Ferroglobe (NASDAQ:GSM) Shares Up 5.7% – Here’s What Happened

by · The Markets Daily

Ferroglobe PLC (NASDAQ:GSM – Get Free Report) shares were up 5.7% on Wednesday . The company traded as high as $4.68 and last traded at $4.7350. Approximately 279,404 shares were traded during trading, a decline of 79% from the average daily volume of 1,325,810 shares. The stock had previously closed at $4.48.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GSM shares. Wall Street Zen cut Ferroglobe from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Ferroglobe in a research note on Wednesday, October 8th. Zacks Research cut Ferroglobe from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 12th. Finally, B. Riley dropped their price target on Ferroglobe from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Ferroglobe presently has an average rating of “Reduce” and an average target price of $6.00.

View Our Latest Analysis on Ferroglobe

Ferroglobe Price Performance

The company has a market cap of $871.56 million, a P/E ratio of -6.31 and a beta of 1.13. The firm’s 50-day moving average is $4.54 and its two-hundred day moving average is $4.35. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.66 and a quick ratio of 0.91.

Ferroglobe (NASDAQ:GSM – Get Free Report) last issued its quarterly earnings data on Wednesday, November 5th. The basic materials company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The business had revenue of $311.70 million during the quarter, compared to analysts’ expectations of $393.80 million. Ferroglobe had a negative return on equity of 6.13% and a negative net margin of 9.92%. Analysts anticipate that Ferroglobe PLC will post 0.33 earnings per share for the current year.

Ferroglobe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.014 per share. This represents a $0.06 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, December 22nd. Ferroglobe’s payout ratio is presently -8.11%.

Hedge Funds Weigh In On Ferroglobe

Institutional investors and hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC bought a new position in shares of Ferroglobe during the 3rd quarter valued at approximately $373,000. CIBC Bancorp USA Inc. purchased a new position in Ferroglobe during the third quarter worth $58,000. Coldstream Capital Management Inc. bought a new position in Ferroglobe during the third quarter valued at $52,000. Jacobs Levy Equity Management Inc. bought a new position in Ferroglobe during the third quarter valued at $3,231,000. Finally, Verition Fund Management LLC raised its stake in shares of Ferroglobe by 50.3% in the third quarter. Verition Fund Management LLC now owns 176,466 shares of the basic materials company’s stock valued at $803,000 after acquiring an additional 59,045 shares during the period. Hedge funds and other institutional investors own 89.64% of the company’s stock.

About Ferroglobe

(Get Free Report)

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.

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