Canadian Imperial Bank of Commerce Cuts Mercer International (NASDAQ:MERC) Price Target to $1.00

Mercer International (NASDAQ:MERC) (TSE:MRI.U) had its target price lowered by Canadian Imperial Bank of Commerce from $1.50 to $1.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

Other research analysts also recently issued reports about the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. TD reaffirmed a “sell” rating on shares of Mercer International in a report on Tuesday, July 14th. Wall Street Zen downgraded Mercer International from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Finally, Royal Bank Of Canada reduced their price objective on Mercer International from $1.00 to $0.75 and set a “sector perform” rating on the stock in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Mercer International presently has an average rating of “Strong Sell” and a consensus price target of $1.20.

Mercer International Stock Up 2.3%

Shares of NASDAQ MERC opened at $0.69 on Tuesday. Mercer International has a 52-week low of $0.53 and a 52-week high of $4.47. The company has a debt-to-equity ratio of 23.58, a quick ratio of 1.22 and a current ratio of 2.17. The business has a fifty day moving average of $0.80 and a two-hundred day moving average of $1.36. The stock has a market cap of $46.47 million, a PE ratio of -0.09 and a beta of 0.52.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last announced its earnings results on Thursday, May 7th. The basic materials company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.04). The firm 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%. As a group, equities research analysts expect that Mercer International will post -2.21 earnings per share for the current fiscal year.

Insider Activity

In other Mercer International news, major shareholder Peter R. Kellogg purchased 380,000 shares of the stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $0.96 per share, for a total transaction of $364,800.00. Following the transaction, the insider directly owned 1,852,000 shares in the company, valued at $1,777,920. This represents a 25.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have bought 1,383,743 shares of company stock valued at $1,264,565. 1.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mercer International

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC raised its position in shares of Mercer International by 16.1% during the 3rd quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock valued at $2,866,000 after acquiring an additional 137,906 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Mercer International by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock valued at $1,111,000 after purchasing an additional 14,603 shares during the period. Gabelli Funds LLC bought a new position in shares of Mercer International in the 2nd quarter worth $1,804,000. Jump Financial LLC boosted its position in shares of Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after purchasing an additional 214,008 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new stake in shares of Mercer International during the second quarter worth $244,000. 85.79% of the stock is owned by institutional investors.

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.