Ferroglobe (NASDAQ:GSM) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ferroglobe (NASDAQ:GSM) from a hold rating to a buy rating in a research note issued to investors on Friday, Zacks.com reports. Zacks Investment Research currently has $0.75 price objective on the basic materials company’s stock.

According to Zacks, “Ferroglobe PLC provides silicon and specialty metals. It produces silicon metal and silicon and manganese based alloy, serves in the specialty chemical, aluminum, solar, steel and ductile iron foundry industries. Ferroglobe PLC is headquartered in London, the United Kingdom. “

Several other research firms have also recently weighed in on GSM. ValuEngine raised Ferroglobe from a sell rating to a hold rating in a research report on Wednesday, November 27th. Stifel Nicolaus cut shares of Ferroglobe from a buy rating to a hold rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $2.82.

Shares of NASDAQ:GSM opened at $0.78 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.96 and a current ratio of 1.76. The stock’s 50-day moving average is $0.64 and its 200-day moving average is $1.21. The company has a market cap of $132.61 million, a P/E ratio of 2.80 and a beta of 2.18. Ferroglobe has a 52-week low of $0.51 and a 52-week high of $3.01.

Ferroglobe (NASDAQ:GSM) last announced its earnings results on Monday, December 2nd. The basic materials company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.08. The firm had revenue of $381.75 million during the quarter, compared to the consensus estimate of $397.30 million. Ferroglobe had a negative return on equity of 8.27% and a negative net margin of 11.96%. As a group, equities analysts predict that Ferroglobe will post -0.58 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GSM. Wells Fargo & Company MN grew its position in Ferroglobe by 14.0% during the second quarter. Wells Fargo & Company MN now owns 97,018 shares of the basic materials company’s stock worth $165,000 after buying an additional 11,947 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Ferroglobe by 49.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,029,301 shares of the basic materials company’s stock valued at $1,749,000 after acquiring an additional 338,515 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Ferroglobe by 25.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 38,418 shares of the basic materials company’s stock worth $65,000 after acquiring an additional 7,676 shares during the period. Renaissance Technologies LLC lifted its position in shares of Ferroglobe by 274.3% in the 2nd quarter. Renaissance Technologies LLC now owns 972,700 shares of the basic materials company’s stock worth $1,654,000 after acquiring an additional 712,800 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its position in shares of Ferroglobe by 69.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 19,561 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 8,033 shares during the period. Institutional investors and hedge funds own 30.88% of the company’s stock.

About Ferroglobe

Ferroglobe PLC engages in the production of silicon metal, silicon-based specialty alloys, and ferroalloys. It operates through the following segments: Electrometallurgy-North America, Electrometallurgy-Europe, Electrometallurgy-South Africa, and Other. The company was founded on February 5, 2015 and is headquartered in London, the United Kingdom.

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