Ferroglobe (NASDAQ:GSM) Trading 5.7% Higher – Here’s What Happened

Ferroglobe PLC (NASDAQ:GSM) rose 5.7% on Wednesday . The stock traded as high as $4.68 and last traded at $4.7350. Approximately 279,404 shares traded hands 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

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

Ferroglobe Price Performance

The stock has a 50 day moving average of $4.57 and a 200-day moving average of $4.34. The company has a current ratio of 1.66, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $870.63 million, a P/E ratio of -6.30 and a beta of 1.13.

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

Ferroglobe Dividend Announcement

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

Institutional Investors Weigh In On Ferroglobe

Several large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of Ferroglobe by 1,068.3% during the second quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock worth $5,719,000 after acquiring an additional 1,424,998 shares during the period. Bridgeway Capital Management LLC bought a new position in Ferroglobe in the third quarter worth approximately $5,872,000. Donald Smith & CO. Inc. increased its holdings in Ferroglobe by 19.8% during the 2nd quarter. Donald Smith & CO. Inc. now owns 7,811,120 shares of the basic materials company’s stock worth $28,667,000 after purchasing an additional 1,288,610 shares during the period. Old West Investment Management LLC raised its position in Ferroglobe by 58.7% during the 1st quarter. Old West Investment Management LLC now owns 3,435,932 shares of the basic materials company’s stock valued at $12,747,000 after purchasing an additional 1,270,625 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Ferroglobe by 83.8% during the 1st quarter. Russell Investments Group Ltd. now owns 2,192,856 shares of the basic materials company’s stock valued at $8,135,000 after purchasing an additional 999,584 shares in the last quarter. 89.64% of the stock is owned by hedge funds and other institutional investors.

About Ferroglobe

Ferroglobe PLC produces and sells silicon metal, and silicon and manganese-based ferroalloys in the United States, Europe, and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics; and silicon metal for primary and secondary aluminum producers.