Ferroglobe (NASDAQ:GSM) Hits New 12-Month Low – Here’s What Happened

Ferroglobe PLC (NASDAQ:GSM)’s share price reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $2.82 and last traded at $2.7950, with a volume of 326,852 shares. The stock had previously closed at $2.93.

Wall Street Analyst Weigh In

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

Ferroglobe Stock Up 1.2%

The firm has a 50 day moving average price of $4.07 and a 200-day moving average price of $4.18. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The firm has a market cap of $477.77 million, a PE ratio of 16.00 and a beta of 1.21.

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

Ferroglobe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 22nd will be issued a dividend of $0.0150 per share. This represents a $0.06 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, December 22nd. Ferroglobe’s payout ratio is 37.50%.

Insider Buying and Selling

In other Ferroglobe news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $4.30, for a total value of $138,855.60. Following the sale, the insider directly owned 31,693 shares of the company’s stock, valued at approximately $136,279.90. This represents a 50.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 13.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ferroglobe

Several institutional investors have recently modified their holdings of GSM. Bastion Asset Management Inc. purchased a new stake in Ferroglobe during the 1st quarter worth about $4,155,000. Donald Smith & CO. Inc. acquired a new position in shares of Ferroglobe during the 2nd quarter worth about $25,843,000. Sei Investments Co. increased its holdings in shares of Ferroglobe by 67.0% in the 1st quarter. Sei Investments Co. now owns 639,440 shares of the basic materials company’s stock valued at $2,634,000 after acquiring an additional 256,449 shares during the last quarter. SummerHaven Investment Management LLC purchased a new position in shares of Ferroglobe in the 3rd quarter valued at about $530,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Ferroglobe in the 2nd quarter valued at about $544,000. 89.64% of the stock is owned by hedge funds and other institutional investors.

Ferroglobe Company 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.