Ferroglobe (NASDAQ:GSM) Posts Earnings Results, Misses Expectations By $0.07 EPS

Ferroglobe (NASDAQ:GSM) posted its quarterly earnings results on Wednesday. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07), Zacks reports. The company had revenue of $311.70 million during the quarter, compared to analysts’ expectations of $393.80 million. Ferroglobe had a negative net margin of 6.99% and a negative return on equity of 2.85%.

Ferroglobe Trading Down 9.9%

NASDAQ:GSM traded down $0.45 during trading hours on Thursday, reaching $4.07. 1,441,114 shares of the stock were exchanged, compared to its average volume of 1,274,246. The company has a quick ratio of 0.98, a current ratio of 1.56 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $4.63 and a two-hundred day moving average of $4.22. Ferroglobe has a twelve month low of $2.97 and a twelve month high of $5.74. The company has a market capitalization of $758.63 million, a price-to-earnings ratio of -7.18 and a beta of 1.83.

Ferroglobe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.014 per share. This represents a $0.06 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, December 22nd. Ferroglobe’s dividend payout ratio is -8.77%.

Institutional Trading of Ferroglobe

Several hedge funds have recently modified their holdings of GSM. Millennium Management LLC raised its stake in shares of Ferroglobe by 168.8% in the first 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 in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Ferroglobe by 32.6% in the first quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock valued at $1,231,000 after acquiring an additional 81,611 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Ferroglobe by 1,068.3% in the second quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock valued at $5,719,000 after acquiring an additional 1,424,998 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Ferroglobe by 48.6% in the second quarter. Legal & General Group Plc now owns 129,244 shares of the basic materials company’s stock valued at $474,000 after acquiring an additional 42,279 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Ferroglobe by 4,411.5% in the second quarter. Rhumbline Advisers now owns 178,611 shares of the basic materials company’s stock valued at $655,000 after acquiring an additional 174,652 shares in the last quarter. 89.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on GSM. Wall Street Zen lowered Ferroglobe from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Weiss Ratings restated a “sell (d)” rating on shares of Ferroglobe in a research report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

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.