Mercer International (NASDAQ:MERC) Major Shareholder Peter Kellogg Purchases 36,000 Shares of Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg bought 36,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was bought at an average price of $0.82 per share, with a total value of $29,520.00. Following the completion of the purchase, the insider directly owned 1,198,231 shares in the company, valued at $982,549.42. This represents a 3.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Mercer International Stock Performance

Mercer International stock traded down $0.03 during mid-day trading on Wednesday, reaching $0.65. 1,761,087 shares of the company traded hands, compared to its average volume of 599,197. The company has a debt-to-equity ratio of 23.58, a current ratio of 2.17 and a quick ratio of 1.22. Mercer International Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $4.47. The company has a market capitalization of $43.37 million, a price-to-earnings ratio of -0.08 and a beta of 0.52. The firm’s fifty day moving average is $0.89 and its two-hundred day moving average is $1.48.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last posted its quarterly earnings data on Thursday, May 7th. The basic materials company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.04). The company had revenue of $489.30 million for the quarter, compared to analyst estimates of $493.00 million. Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%. On average, equities research analysts expect that Mercer International Inc. will post -2.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mercer International

Institutional investors have recently modified their holdings of the stock. Gabelli Funds LLC purchased a new position in shares of Mercer International during the 2nd quarter valued at about $1,804,000. Jump Financial LLC boosted its stake in shares of Mercer International by 340.6% in the second quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after buying an additional 214,008 shares during the last quarter. Millennium Management LLC grew its holdings in Mercer International by 16.1% during the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock worth $2,866,000 after acquiring an additional 137,906 shares during the period. Gamco Investors INC. ET AL acquired a new stake in Mercer International during the second quarter worth about $244,000. Finally, Geode Capital Management LLC raised its position in Mercer International by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock valued at $1,111,000 after acquiring an additional 14,603 shares in the last quarter. Hedge funds and other institutional investors own 85.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MERC. Wall Street Zen upgraded Mercer International from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Royal Bank Of Canada reduced their price objective on Mercer International from $1.25 to $1.00 and set a “sector perform” rating for the company in a research note on Monday, May 11th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Mercer International in a research report on Wednesday, June 24th. Finally, TD cut their price target on shares of Mercer International from $1.00 to $0.50 and set a “sell” rating on the stock in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Mercer International currently has an average rating of “Strong Sell” and an average target price of $1.85.

About Mercer International

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.