Rutabaga Capital Management LLC MA Reduces Holdings in Tecnoglass Inc (TGLS)
Rutabaga Capital Management LLC MA cut its holdings in Tecnoglass Inc (NASDAQ:TGLS) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 709,493 shares of the company’s stock after selling 25,174 shares during the quarter. Tecnoglass comprises about 1.6% of Rutabaga Capital Management LLC MA’s investment portfolio, making the stock its 22nd biggest holding. Rutabaga Capital Management LLC MA owned 1.92% of Tecnoglass worth $6,974,000 at the end of the most recent quarter.
Several research firms have issued reports on TGLS. ValuEngine downgraded Tecnoglass from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. BidaskClub upgraded Tecnoglass from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. B. Riley boosted their price objective on Tecnoglass from $12.50 to $13.00 and gave the stock a “buy” rating in a report on Thursday, November 8th. Dougherty & Co set a $13.00 price objective on Tecnoglass and gave the stock a “buy” rating in a report on Thursday, November 8th. Finally, Zacks Investment Research upgraded Tecnoglass from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Saturday, November 10th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Tecnoglass has an average rating of “Buy” and a consensus price target of $12.00.
In other news, Director Martha L. Byorum sold 8,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $9.44, for a total value of $75,520.00. Following the transaction, the director now owns 94,064 shares in the company, valued at approximately $887,964.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 11,003 shares of company stock worth $100,935 in the last quarter. 2.30% of the stock is owned by corporate insiders.
Tecnoglass (NASDAQ:TGLS) last issued its earnings results on Wednesday, November 7th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.07. The company had revenue of $96.99 million for the quarter, compared to the consensus estimate of $93.87 million. Tecnoglass had a return on equity of 17.99% and a net margin of 3.99%. On average, sell-side analysts expect that Tecnoglass Inc will post 0.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 19th. Stockholders of record on Friday, October 26th were issued a $0.14 dividend. The ex-dividend date was Thursday, October 25th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 6.63%. Tecnoglass’s dividend payout ratio is 175.00%.
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Tecnoglass Company Profile
Tecnoglass Inc, through its subsidiaries, manufactures and sells architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries in North, Central, and South America. It offers soft coat, laminated/thermo-laminated, thermo-acoustic, tempered, silk-screened, curved, and digital print glass.
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