Tecnoglass Inc. (NASDAQ:TGLS) Stake Cut by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management has significantly reduced its stake in Tecnoglass Inc. by 69.8%, selling 17,550 shares and now holding 7,611 shares valued at $545,000.
• Despite this, other institutional investors are increasing their positions, with Vanguard Group and Wells Fargo both raising their stakes in the company during the fourth quarter.
• Tecnoglass recently reported a quarterly earnings per share of $0.92, exceeding estimates, and announced a quarterly dividend of $0.15 per share, yielding 0.8% annually.

Envestnet Asset Management Inc. reduced its stake in shares of Tecnoglass Inc. (NASDAQ:TGLS - Free Report) by 69.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,611 shares of the company's stock after selling 17,550 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Tecnoglass were worth $545,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. JFS Wealth Advisors LLC grew its stake in shares of Tecnoglass by 1,350.0% in the first quarter. JFS Wealth Advisors LLC now owns 435 shares of the company's stock worth $31,000 after purchasing an additional 405 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Tecnoglass by 6,293.8% in the fourth quarter. Covestor Ltd now owns 1,023 shares of the company's stock valued at $81,000 after buying an additional 1,007 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Tecnoglass by 18.7% in the fourth quarter. Quadrant Capital Group LLC now owns 1,079 shares of the company's stock valued at $86,000 after buying an additional 170 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Tecnoglass by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,350 shares of the company's stock valued at $186,000 after buying an additional 149 shares during the period. Finally, Farringdon Capital Ltd. acquired a new stake in shares of Tecnoglass in the fourth quarter valued at $222,000. 37.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, B. Riley initiated coverage on Tecnoglass in a report on Friday, May 16th. They issued a "buy" rating and a $100.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tecnoglass currently has a consensus rating of "Moderate Buy" and an average target price of $83.00.

Tecnoglass Price Performance

Shares of Tecnoglass stock traded down $0.90 during trading on Friday, hitting $74.26. The stock had a trading volume of 519,399 shares, compared to its average volume of 354,746. Tecnoglass Inc. has a fifty-two week low of $53.99 and a fifty-two week high of $90.34. The firm has a market cap of $3.49 billion, a P/E ratio of 23.20 and a beta of 1.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.21 and a quick ratio of 1.63. The business has a fifty day moving average of $78.28 and a two-hundred day moving average of $75.69.

Tecnoglass (NASDAQ:TGLS - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.96 by $0.07. Tecnoglass had a return on equity of 27.71% and a net margin of 17.82%. During the same quarter in the prior year, the business earned $0.86 earnings per share. The business's revenue for the quarter was up 16.3% on a year-over-year basis. On average, sell-side analysts expect that Tecnoglass Inc. will post 3.53 earnings per share for the current fiscal year.

Tecnoglass Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, June 30th. Tecnoglass's dividend payout ratio is currently 16.22%.

Tecnoglass Company Profile

Tecnoglass Inc manufactures, supplies, and installs architectural glass, windows, and associated aluminum and vinyl products for commercial and residential construction markets in Colombia, the United States, Panama, and internationally. The company provides low emissivity, laminated/thermo-laminated, thermo-acoustic, tempered, silk-screened, curved, and digital print glass products.