Ferroglobe (NASDAQ:GSM) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Ferroglobe (NASDAQ:GSM) released its earnings results on Tuesday. The basic materials company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01, Zacks reports. Ferroglobe had a negative net margin of 9.92% and a negative return on equity of 6.13%.

Ferroglobe Stock Performance

Shares of Ferroglobe stock traded down $0.46 during trading on Tuesday, reaching $4.82. The company’s stock had a trading volume of 1,949,960 shares, compared to its average volume of 1,202,564. The company has a quick ratio of 0.91, a current ratio of 1.66 and a debt-to-equity ratio of 0.07. The business’s 50-day moving average price is $4.89 and its 200-day moving average price is $4.58. Ferroglobe has a 52 week low of $2.97 and a 52 week high of $5.74. The firm has a market cap of $899.54 million, a PE ratio of -6.51 and a beta of 1.09.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wall Street Zen cut shares of Ferroglobe from a “hold” rating to a “sell” rating in a research note on Sunday, November 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ferroglobe in a research note on Thursday, January 22nd. Zacks Research raised Ferroglobe from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, B. Riley Financial cut their price objective on Ferroglobe from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Ferroglobe presently has a consensus rating of “Hold” and an average price target of $6.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its position in shares of Ferroglobe by 168.8% during the 1st quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company’s stock valued at $4,121,000 after acquiring an additional 697,476 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Ferroglobe by 32.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock valued at $1,231,000 after buying an additional 81,611 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Ferroglobe by 1,068.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock valued at $5,719,000 after buying an additional 1,424,998 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Ferroglobe by 48.6% during the 2nd quarter. Legal & General Group Plc now owns 129,244 shares of the basic materials company’s stock worth $474,000 after acquiring an additional 42,279 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Ferroglobe by 4,411.5% during the 2nd quarter. Rhumbline Advisers now owns 178,611 shares of the basic materials company’s stock worth $655,000 after acquiring an additional 174,652 shares in the last quarter. 89.64% of the stock is owned by institutional investors.

About Ferroglobe

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.