Glatfelter (NYSE:GLT) Shares Down 12.3% Following Weak Earnings

Glatfelter (NYSE:GLT) shares fell 12.3% on Tuesday following a dissappointing earnings announcement. The company traded as low as $17.75 and last traded at $17.96, with a volume of 712,219 shares trading hands. The stock had previously closed at $20.47.

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 return on equity of 8.32% and a net margin of 0.59%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.06 EPS.

GLT has been the topic of several analyst reports. TheStreet upgraded shares of Glatfelter from a “c” rating to a “b-” rating in a research report on Tuesday, May 2nd. ValuEngine upgraded shares of Glatfelter from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. BMO Capital Markets upgraded shares of Glatfelter from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $23.00 to $24.00 in a research report on Friday, May 5th. Finally, Zacks Investment Research lowered shares of Glatfelter from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. Glatfelter has a consensus rating of “Hold” and an average price target of $22.69.

In related news, Chairman Dante C. Parrini purchased 5,800 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was acquired at an average cost of $17.28 per share, for a total transaction of $100,224.00. Following the completion of the transaction, the chairman now directly owns 128,043 shares in the company, valued at $2,212,583.04. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Nicholas Debenedictis acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was acquired at an average price of $17.62 per share, with a total value of $88,100.00. Following the acquisition, the director now directly owns 57,935 shares of the company’s stock, 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.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC boosted its position in shares of Glatfelter by 135.8% in the second quarter. Citadel Advisors LLC now owns 102,022 shares of the basic materials company’s stock worth $1,993,000 after buying an additional 58,755 shares during the period. Vanguard Group Inc. boosted its position in shares of Glatfelter by 1.9% in the second quarter. Vanguard Group Inc. now owns 4,069,825 shares of the basic materials company’s stock worth $79,524,000 after buying an additional 74,857 shares during the period. Northern Trust Corp boosted its position in shares of Glatfelter by 3.6% in the second quarter. Northern Trust Corp now owns 1,481,567 shares of the basic materials company’s stock worth $28,950,000 after buying an additional 51,067 shares during the period. Penn Capital Management Co. Inc. acquired a new position in shares of Glatfelter during the second quarter worth $3,060,000. Finally, Thrivent Financial For Lutherans boosted its position in shares of Glatfelter by 6.9% in the second quarter. Thrivent Financial For Lutherans now owns 26,170 shares of the basic materials company’s stock worth $511,000 after buying an additional 1,700 shares during the period. Hedge funds and other institutional investors own 90.78% of the company’s stock.

The firm has a market capitalization of $740.91 million, a PE ratio of 80.57 and a beta of 1.31. The firm’s 50-day moving average price is $19.22 and its 200 day moving average price is $20.58.

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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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