Short Interest in Ferroglobe PLC (NASDAQ:GSM) Decreases By 9.7%

17 Oct 2024, 16:09 by Sarita Garza · The Markets Daily

Ferroglobe PLC (NASDAQ:GSM – Get Free Report) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 2,230,000 shares, a drop of 9.7% from the September 15th total of 2,470,000 shares. Currently, 2.0% of the shares of the company are sold short. Based on an average daily volume of 1,240,000 shares, the days-to-cover ratio is presently 1.8 days.

Institutional Investors Weigh In On Ferroglobe

A number of institutional investors have recently bought and sold shares of the business. Covestor Ltd grew its position in shares of Ferroglobe by 266.1% during the first quarter. Covestor Ltd now owns 5,316 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 3,864 shares in the last quarter. ARS Investment Partners LLC grew its position in shares of Ferroglobe by 6.2% during the second quarter. ARS Investment Partners LLC now owns 69,000 shares of the basic materials company’s stock valued at $370,000 after purchasing an additional 4,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Ferroglobe by 40.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 15,665 shares of the basic materials company’s stock valued at $84,000 after purchasing an additional 4,480 shares in the last quarter. Kathmere Capital Management LLC grew its position in shares of Ferroglobe by 22.3% during the second quarter. Kathmere Capital Management LLC now owns 31,901 shares of the basic materials company’s stock valued at $171,000 after purchasing an additional 5,822 shares in the last quarter. Finally, Hood River Capital Management LLC grew its position in shares of Ferroglobe by 41.4% during the second quarter. Hood River Capital Management LLC now owns 20,816 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 6,091 shares in the last quarter. Hedge funds and other institutional investors own 89.64% of the company’s stock.

Ferroglobe Price Performance

GSM stock traded up $0.03 during trading on Thursday, reaching $4.56. The company’s stock had a trading volume of 528,065 shares, compared to its average volume of 1,368,249. Ferroglobe has a 1 year low of $4.07 and a 1 year high of $6.78. The company has a quick ratio of 0.91, a current ratio of 1.63 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $854.70 million, a P/E ratio of 13.32 and a beta of 1.83. The company’s fifty day moving average is $4.41 and its 200-day moving average is $5.09.

Ferroglobe (NASDAQ:GSM – Get Free Report) last issued its quarterly earnings results on Monday, August 5th. The basic materials company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.05. Ferroglobe had a return on equity of 11.27% and a net margin of 4.11%. The business had revenue of $451.05 million during the quarter, compared to analyst estimates of $425.55 million. During the same quarter in the prior year, the business posted $0.30 EPS. On average, research analysts expect that Ferroglobe will post 0.28 earnings per share for the current fiscal year.

Ferroglobe Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 20th were paid a $0.013 dividend. The ex-dividend date was Friday, September 20th. This represents a $0.05 dividend on an annualized basis and a yield of 1.14%. Ferroglobe’s payout ratio is presently 14.71%.

Analysts Set New Price Targets

Separately, StockNews.com raised Ferroglobe from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th.

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