Ferroglobe (NASDAQ:GSM) Shares Gap Up After Insider Buying Activity

Ferroglobe PLC (NASDAQ:GSM) shares gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $2.87, but opened at $3.04. Ferroglobe shares last traded at $3.1360, with a volume of 402,404 shares changing hands.

Specifically, Chairman Madrid Javier Lopez bought 28,671 shares of Ferroglobe stock in a transaction on Friday, November 6th. The shares were purchased at an average price of $2.62 per share, for a total transaction of $75,118.02. Following the completion of the acquisition, the chairman owned 128,399 shares in the company, valued at approximately $336,405.38. This represents a 28.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director De Fuentes Silvia Villar-Mir acquired 28,671 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The shares were purchased at an average price of $2.62 per share, with a total value of $75,118.02. Following the acquisition, the director owned 128,399 shares of the company’s stock, valued at approximately $336,405.38. This trade represents a 28.75% increase in their position. The SEC filing for this purchase provides additional information. In other Ferroglobe news, insider David Marie Gabriel Girardeau bought 15,500 shares of the firm’s stock in a transaction on Friday, November 6th. The stock was purchased at an average cost of $2.62 per share, with a total value of $40,610.00. Following the completion of the purchase, the insider owned 70,664 shares in the company, valued at approximately $185,139.68. The trade was a 28.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Analyst Ratings Changes

Several equities research analysts have issued reports on GSM shares. Jefferies Financial Group set a $5.00 price target on Ferroglobe in a report on Friday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ferroglobe in a report on Monday, November 2nd. Needham & Company LLC set a $5.00 price objective on Ferroglobe in a research report on Friday, November 6th. Finally, Wall Street Zen raised Ferroglobe from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $5.00.

Ferroglobe Stock Up 7.2%

The firm has a market capitalization of $574.25 million, a P/E ratio of 19.14 and a beta of 1.21. The firm’s 50-day moving average is $4.00 and its 200 day moving average is $4.15. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.79 and a current ratio of 1.34.

Ferroglobe (NASDAQ:GSM) last posted its quarterly earnings data on Tuesday, November 3rd. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). Ferroglobe had a negative return on equity of 5.15% and a net margin of 2.13%. The firm had revenue of $369.76 million for the quarter, compared to the consensus estimate of $382.80 million. As a group, equities research analysts predict that Ferroglobe PLC will post -0.05 EPS for the current fiscal year.

Ferroglobe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 22nd will be given a dividend of $0.0150 per share. The ex-dividend date of this dividend is Tuesday, December 22nd. This represents a $0.06 annualized dividend and a yield of 1.9%. Ferroglobe’s payout ratio is 37.50%.

Institutional Investors Weigh In On Ferroglobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd grew its holdings in shares of Ferroglobe by 28.4% in the 3rd quarter. Covestor Ltd now owns 22,418 shares of the basic materials company’s stock valued at $89,000 after acquiring an additional 4,952 shares in the last quarter. StoneX Group Inc. acquired a new stake in shares of Ferroglobe in the third quarter valued at about $48,000. PDT Partners LLC bought a new stake in Ferroglobe during the second quarter worth about $44,000. Public Employees Retirement System of Ohio raised its holdings in Ferroglobe by 10.1% during the first quarter. Public Employees Retirement System of Ohio now owns 157,461 shares of the basic materials company’s stock worth $649,000 after acquiring an additional 14,422 shares in the last quarter. Finally, Abel Hall LLC acquired a new position in shares of Ferroglobe during the 3rd quarter worth approximately $61,000. 89.64% of the stock is owned by institutional investors.

Ferroglobe Company Profile

Ferroglobe plc produces silicon metal, silicon-based alloys and manganese-based alloys. Its products are used in industries including aluminum, steel, chemicals and energy. Silicon metal is an important input for aluminum alloys, silicones and polysilicon, while the company’s alloys are used in steelmaking and other metallurgical applications. Ferroglobe serves customers in markets around the world. The company was formed in 2015 through the merger of Globe Specialty Metals and Grupo FerroAtlántica.