Ferroglobe PLC $GSM Shares Sold by Wolf Hill Capital Management LP

Wolf Hill Capital Management LP reduced its stake in Ferroglobe PLC (NASDAQ:GSM) by 49.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,918,232 shares of the basic materials company’s stock after selling 3,763,337 shares during the quarter. Ferroglobe accounts for 1.6% of Wolf Hill Capital Management LP’s investment portfolio, making the stock its 20th biggest holding. Wolf Hill Capital Management LP’s holdings in Ferroglobe were worth $17,828,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Millennium Management LLC raised its holdings in Ferroglobe by 168.8% during the first quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company’s stock worth $4,121,000 after purchasing an additional 697,476 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Ferroglobe by 32.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock worth $1,231,000 after purchasing an additional 81,611 shares during the period. Envestnet Asset Management Inc. increased its position in Ferroglobe by 14.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 329,477 shares of the basic materials company’s stock worth $1,209,000 after purchasing an additional 40,731 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Ferroglobe during the 2nd quarter worth approximately $174,000. Finally, ProShare Advisors LLC purchased a new position in shares of Ferroglobe during the 2nd quarter worth approximately $90,000. Institutional investors and hedge funds own 89.64% of the company’s stock.

Wall Street Analyst Weigh In

GSM has been the topic of a number of analyst reports. Zacks Research upgraded Ferroglobe from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Wall Street Zen upgraded Ferroglobe from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Ferroglobe in a report on Thursday, January 22nd. 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, Ferroglobe currently has a consensus rating of “Hold” and an average target price of $6.00.

Ferroglobe Price Performance

Shares of GSM traded down $0.14 during mid-day trading on Friday, reaching $4.54. 227,983 shares of the company’s stock were exchanged, compared to its average volume of 1,243,024. The company has a quick ratio of 0.97, a current ratio of 1.66 and a debt-to-equity ratio of 0.07. The company has a 50-day simple moving average of $5.00 and a two-hundred day simple moving average of $4.68. Ferroglobe PLC has a 52-week low of $2.97 and a 52-week high of $5.74. The company has a market cap of $846.37 million, a price-to-earnings ratio of -4.93 and a beta of 0.93.

Ferroglobe (NASDAQ:GSM) last posted its earnings results on Tuesday, February 17th. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $329.38 million for the quarter, compared to analyst estimates of $293.60 million. Ferroglobe had a negative return on equity of 8.65% and a negative net margin of 12.78%. On average, sell-side analysts predict that Ferroglobe PLC will post 0.33 EPS for the current fiscal year.

Ferroglobe Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 23rd will be issued a $0.015 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.3%. This is a positive change from Ferroglobe’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Monday, March 23rd. Ferroglobe’s payout ratio is presently -6.52%.

About Ferroglobe

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.