Bank of America Corp DE Trims Holdings in Ferroglobe PLC $GSM

Key Points

• Bank of America cut its Ferroglobe stake by 48.4% in the first quarter, selling 526,469 shares and retaining 561,001 shares worth approximately $2.3 million. Institutional investors collectively own 89.64% of GSM.
• Ferroglobe shares opened at $4.03, within a 12-month range of $3.08 to $5.74. The company declared a quarterly dividend of $0.015 per share, representing a 1.5% annualized yield.
• Analyst sentiment is mixed, with ratings split among Buy, Hold and Sell; MarketBeat reports a consensus rating of Hold and a $6.00 target price. An insider also sold 32,292 shares at an average price of $4.30.

Bank of America Corp DE lowered its holdings in shares of Ferroglobe PLC (NASDAQ:GSM - Free Report) by 48.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 561,001 shares of the basic materials company's stock after selling 526,469 shares during the period. Bank of America Corp DE owned 0.30% of Ferroglobe worth $2,311,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Covestor Ltd grew its position in Ferroglobe by 23.2% in the 4th quarter. Covestor Ltd now owns 14,160 shares of the basic materials company's stock valued at $66,000 after buying an additional 2,670 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Ferroglobe by 66.1% in the 4th quarter. Quadrant Capital Group LLC now owns 7,902 shares of the basic materials company's stock worth $37,000 after acquiring an additional 3,146 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Ferroglobe by 11.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 70,707 shares of the basic materials company's stock valued at $329,000 after purchasing an additional 7,399 shares in the last quarter. California State Teachers Retirement System purchased a new stake in shares of Ferroglobe in the second quarter valued at approximately $27,000. Finally, Intech Investment Management LLC grew its holdings in Ferroglobe by 16.6% during the fourth quarter. Intech Investment Management LLC now owns 69,931 shares of the basic materials company's stock worth $324,000 after acquiring an additional 9,975 shares during the period. 89.64% of the stock is owned by hedge funds and other institutional investors.

Ferroglobe Stock Performance

Shares of NASDAQ GSM opened at $4.03 on Wednesday. Ferroglobe PLC has a 12 month low of $3.08 and a 12 month high of $5.74. The company has a 50-day simple moving average of $3.67 and a 200-day simple moving average of $4.12. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.29 and a quick ratio of 0.74. The company has a market cap of $752.12 million, a PE ratio of -18.32 and a beta of 1.00.

Ferroglobe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 22nd will be paid a $0.015 dividend. This represents a $0.06 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 22nd. Ferroglobe's payout ratio is currently -27.27%.

Insider Buying and Selling

In other news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $4.30, for a total value of $138,855.60. Following the completion of the sale, the insider owned 31,693 shares of the company's stock, valued at $136,279.90. This represents a 50.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.07% of the company's stock.

Wall Street Analysts Forecast Growth

GSM has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Ferroglobe from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, August 4th. Wall Street Zen cut Ferroglobe from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. 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 stock. According to data from MarketBeat, Ferroglobe has an average rating of "Hold" and a consensus target price of $6.00.

About Ferroglobe

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.

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