Brandywine Global Investment Management LLC lowered its stake in shares of Glatfelter (NYSE:GLT) by 3.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 160,290 shares of the basic materials company’s stock after selling 6,134 shares during the quarter. Brandywine Global Investment Management LLC owned about 0.37% of Glatfelter worth $3,133,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Voya Investment Management LLC increased its stake in shares of Glatfelter by 11.5% during the 2nd quarter. Voya Investment Management LLC now owns 20,495 shares of the basic materials company’s stock valued at $400,000 after acquiring an additional 2,116 shares during the last quarter. Citadel Advisors LLC increased its position in Glatfelter by 135.8% during the 2nd quarter. Citadel Advisors LLC now owns 102,022 shares of the basic materials company’s stock worth $1,993,000 after purchasing an additional 58,755 shares in the last quarter. Vanguard Group Inc. increased its position in Glatfelter by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 4,069,825 shares of the basic materials company’s stock worth $79,524,000 after purchasing an additional 74,857 shares in the last quarter. Northern Trust Corp increased its position in Glatfelter by 3.6% during the 2nd quarter. Northern Trust Corp now owns 1,481,567 shares of the basic materials company’s stock worth $28,950,000 after purchasing an additional 51,067 shares in the last quarter. Finally, Penn Capital Management Co. Inc. acquired a new stake in Glatfelter during the 2nd quarter worth approximately $3,060,000. 89.36% of the stock is owned by institutional investors.
Glatfelter (GLT) opened at 19.33 on Tuesday. The stock has a market capitalization of $842.46 million, a PE ratio of 91.61 and a beta of 1.34. Glatfelter has a 1-year low of $16.53 and a 1-year high of $25.59. The stock’s 50 day moving average price is $18.30 and its 200 day moving average price is $19.02.
Glatfelter (NYSE:GLT) last issued its earnings results on Tuesday, August 1st. The basic materials company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.14). The business had revenue of $387.30 million during the quarter, compared to analyst estimates of $394.84 million. Glatfelter had a net margin of 0.59% and a return on equity of 8.32%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.06 EPS. Equities research analysts forecast that Glatfelter will post $1.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Wednesday, October 11th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Tuesday, October 10th. Glatfelter’s dividend payout ratio is presently 260.01%.
GLT has been the subject of a number of research analyst reports. ValuEngine raised shares of Glatfelter from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. BidaskClub downgraded shares of Glatfelter from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Zacks Investment Research raised shares of Glatfelter from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Glatfelter presently has a consensus rating of “Hold” and an average target price of $21.25.
In other Glatfelter news, Chairman Dante C. Parrini bought 5,800 shares of Glatfelter stock in a transaction on Thursday, August 3rd. The shares were purchased at an average price of $17.28 per share, with a total value of $100,224.00. Following the acquisition, the chairman now owns 128,043 shares in the company, valued at approximately $2,212,583.04. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Nicholas Debenedictis bought 5,000 shares of Glatfelter stock in a transaction on Tuesday, August 8th. The stock was acquired at an average cost of $17.62 per share, for a total transaction of $88,100.00. Following the acquisition, the director now owns 57,935 shares in the company, valued at approximately $1,020,814.70. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.
P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.
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