Insider Buying: Mercer International (NASDAQ:MERC) Major Shareholder Acquires 380,000 Shares of Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg bought 380,000 shares of Mercer International stock in a transaction dated Monday, May 18th. The stock was acquired at an average price of $0.96 per share, with a total value of $364,800.00. Following the completion of the transaction, the insider directly owned 1,852,000 shares of the company’s stock, valued at approximately $1,777,920. The trade was a 25.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Mercer International Price Performance

Shares of NASDAQ MERC traded up $0.07 during mid-day trading on Wednesday, reaching $1.05. The company’s stock had a trading volume of 294,682 shares, compared to its average volume of 598,459. The stock has a 50-day moving average of $1.22 and a two-hundred day moving average of $1.71. The stock has a market capitalization of $70.00 million, a P/E ratio of -0.13 and a beta of 0.53. The company has a debt-to-equity ratio of 23.58, a quick ratio of 1.22 and a current ratio of 2.17. Mercer International Inc. has a 1-year low of $0.75 and a 1-year high of $4.47.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last issued its earnings results on Thursday, May 7th. The basic materials company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.04). The business had revenue of $489.30 million during the quarter, compared to analyst estimates of $493.00 million. Mercer International had a negative net margin of 28.51% and a negative return on equity of 136.20%. On average, equities research analysts anticipate that Mercer International Inc. will post -2.21 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MERC. Royal Bank Of Canada cut their price target on shares of Mercer International from $1.25 to $1.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. TD Securities cut shares of Mercer International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. TD reduced their price target on shares of Mercer International from $1.00 to $0.50 and set a “sell” rating on the stock in a research note on Monday, May 11th. TD Cowen downgraded shares of Mercer International from a “hold” rating to a “sell” rating and boosted their price target for the company from $2.00 to $2.25 in a research note on Wednesday, January 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Mercer International in a research note on Friday, March 27th. Two research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Strong Sell” and a consensus price target of $1.85.

Institutional Investors Weigh In On Mercer International

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in Mercer International by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock worth $1,111,000 after acquiring an additional 14,603 shares during the last quarter. Gamco Investors INC. ET AL purchased a new position in Mercer International in the second quarter worth approximately $244,000. Millennium Management LLC lifted its stake in Mercer International by 16.1% in the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock worth $2,866,000 after acquiring an additional 137,906 shares during the last quarter. Jump Financial LLC lifted its position in shares of Mercer International by 340.6% during the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after buying an additional 214,008 shares during the last quarter. Finally, Iat Reinsurance Co. LTD. lifted its position in shares of Mercer International by 1.3% during the 3rd quarter. Iat Reinsurance Co. LTD. now owns 16,700,000 shares of the basic materials company’s stock worth $48,096,000 after buying an additional 220,000 shares during the last quarter. 85.79% of the stock is owned by hedge funds and other institutional investors.

About Mercer International

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.