Ferroglobe (NASDAQ:GSM) Shares Up 5.1% - Here's What Happened

Key Points

• Ferroglobe shares rose 5.1% to $2.765, while trading volume was 37% below its average.
• Analyst views were mixed: the stock’s average rating was Hold, with a consensus price target of $5.33; Jefferies and Needham each set a $5 target.
• Ferroglobe reported quarterly EPS of -$0.06, missing the -$0.04 consensus, and revenue of $369.76 million, below expectations. It also announced a quarterly dividend of $0.015 per share.

Ferroglobe PLC (NASDAQ:GSM - Get Free Report)'s stock price shot up 5.1% on Tuesday. The stock traded as high as $2.81 and last traded at $2.7650. 894,922 shares changed hands during trading, a decline of 37% from the average session volume of 1,421,091 shares. The stock had previously closed at $2.63.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Jefferies Financial Group set a $5.00 price target on shares of Ferroglobe in a research report on Friday. Needham & Company LLC set a $5.00 price objective on Ferroglobe in a research note on Friday. Wall Street Zen upgraded Ferroglobe from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Ferroglobe in a research note on Monday, November 2nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $5.33.

Ferroglobe Trading Up 5.1%

The company has a current ratio of 1.34, a quick ratio of 0.74 and a debt-to-equity ratio of 0.05. The business's 50-day simple moving average is $4.05 and its two-hundred day simple moving average is $4.17. The company has a market capitalization of $516.03 million, a PE ratio of 17.28 and a beta of 1.21.

Ferroglobe (NASDAQ:GSM - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). Ferroglobe had a negative return on equity of 5.15% and a net margin of 2.13%. The business had revenue of $369.76 million for the quarter, compared to analysts' expectations of $382.80 million. On average, analysts predict that Ferroglobe PLC will post -0.05 earnings per share for the current year.

Ferroglobe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 22nd will be issued a dividend of $0.0150 per share. The ex-dividend date is Tuesday, December 22nd. This represents a $0.06 annualized dividend and a yield of 2.2%. Ferroglobe's payout ratio is currently 37.50%.

Insider Activity

In other Ferroglobe news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $4.30, for a total value of $138,855.60. Following the transaction, the insider directly owned 31,693 shares of the company's stock, valued at $136,279.90. This represents a 50.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 13.07% of the stock is currently owned by insiders.

Institutional Trading of Ferroglobe

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Covestor Ltd increased its stake in shares of Ferroglobe by 28.4% during the third quarter. Covestor Ltd now owns 22,418 shares of the basic materials company's stock valued at $89,000 after acquiring an additional 4,952 shares during the period. StoneX Group Inc. acquired a new stake in Ferroglobe in the third quarter worth approximately $48,000. PDT Partners LLC acquired a new stake in Ferroglobe in the second quarter worth approximately $44,000. Public Employees Retirement System of Ohio boosted its stake in Ferroglobe by 10.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 157,461 shares of the basic materials company's stock valued at $649,000 after purchasing an additional 14,422 shares in the last quarter. Finally, Abel Hall LLC bought a new position in Ferroglobe during the 3rd quarter valued at $61,000. Institutional investors own 89.64% of the company's stock.

Ferroglobe Company Profile

Ferroglobe PLC NASDAQ: GSM is a global producer of silicon and manganese-based alloys. The company manufactures silicon metal, ferrosilicon, manganese alloys, calcium silicon and other specialty alloy products used in the production of steel, aluminum, silicones, solar materials and other industrial goods. Ferroglobe also operates quartz resources and produces related raw materials used in its alloy manufacturing processes. Its products support several industries, including automotive, construction, energy, chemicals, electronics and renewable energy.

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