Ferroglobe (NASDAQ:GSM) Posts Earnings Results, Beats Expectations By $0.01 EPS

Ferroglobe (NASDAQ:GSM) announced its quarterly earnings results on Tuesday. The basic materials company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01, Zacks reports. The business had revenue of $329.38 million for the quarter, compared to analysts’ expectations of $293.60 million. Ferroglobe had a negative net margin of 9.92% and a negative return on equity of 6.13%.

Ferroglobe Stock Down 8.7%

GSM opened at $4.82 on Wednesday. Ferroglobe has a twelve month low of $2.97 and a twelve month high of $5.74. The company’s 50-day moving average price is $4.90 and its two-hundred day moving average price is $4.59. The stock has a market cap of $899.56 million, a price-to-earnings ratio of -6.51 and a beta of 1.09. The company has a quick ratio of 0.91, a current ratio of 1.66 and a debt-to-equity ratio of 0.07.

Ferroglobe Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 23rd will be given a $0.015 dividend. This is a positive change from Ferroglobe’s previous quarterly dividend of $0.01. This represents a $0.06 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, March 23rd. Ferroglobe’s payout ratio is presently -8.11%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on GSM shares. Zacks Research raised Ferroglobe from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. B. Riley Financial reduced their target price on shares of Ferroglobe from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Wall Street Zen lowered shares of Ferroglobe from a “hold” rating to a “sell” rating in a research report on Sunday, November 16th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Ferroglobe in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.00.

Institutional Trading of Ferroglobe

Large investors have recently bought and sold shares of the company. California State Teachers Retirement System purchased a new stake in shares of Ferroglobe in the second quarter worth about $27,000. BNP Paribas Financial Markets raised its position in Ferroglobe by 1,017,300.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,174 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 10,173 shares during the period. Quadrant Capital Group LLC boosted its holdings in Ferroglobe by 66.1% during the 4th quarter. Quadrant Capital Group LLC now owns 7,902 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 3,146 shares during the period. Prudential Financial Inc. bought a new position in shares of Ferroglobe in the second quarter worth approximately $51,000. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Ferroglobe in the third quarter valued at about $52,000. 89.64% of the stock is owned by hedge funds and other institutional investors.

Ferroglobe Company Profile

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.