Polaris Capital Management LLC Reduces Stock Position in Tecnoglass Inc. (NASDAQ:TGLS)

Polaris Capital Management LLC trimmed its holdings in shares of Tecnoglass Inc. (NASDAQ:TGLS - Free Report) by 8.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 896,764 shares of the company's stock after selling 81,800 shares during the period. Tecnoglass makes up about 2.0% of Polaris Capital Management LLC's portfolio, making the stock its 19th biggest position. Polaris Capital Management LLC owned about 1.88% of Tecnoglass worth $40,991,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. lifted its position in Tecnoglass by 7.3% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 9,126 shares of the company's stock valued at $301,000 after purchasing an additional 622 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tecnoglass by 39.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,752 shares of the company's stock valued at $1,343,000 after buying an additional 11,439 shares during the period. Inspire Investing LLC purchased a new stake in shares of Tecnoglass in the third quarter worth about $617,000. Barclays PLC grew its holdings in Tecnoglass by 44.9% during the third quarter. Barclays PLC now owns 32,017 shares of the company's stock worth $1,055,000 after acquiring an additional 9,919 shares during the period. Finally, Impax Asset Management Group plc purchased a new position in Tecnoglass during the third quarter valued at approximately $3,296,000. 37.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Sidoti lowered Tecnoglass from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $56.00 to $59.00 in a research report on Wednesday, May 1st. Robert W. Baird dropped their price target on shares of Tecnoglass from $65.00 to $64.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 7th. DA Davidson reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Tecnoglass in a report on Monday, March 4th. B. Riley reissued a "buy" rating and set a $60.00 target price (down from $65.00) on shares of Tecnoglass in a research note on Friday. Finally, Stifel Nicolaus lowered Tecnoglass from a "buy" rating to a "hold" rating and cut their price target for the company from $48.00 to $45.00 in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tecnoglass currently has a consensus rating of "Moderate Buy" and an average price target of $53.83.

Tecnoglass Price Performance

TGLS traded up $0.86 during midday trading on Friday, hitting $52.53. 342,568 shares of the company traded hands, compared to its average volume of 383,543. The business has a 50 day simple moving average of $52.19 and a two-hundred day simple moving average of $45.06. Tecnoglass Inc. has a 52-week low of $28.21 and a 52-week high of $59.76. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 15.14 and a beta of 1.79. The company has a current ratio of 2.27, a quick ratio of 1.60 and a debt-to-equity ratio of 0.30.

Tecnoglass (NASDAQ:TGLS - Get Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). Tecnoglass had a return on equity of 32.75% and a net margin of 19.97%. The firm had revenue of $192.09 million during the quarter, compared to analyst estimates of $191.04 million. During the same quarter in the previous year, the firm posted $1.08 earnings per share. The company's quarterly revenue was down 5.1% on a year-over-year basis. On average, equities analysts forecast that Tecnoglass Inc. will post 3.59 earnings per share for the current fiscal year.

Tecnoglass Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Friday, March 29th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 0.84%. The ex-dividend date was Wednesday, March 27th. This is a boost from Tecnoglass's previous quarterly dividend of $0.09. Tecnoglass's payout ratio is 12.68%.

About Tecnoglass

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.