Glatfelter (NYSE:GLT) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Glatfelter (NYSE:GLT) from a hold rating to a sell rating in a research report sent to investors on Thursday, November 2nd.

According to Zacks, “Glatfelter is a paper manufacturing company that manufactures printing papers and tobacco and other specialty papers. The company sells its products throughout the United States and in a number of foreign countries. Most of the company’s printing paper products are directed at the uncoated free-sheet portion of the industry. The company’s tobacco and other specialty papers are used for cigarette manufacturing and other specialty uses such as the manufacture of playing cards, stamps, labels and surgical gowns. “

A number of other research analysts also recently issued reports on GLT. ValuEngine raised shares of Glatfelter from a hold rating to a buy rating in a report on Tuesday, July 25th. BidaskClub cut shares of Glatfelter from a hold rating to a sell rating in a report on Friday, August 25th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $21.25.

Glatfelter (NYSE GLT) opened at $20.20 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.70 and a debt-to-equity ratio of 0.65. Glatfelter has a 1-year low of $16.53 and a 1-year high of $25.59. The stock has a market cap of $874.78, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 3.55 and a beta of 1.39.

Glatfelter (NYSE:GLT) last posted its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.11. The business had revenue of $413.00 million during the quarter, compared to the consensus estimate of $402.74 million. Glatfelter had a net margin of 0.11% and a return on equity of 7.96%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share. sell-side analysts anticipate that Glatfelter will post 1.13 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Wednesday, October 11th were issued a $0.13 dividend. The ex-dividend date was Tuesday, October 10th. This represents a $0.52 annualized dividend and a yield of 2.57%. Glatfelter’s payout ratio is 1,733.33%.

In other Glatfelter news, EVP John P. Jacunski sold 6,674 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $20.85, for a total value of $139,152.90. Following the transaction, the executive vice president now directly owns 57,464 shares in the company, valued at approximately $1,198,124.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Several hedge funds have recently modified their holdings of GLT. UBS Asset Management Americas Inc. acquired a new position in shares of Glatfelter in the 1st quarter worth approximately $256,000. Envestnet Asset Management Inc. lifted its holdings in Glatfelter by 63.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 5,799 shares of the basic materials company’s stock worth $126,000 after buying an additional 2,246 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in Glatfelter by 1.2% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 14,030 shares of the basic materials company’s stock worth $305,000 after buying an additional 160 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Glatfelter by 3.2% during the 1st quarter. Principal Financial Group Inc. now owns 331,074 shares of the basic materials company’s stock worth $7,198,000 after buying an additional 10,114 shares in the last quarter. Finally, Teachers Advisors LLC lifted its holdings in Glatfelter by 1.0% during the 1st quarter. Teachers Advisors LLC now owns 75,400 shares of the basic materials company’s stock worth $1,639,000 after buying an additional 724 shares in the last quarter. Hedge funds and other institutional investors own 90.00% of the company’s stock.

About Glatfelter

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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