Glatfelter (GLT) Downgraded to “Strong Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Glatfelter (NYSE:GLT) from a hold rating to a strong sell rating in a report issued on Thursday.
According to Zacks, “Glatfelter is a paper manufacturing company that manufactures printing papers and tobacco and other specialty papers. The company sells its products throughout the United States and in a number of foreign countries. Most of the company’s printing paper products are directed at the uncoated free-sheet portion of the industry. The company’s tobacco and other specialty papers are used for cigarette manufacturing and other specialty uses such as the manufacture of playing cards, stamps, labels and surgical gowns. “
A number of other equities analysts have also recently weighed in on GLT. ValuEngine cut shares of Glatfelter from a buy rating to a hold rating in a research report on Wednesday, August 2nd. TheStreet cut shares of Glatfelter from a b- rating to a c rating in a research report on Monday, June 12th. Finally, BMO Capital Markets raised shares of Glatfelter from a market perform rating to an outperform rating and upped their price objective for the company from $23.00 to $24.00 in a research report on Monday, May 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Glatfelter has an average rating of Hold and a consensus target price of $22.69.
Glatfelter (GLT) traded down 0.84% during mid-day trading on Thursday, reaching $17.69. The company’s stock had a trading volume of 219,789 shares. The stock has a market capitalization of $770.98 million, a P/E ratio of 83.84 and a beta of 1.31. The stock’s 50 day moving average price is $19.65 and its 200 day moving average price is $20.86. Glatfelter has a 1-year low of $17.50 and a 1-year high of $25.59.
Glatfelter (NYSE:GLT) last posted its quarterly earnings data on Tuesday, August 1st. The basic materials company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by $0.14. The firm had revenue of $387.30 million during the quarter, compared to analysts’ expectations of $394.84 million. Glatfelter had a net margin of 0.59% and a return on equity of 8.32%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.06 earnings per share. Analysts expect that Glatfelter will post $1.14 EPS for the current fiscal year.
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In other news, Chairman Dante C. Parrini acquired 5,800 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was bought at an average cost of $17.28 per share, with a total value of $100,224.00. Following the transaction, the chairman now directly owns 128,043 shares in the company, valued at approximately $2,212,583.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue boosted its position in shares of Glatfelter by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,810 shares of the basic materials company’s stock worth $104,000 after buying an additional 100 shares during the period. Bank of Montreal Can boosted its position in shares of Glatfelter by 73.5% in the second quarter. Bank of Montreal Can now owns 5,607 shares of the basic materials company’s stock worth $110,000 after buying an additional 2,376 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Glatfelter by 63.2% in the first quarter. Envestnet Asset Management Inc. now owns 5,799 shares of the basic materials company’s stock worth $126,000 after buying an additional 2,246 shares during the period. Mason Street Advisors LLC boosted its position in shares of Glatfelter by 7.0% in the first quarter. Mason Street Advisors LLC now owns 10,185 shares of the basic materials company’s stock worth $221,000 after buying an additional 669 shares during the period. Finally, Stevens Capital Management LP bought a new position in shares of Glatfelter during the first quarter worth approximately $242,000. 90.78% of the stock is owned by institutional investors.
P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.
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