Ferroglobe (NASDAQ:GSM) Shares Gap Up Following Dividend Announcement

Ferroglobe PLC (NASDAQ:GSM) shares gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $3.42, but opened at $3.92. Ferroglobe shares last traded at $3.84, with a volume of 600,608 shares.

The newly announced dividend which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 22nd will be paid a $0.015 dividend. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.4%. Ferroglobe’s dividend payout ratio is -27.27%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Ferroglobe from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Ferroglobe Trading Up 5.7%

The company has a market capitalization of $814.64 million, a P/E ratio of -19.89 and a beta of 1.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.29 and a quick ratio of 0.80. The business’s 50-day moving average price is $3.60 and its two-hundred day moving average price is $4.23.

Ferroglobe (NASDAQ:GSM) last released its quarterly earnings data on Tuesday, March 31st. The basic materials company reported ($0.07) EPS for the quarter. Ferroglobe had a negative net margin of 2.96% and a negative return on equity of 3.73%. The firm had revenue of $347.75 million during the quarter. As a group, analysts forecast that Ferroglobe PLC will post -0.14 EPS for the current fiscal year.

Institutional Trading of Ferroglobe

Hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System acquired a new position in shares of Ferroglobe in the second quarter valued at approximately $27,000. Quadrant Capital Group LLC raised its holdings in shares of Ferroglobe by 66.1% during the fourth quarter. Quadrant Capital Group LLC now owns 7,902 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 3,146 shares during the period. Irenic Capital Management LP bought a new stake in Ferroglobe in the 4th quarter valued at $46,000. Highland Capital Management LLC bought a new stake in Ferroglobe in the 4th quarter valued at $46,000. Finally, BNP Paribas Financial Markets boosted its stake in Ferroglobe by 1,017,300.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,174 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 10,173 shares during the period. 89.64% of the stock is currently owned by institutional investors and hedge funds.

Ferroglobe Company Profile

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.