Insider Buying: Mercer International (NASDAQ:MERC) Major Shareholder Acquires $18,673.23 in Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg acquired 23,637 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was purchased at an average price of $0.79 per share, for a total transaction of $18,673.23. Following the completion of the acquisition, the insider owned 1,162,231 shares in the company, valued at $918,162.49. The trade was a 2.08% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Mercer International Price Performance

Shares of Mercer International stock traded down $0.03 during mid-day trading on Wednesday, reaching $0.65. 1,761,087 shares of the stock traded hands, compared to its average volume of 599,197. The business has a 50-day moving average of $0.89 and a 200 day moving average of $1.48. Mercer International Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $4.47. The stock has a market capitalization of $43.37 million, a PE ratio of -0.08 and a beta of 0.52. The company has a quick ratio of 1.22, a current ratio of 2.17 and a debt-to-equity ratio of 23.58.

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

Institutional Trading of Mercer International

Hedge funds and other institutional investors have recently modified their holdings of the business. Jump Financial LLC lifted its holdings in shares of Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after acquiring an additional 214,008 shares during the last quarter. Gamco Investors INC. ET AL acquired a new stake in Mercer International in the 2nd quarter valued at approximately $244,000. Gabelli Funds LLC acquired a new stake in Mercer International in the 2nd quarter valued at approximately $1,804,000. Millennium Management LLC raised its position 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 valued at $2,866,000 after purchasing an additional 137,906 shares during the period. Finally, Geode Capital Management LLC raised its position 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 valued at $1,111,000 after purchasing an additional 14,603 shares during the period. 85.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MERC shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Mercer International from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. TD dropped their price objective on shares of Mercer International from $1.00 to $0.50 and set a “sell” rating for the company in a research note on Monday, May 11th. Finally, Royal Bank Of Canada cut their price objective 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. Two equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Mercer International has an average rating of “Strong Sell” and an average target price of $1.85.

Mercer International Company Profile

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.