Ferroglobe (NASDAQ:GSM) Shares Gap Down on Disappointing Earnings

Shares of Ferroglobe PLC (NASDAQ:GSM) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.04, but opened at $3.61. Ferroglobe shares last traded at $4.43, with a volume of 476,476 shares.

The basic materials company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.06). The company had revenue of $386.86 million during the quarter, compared to the consensus estimate of $398.00 million. Ferroglobe had a negative net margin of 6.99% and a negative return on equity of 2.82%.

Ferroglobe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 22nd will be paid a dividend of $0.014 per share. This represents a $0.06 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, September 22nd. Ferroglobe’s payout ratio is currently -18.18%.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Ferroglobe from a “sell” rating to a “hold” rating in a research note on Saturday, May 31st.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its stake in shares of Ferroglobe by 72.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 288,746 shares of the basic materials company’s stock worth $1,071,000 after acquiring an additional 121,176 shares during the period. Lloyd Harbor Capital Management LLC bought a new position in shares of Ferroglobe during the 4th quarter worth approximately $5,605,000. PFG Investments LLC bought a new position in shares of Ferroglobe during the 1st quarter worth approximately $42,000. Russell Investments Group Ltd. boosted its stake in shares of Ferroglobe by 43.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,193,272 shares of the basic materials company’s stock worth $4,534,000 after acquiring an additional 359,807 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in shares of Ferroglobe during the 1st quarter worth approximately $242,000. 89.64% of the stock is currently owned by institutional investors.

Ferroglobe Price Performance

The company has a 50 day moving average price of $4.10 and a 200 day moving average price of $3.85. The company has a market capitalization of $823.04 million, a P/E ratio of -7.74 and a beta of 1.62. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.04.

Ferroglobe Company Profile

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.