Ferroglobe (NASDAQ:GSM) Trading 3.5% Higher – Here’s Why

Ferroglobe PLC (NASDAQ:GSM) rose 3.5% during mid-day trading on Friday . The stock traded as high as $4.20 and last traded at $4.17. Approximately 65,654 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,356,470 shares. The stock had previously closed at $4.03.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Ferroglobe from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th.

Ferroglobe Price Performance

The stock has a market capitalization of $792.85 million, a P/E ratio of 17.63 and a beta of 1.88. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.00 and a current ratio of 1.83. The business has a fifty day simple moving average of $4.35 and a 200-day simple moving average of $4.97.

Ferroglobe (NASDAQ:GSM) last announced its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.05). Ferroglobe had a net margin of 2.74% and a return on equity of 7.55%. The company had revenue of $433.53 million for the quarter, compared to analyst estimates of $443.50 million. During the same quarter in the prior year, the company posted $0.27 EPS. Sell-side analysts expect that Ferroglobe PLC will post 0.28 earnings per share for the current fiscal year.

Ferroglobe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 20th will be issued a dividend of $0.013 per share. This represents a $0.05 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, December 20th. Ferroglobe’s dividend payout ratio is currently 20.83%.

Institutional Trading of Ferroglobe

Several institutional investors and hedge funds have recently modified their holdings of GSM. Barclays PLC purchased a new position in Ferroglobe during the 3rd quarter worth $44,000. Orion Portfolio Solutions LLC bought a new position in shares of Ferroglobe during the third quarter valued at about $99,000. XTX Topco Ltd purchased a new position in Ferroglobe during the third quarter worth about $150,000. State Street Corp grew its position in Ferroglobe by 1.6% in the 3rd quarter. State Street Corp now owns 163,238 shares of the basic materials company’s stock worth $757,000 after purchasing an additional 2,615 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Ferroglobe by 1,180.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 399,500 shares of the basic materials company’s stock valued at $1,854,000 after buying an additional 368,300 shares during the last quarter. 89.64% of the stock is owned by hedge funds and other institutional investors.

About Ferroglobe

Ferroglobe PLC produces and sells silicon metal, and silicon and manganese-based ferroalloys in the United States, Europe, and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics; and silicon metal for primary and secondary aluminum producers.