Mercer International (NASDAQ:MERC) Major Shareholder Buys 64,885 Shares of Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg purchased 64,885 shares of the stock in a transaction on Monday, June 1st. The shares were purchased at an average price of $0.90 per share, for a total transaction of $58,396.50. Following the transaction, the insider directly owned 1,030,814 shares of the company’s stock, valued at approximately $927,732.60. This represents a 6.72% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Mercer International Price Performance

Shares of NASDAQ MERC traded down $0.03 during trading hours on Wednesday, reaching $0.65. 1,761,087 shares of the stock traded hands, compared to its average volume of 599,197. The company has a market capitalization of $43.37 million, a P/E ratio of -0.08 and a beta of 0.52. The company has a quick ratio of 1.22, a current ratio of 2.17 and a debt-to-equity ratio of 23.58. Mercer International Inc. has a 52-week low of $0.58 and a 52-week high of $4.47. The company’s 50-day simple moving average is $0.89 and its two-hundred day simple moving average is $1.48.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last issued its earnings results on Thursday, May 7th. The basic materials company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.04). Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%.The firm had revenue of $489.30 million during the quarter, compared to analysts’ expectations of $493.00 million. Equities research analysts forecast that Mercer International Inc. will post -2.21 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MERC shares. Royal Bank Of Canada cut their price target on shares of Mercer International from $1.25 to $1.00 and set a “sector perform” rating for the company in a research report on Monday, May 11th. Wall Street Zen raised Mercer International from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Mercer International in a research report on Wednesday, June 24th. Finally, TD dropped their price objective on Mercer International from $1.00 to $0.50 and set a “sell” rating for the company in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Sell” and an average target price of $1.85.

Institutional Investors Weigh In On Mercer International

Several institutional investors and hedge funds have recently bought and sold shares of MERC. Jump Financial LLC grew its position in shares of Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after buying an additional 214,008 shares during the last quarter. Gamco Investors INC. ET AL bought a new position in shares of Mercer International during the second quarter valued at approximately $244,000. Gabelli Funds LLC purchased a new stake in Mercer International in the second quarter worth $1,804,000. Millennium Management LLC boosted its holdings in Mercer International by 16.1% in the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock valued at $2,866,000 after acquiring an additional 137,906 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Mercer International by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock valued at $1,111,000 after acquiring an additional 14,603 shares in the last quarter. Hedge funds and other institutional investors own 85.79% of the company’s stock.

Mercer International Company Profile

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.