Irenic Capital Management LP Acquires New Shares in Ferroglobe PLC $GSM

Irenic Capital Management LP acquired a new stake in Ferroglobe PLC (NASDAQ:GSM) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 16,263 shares of the basic materials company’s stock, valued at approximately $60,000. Ferroglobe comprises 0.0% of Irenic Capital Management LP’s investment portfolio, making the stock its 22nd largest holding.

Several other institutional investors and hedge funds have also modified their holdings of GSM. Hosking Partners LLP lifted its stake in shares of Ferroglobe by 18.1% in the 1st quarter. Hosking Partners LLP now owns 10,633,729 shares of the basic materials company’s stock valued at $39,451,000 after purchasing an additional 1,629,431 shares during the last quarter. Lloyd Harbor Capital Management LLC bought a new position in Ferroglobe in the 4th quarter worth $5,605,000. Boston Partners raised its holdings in Ferroglobe by 622.2% in the 1st quarter. Boston Partners now owns 1,548,152 shares of the basic materials company’s stock worth $5,743,000 after acquiring an additional 1,333,772 shares during the period. Old West Investment Management LLC raised its holdings in Ferroglobe by 58.7% in the 1st quarter. Old West Investment Management LLC now owns 3,435,932 shares of the basic materials company’s stock worth $12,747,000 after acquiring an additional 1,270,625 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Ferroglobe by 83.8% in the 1st quarter. Russell Investments Group Ltd. now owns 2,192,856 shares of the basic materials company’s stock worth $8,135,000 after acquiring an additional 999,584 shares during the period. Institutional investors and hedge funds own 89.64% of the company’s stock.

Ferroglobe Stock Performance

NASDAQ:GSM opened at $4.18 on Monday. The firm’s 50-day moving average is $4.23 and its 200-day moving average is $3.88. Ferroglobe PLC has a 52-week low of $2.97 and a 52-week high of $5.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.98 and a current ratio of 1.56. The company has a market cap of $780.11 million, a price-to-earnings ratio of -7.33 and a beta of 1.69.

Ferroglobe (NASDAQ:GSM) last posted its quarterly earnings data on Tuesday, August 5th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06). Ferroglobe had a negative return on equity of 2.85% and a negative net margin of 6.99%.The company had revenue of $386.86 million for the quarter, compared to the consensus estimate of $398.00 million. Equities research analysts anticipate that Ferroglobe PLC will post 0.33 earnings per share for the current year.

Ferroglobe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 22nd will be issued a dividend of $0.014 per share. The ex-dividend date is Monday, September 22nd. This represents a $0.06 annualized dividend and a dividend yield of 1.3%. Ferroglobe’s payout ratio is presently -10.53%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Ferroglobe from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold”.

Ferroglobe Profile

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.