement System now owns 435,800 shares of the basic materials company’s stock worth $7,060,000 after purchasing an additional 3,700 shares in the last quarter. PEAK6 Investments L.P. grew its holdings in shares of Ferroglobe by 107.8% during the 4th quarter. PEAK6 Investments L.P. now owns 19,705 shares of the basic materials company’s stock worth $319,000 after purchasing an additional 10,221 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Ferroglobe during the 1st quarter worth approximately $110,000. Clinton Group Inc. acquired a new stake in shares of Ferroglobe during the 1st quarter worth approximately $116,000. Finally, Trexquant Investment LP acquired a new stake in shares of Ferroglobe during the 1st quarter worth approximately $125,000. 44.02% of the stock is currently owned by institutional investors.
Ferroglobe stock opened at $9.70 on Thursday. The company has a quick ratio of 0.66, a current ratio of 1.54 and a debt-to-equity ratio of 0.49. The company has a market cap of $1.75 billion, a P/E ratio of 74.62 and a beta of 1.60. Ferroglobe has a one year low of $9.59 and a one year high of $17.61.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 8th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $0.24 annualized dividend and a dividend yield of 2.47%. Ferroglobe’s dividend payout ratio (DPR) is presently 184.62%.
Several brokerages have recently weighed in on GSM. JPMorgan Chase & Co. lifted their price objective on Ferroglobe from $13.50 to $15.00 and gave the stock an “overweight” rating in a report on Wednesday, May 23rd. Jefferies Financial Group set a $19.00 price objective on Ferroglobe and gave the stock a “buy” rating in a report on Monday, February 26th. Zacks Investment Research lowered Ferroglobe from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 28th. BidaskClub lowered Ferroglobe from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 5th. Finally, TheStreet raised Ferroglobe from a “c+” rating to a “b” rating in a report on Friday, March 23rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $18.50.
Ferroglobe Company Profile
Ferroglobe PLC operates in the silicon and specialty metals industry in the United States, Europe, and internationally. The company offers silicone chemicals used in a range of applications, including personal care items, construction-related products, health care products, and electronics, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese that is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel.
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