Insider Buying: Mercer International (NASDAQ:MERC) Major Shareholder Acquires 70,000 Shares of Stock

by · The Markets Daily

Mercer International Inc. (NASDAQ:MERC – Get Free Report) (TSE:MRI.U) major shareholder Peter Kellogg bought 70,000 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was acquired at an average cost of $3.38 per share, for a total transaction of $236,600.00. Following the completion of the acquisition, the insider directly owned 1,000,000 shares in the company, valued at approximately $3,380,000. This trade represents a 7.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Mercer International Stock Performance

NASDAQ:MERC traded up $0.02 during trading hours on Tuesday, reaching $1.67. 281,300 shares of the company’s stock were exchanged, compared to its average volume of 667,181. The firm has a market capitalization of $111.86 million, a price-to-earnings ratio of -0.22 and a beta of 0.68. The company has a 50-day moving average of $2.09 and a 200 day moving average of $2.29. The company has a quick ratio of 1.79, a current ratio of 3.05 and a debt-to-equity ratio of 23.58. Mercer International Inc. has a 1-year low of $1.48 and a 1-year high of $6.78.

Mercer International (NASDAQ:MERC – Get Free Report) (TSE:MRI.U) last posted its quarterly earnings data on Thursday, February 12th. The basic materials company reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.51). Mercer International had a negative net margin of 26.65% and a negative return on equity of 81.16%. The business had revenue of $449.50 million during the quarter, compared to analyst estimates of $459.84 million. Research analysts anticipate that Mercer International Inc. will post -0.29 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jump Financial LLC raised its position in Mercer International by 340.6% in the second quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after acquiring an additional 214,008 shares in the last quarter. Gamco Investors INC. ET AL purchased a new stake in shares of Mercer International during the 2nd quarter worth $244,000. Gabelli Funds LLC acquired a new position in shares of Mercer International during the 2nd quarter worth $1,804,000. Iat Reinsurance Co. LTD. increased its holdings in shares of Mercer International by 1.3% in the 3rd quarter. Iat Reinsurance Co. LTD. now owns 16,700,000 shares of the basic materials company’s stock valued at $48,096,000 after purchasing an additional 220,000 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Mercer International by 16.1% in the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock valued at $2,866,000 after purchasing an additional 137,906 shares during the period. Institutional investors and hedge funds own 85.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MERC. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mercer International in a research report on Monday, December 29th. TD Securities downgraded Mercer International from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Royal Bank Of Canada dropped their price objective on shares of Mercer International from $3.00 to $2.00 and set a “sector perform” rating on the stock in a research note on Monday, November 10th. Finally, TD Cowen cut shares of Mercer International from a “hold” rating to a “sell” rating and raised their target price for the stock from $2.00 to $2.25 in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Mercer International presently has a consensus rating of “Reduce” and an average price target of $2.95.

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About Mercer International

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Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.

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