Ferroglobe (NASDAQ:GSM) Posts Earnings Results, Misses Expectations By $0.06 EPS

Key Points

• Ferroglobe reported a quarterly loss of ($0.08) earnings per share, missing analysts' expectations by ($0.06).
• Despite the earnings miss, Ferroglobe's stock price increased by $0.17 to reach $4.04 on the day of the announcement.
• The company announced a quarterly dividend payment of $0.014, resulting in an annualized dividend of $0.06 and a yield of 1.4%.

Ferroglobe (NASDAQ:GSM - Get Free Report) issued its quarterly earnings results on Tuesday. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.06), Zacks reports. Ferroglobe had a negative return on equity of 2.85% and a negative net margin of 6.99%. The company had revenue of $386.86 million for the quarter, compared to analysts' expectations of $398.00 million.

Ferroglobe Stock Performance

GSM traded down $0.14 on Friday, hitting $4.05. The company's stock had a trading volume of 1,503,299 shares, compared to its average volume of 1,762,862. The company's 50 day simple moving average is $4.13 and its 200-day simple moving average is $3.86. The firm has a market cap of $755.85 million, a P/E ratio of -7.11 and a beta of 1.62. Ferroglobe has a 12 month low of $2.97 and a 12 month high of $5.12. The company has a quick ratio of 1.00, a current ratio of 1.56 and a debt-to-equity ratio of 0.14.

Ferroglobe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 22nd will be issued a $0.014 dividend. The ex-dividend date of this dividend is Monday, September 22nd. This represents a $0.06 annualized dividend and a yield of 1.4%. Ferroglobe's dividend payout ratio (DPR) is -10.53%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in Ferroglobe by 1,068.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company's stock valued at $5,719,000 after purchasing an additional 1,424,998 shares during the period. Millennium Management LLC boosted its holdings in Ferroglobe by 168.8% in the 1st quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company's stock valued at $4,121,000 after purchasing an additional 697,476 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Ferroglobe by 32.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company's stock valued at $1,231,000 after purchasing an additional 81,611 shares during the period. 89.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Ferroglobe from a "hold" rating to a "sell" rating in a report on Saturday.

About Ferroglobe

Ferroglobe PLC produces and sells silicon metal, and silicon and manganese-based ferroalloys in the United States, Europe, and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics; and silicon metal for primary and secondary aluminum producers.