Traders Buy High Volume of Ferroglobe Put Options (NASDAQ:GSM)

Ferroglobe PLC (NASDAQ:GSM - Get Free Report) saw some unusual options trading activity on Tuesday. Traders acquired 8,391 put options on the stock. This is an increase of 265% compared to the typical volume of 2,301 put options.

Hedge Funds Weigh In On Ferroglobe

A number of institutional investors and hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund bought a new stake in shares of Ferroglobe in the 3rd quarter worth about $47,000. Covestor Ltd lifted its holdings in shares of Ferroglobe by 12,965.3% in the 3rd quarter. Covestor Ltd now owns 9,407 shares of the basic materials company's stock worth $49,000 after acquiring an additional 9,335 shares during the last quarter. Mutual Advisors LLC bought a new stake in shares of Ferroglobe in the 3rd quarter worth about $52,000. Banco Santander S.A. bought a new stake in shares of Ferroglobe in the 3rd quarter worth about $77,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Ferroglobe in the 3rd quarter worth about $79,000. 89.64% of the stock is owned by hedge funds and other institutional investors.

Ferroglobe Price Performance

GSM traded up $0.01 during trading on Tuesday, hitting $5.02. 933,476 shares of the company traded hands, compared to its average volume of 1,537,415. The company has a market cap of $940.90 million, a PE ratio of 10.91 and a beta of 2.01. The stock's 50-day simple moving average is $4.86 and its two-hundred day simple moving average is $5.24. Ferroglobe has a 1 year low of $3.95 and a 1 year high of $6.78. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.22.

Ferroglobe (NASDAQ:GSM - Get Free Report) last posted its earnings results on Wednesday, February 21st. The basic materials company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. Ferroglobe had a net margin of 5.29% and a return on equity of 16.74%. The company had revenue of $375.95 million during the quarter, compared to analysts' expectations of $318.80 million. As a group, sell-side analysts anticipate that Ferroglobe will post 0.26 earnings per share for the current fiscal year.

Ferroglobe Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 22nd were paid a $0.013 dividend. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $0.05 dividend on an annualized basis and a dividend yield of 1.04%. Ferroglobe's payout ratio is currently 10.87%.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Ferroglobe from a "hold" rating to a "buy" rating in a research note on Tuesday, March 26th.

About Ferroglobe

Ferroglobe PLC operates in the silicon and specialty metals industry 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, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese that is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel.