Ferroglobe PLC $GSM Holdings Reduced by CenterBook Partners LP

CenterBook Partners LP lowered its stake in shares of Ferroglobe PLC (NASDAQ:GSM) by 50.2% in the third quarter, HoldingsChannel reports. The fund owned 1,278,377 shares of the basic materials company’s stock after selling 1,288,385 shares during the quarter. CenterBook Partners LP’s holdings in Ferroglobe were worth $5,082,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Bastion Asset Management Inc. purchased a new position in Ferroglobe during the first quarter worth approximately $4,155,000. Donald Smith & CO. Inc. purchased a new stake in shares of Ferroglobe during the 2nd quarter valued at $25,843,000. Sei Investments Co. grew its stake in shares of Ferroglobe by 67.0% during the 1st quarter. Sei Investments Co. now owns 639,440 shares of the basic materials company’s stock valued at $2,634,000 after buying an additional 256,449 shares during the period. SummerHaven Investment Management LLC acquired a new position in Ferroglobe in the third quarter valued at $530,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Ferroglobe in the second quarter valued at $544,000. 89.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ferroglobe

In related news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $4.30, for a total value of $138,855.60. Following the transaction, the insider owned 31,693 shares in the company, valued at approximately $136,279.90. The trade was a 50.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 13.07% of the company’s stock.

Ferroglobe Stock Up 1.2%

Ferroglobe stock traded up $0.03 during midday trading on Friday, hitting $2.56. 2,670,308 shares of the stock were exchanged, compared to its average volume of 1,220,270. Ferroglobe PLC has a 1 year low of $2.50 and a 1 year high of $5.66. The firm has a market cap of $477.77 million, a P/E ratio of 16.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.29 and a quick ratio of 0.74. The company has a 50 day moving average price of $4.07 and a two-hundred day moving average price of $4.18.

Ferroglobe (NASDAQ:GSM) last issued its quarterly earnings data on Tuesday, November 3rd. The basic materials company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $369.76 million during the quarter, compared to analyst estimates of $382.80 million. Ferroglobe had a negative return on equity of 3.73% and a negative net margin of 2.96%. On average, sell-side analysts predict that Ferroglobe PLC will post -0.05 earnings per share for the current fiscal year.

Ferroglobe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Tuesday, December 22nd will be given a dividend of $0.0150 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, December 22nd. Ferroglobe’s payout ratio is presently 37.50%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ferroglobe in a research report on Monday. Needham & Company LLC set a $5.00 target price on Ferroglobe in a report on Friday. Wall Street Zen raised Ferroglobe from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Jefferies Financial Group set a $5.00 price target on Ferroglobe in a research report on Friday. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ferroglobe has an average rating of “Hold” and a consensus target price of $5.33.

Ferroglobe Profile

Ferroglobe PLC (NASDAQ:GSM) is a global producer of silicon and manganese-based alloys. The company manufactures silicon metal, ferrosilicon, manganese alloys, calcium silicon and other specialty alloy products used in the production of steel, aluminum, silicones, solar materials and other industrial goods.

Ferroglobe also operates quartz resources and produces related raw materials used in its alloy manufacturing processes. Its products support several industries, including automotive, construction, energy, chemicals, electronics and renewable energy.