Shares of Ferroglobe PLC (NASDAQ:GSM – Get Free Report) gapped up before the market opened on Wednesday following a dividend announcement from the company. The stock had previously closed at $3.42, but opened at $3.92. Ferroglobe shares last traded at $3.84, with a volume of 600,608 shares trading hands.
The newly announced dividend which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 22nd will be paid a dividend of $0.015 per share. This represents a $0.06 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 22nd. Ferroglobe’s payout ratio is presently -27.27%.
Analyst Ratings Changes
Separately, Weiss Ratings cut shares of Ferroglobe from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Ferroglobe presently has a consensus rating of “Hold” and a consensus price target of $6.00.
Ferroglobe Stock Up 5.7%
The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.80 and a current ratio of 1.29. The firm has a 50 day simple moving average of $3.60 and a two-hundred day simple moving average of $4.23. The stock has a market cap of $814.64 million, a P/E ratio of -19.63 and a beta of 1.02.
Ferroglobe (NASDAQ:GSM – Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter. The business had revenue of $347.75 million during the quarter. Ferroglobe had a negative return on equity of 3.73% and a negative net margin of 2.96%. Equities research analysts predict that Ferroglobe PLC will post -0.14 earnings per share for the current year.
Hedge Funds Weigh In On Ferroglobe
Institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its position in shares of Ferroglobe by 168.8% during the 1st quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company’s stock worth $4,121,000 after buying an additional 697,476 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Ferroglobe by 32.6% in the first quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock worth $1,231,000 after purchasing an additional 81,611 shares during the period. Geode Capital Management LLC boosted its stake in Ferroglobe by 1,068.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company’s stock valued at $5,719,000 after purchasing an additional 1,424,998 shares in the last quarter. Legal & General Group Plc increased its position in shares of Ferroglobe by 48.6% during the 2nd quarter. Legal & General Group Plc now owns 129,244 shares of the basic materials company’s stock valued at $474,000 after purchasing an additional 42,279 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Ferroglobe by 4,411.5% in the 2nd quarter. Rhumbline Advisers now owns 178,611 shares of the basic materials company’s stock worth $655,000 after buying an additional 174,652 shares in the last quarter. Institutional investors own 89.64% of the company’s stock.
Ferroglobe Company Profile
Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.
With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.
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