Tecnoglass (NASDAQ:TGLS) Reaches New 1-Year High Following Dividend Announcement

Shares of Tecnoglass Inc. (NASDAQ:TGLS) hit a new 52-week high on Wednesday after the company announced a dividend. The company traded as high as $84.59 and last traded at $84.33, with a volume of 9758 shares trading hands. The stock had previously closed at $81.64.

The newly announced dividend which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.15 dividend. This is an increase from Tecnoglass’s previous quarterly dividend of $0.11. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Tuesday, December 31st. Tecnoglass’s payout ratio is currently 13.75%.

Analyst Upgrades and Downgrades

Several research firms have commented on TGLS. B. Riley reiterated a “neutral” rating and set a $72.00 price objective (up previously from $69.00) on shares of Tecnoglass in a research report on Thursday, October 10th. StockNews.com started coverage on Tecnoglass in a research report on Friday, December 6th. They issued a “hold” rating for the company. Sidoti downgraded Tecnoglass from a “buy” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Tuesday, October 22nd. DA Davidson lifted their target price on Tecnoglass from $65.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Raymond James lowered Tecnoglass from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $77.40.

Tecnoglass Stock Performance

The business has a 50 day moving average price of $75.38 and a 200 day moving average price of $62.42. The stock has a market cap of $3.98 billion, a P/E ratio of 26.45 and a beta of 1.89. The company has a quick ratio of 1.63, a current ratio of 2.21 and a debt-to-equity ratio of 0.20.

Tecnoglass (NASDAQ:TGLS) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.97 by $0.11. Tecnoglass had a return on equity of 27.71% and a net margin of 17.82%. The company had revenue of $237.90 million for the quarter, compared to the consensus estimate of $240.19 million. During the same period last year, the business posted $0.98 EPS. Tecnoglass’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, sell-side analysts expect that Tecnoglass Inc. will post 3.55 EPS for the current year.

Insider Buying and Selling at Tecnoglass

In related news, major shareholder Holding Corp Energy sold 1,432,120 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $73.02, for a total transaction of $104,573,402.40. Following the transaction, the insider now directly owns 23,195,988 shares of the company’s stock, valued at $1,693,771,043.76. This represents a 5.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Julio A. Torres sold 30,520 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $72.83, for a total transaction of $2,222,771.60. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Institutional Trading of Tecnoglass

Hedge funds have recently added to or reduced their stakes in the company. SummerHaven Investment Management LLC raised its position in Tecnoglass by 2.2% during the second quarter. SummerHaven Investment Management LLC now owns 13,681 shares of the company’s stock worth $687,000 after acquiring an additional 292 shares during the period. Bank of New York Mellon Corp acquired a new position in Tecnoglass in the 2nd quarter valued at about $3,929,000. Crossmark Global Holdings Inc. grew its stake in shares of Tecnoglass by 3.2% in the second quarter. Crossmark Global Holdings Inc. now owns 7,066 shares of the company’s stock worth $355,000 after acquiring an additional 220 shares in the last quarter. Rothschild Investment LLC purchased a new position in shares of Tecnoglass in the 2nd quarter valued at about $909,000. Finally, Rhumbline Advisers acquired a new position in Tecnoglass during the 2nd quarter worth approximately $1,468,000. 37.35% of the stock is owned by hedge funds and other institutional investors.

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.