Ferroglobe (NASDAQ:GSM) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Ferroglobe PLC (NASDAQ:GSM) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.69, but opened at $5.05. Ferroglobe shares last traded at $4.98, with a volume of 171,984 shares traded.

The basic materials company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.05. The business had revenue of $451.05 million for the quarter, compared to analyst estimates of $425.55 million. Ferroglobe had a return on equity of 15.06% and a net margin of 3.92%. During the same period in the previous year, the company posted $0.30 EPS.

Ferroglobe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Monday, June 17th were given a $0.013 dividend. This represents a $0.05 annualized dividend and a yield of 1.07%. The ex-dividend date was Monday, June 17th. Ferroglobe’s dividend payout ratio (DPR) is 14.71%.

Analysts Set New Price Targets

Separately, StockNews.com cut Ferroglobe from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Hosking Partners LLP lifted its position in shares of Ferroglobe by 48.7% during the 2nd quarter. Hosking Partners LLP now owns 9,108,922 shares of the basic materials company’s stock valued at $48,824,000 after acquiring an additional 2,981,907 shares during the last quarter. Masters Capital Management LLC lifted its holdings in shares of Ferroglobe by 37.0% during the first quarter. Masters Capital Management LLC now owns 3,150,000 shares of the basic materials company’s stock valued at $15,687,000 after purchasing an additional 850,000 shares during the last quarter. Grizzlyrock Capital LLC acquired a new position in shares of Ferroglobe in the 4th quarter valued at $19,467,000. Tyro Capital Management LLC increased its stake in Ferroglobe by 79.4% in the 1st quarter. Tyro Capital Management LLC now owns 1,992,274 shares of the basic materials company’s stock worth $9,922,000 after purchasing an additional 881,976 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in Ferroglobe by 8.6% during the 1st quarter. First Eagle Investment Management LLC now owns 1,620,155 shares of the basic materials company’s stock worth $8,068,000 after buying an additional 127,795 shares during the period. 89.64% of the stock is owned by institutional investors and hedge funds.

Ferroglobe Stock Up 3.2 %

The business’s 50 day simple moving average is $5.56 and its 200 day simple moving average is $5.28. The company has a market capitalization of $907.18 million, a PE ratio of 14.18 and a beta of 1.87. The company has a quick ratio of 1.02, a current ratio of 1.74 and a debt-to-equity ratio of 0.02.

Ferroglobe Company Profile

Ferroglobe PLC operates in the silicon and specialty metals industry in the United States, Europe, and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese that is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel.