Mercer International (NASDAQ:MERC) Given New $1.00 Price Target at Canadian Imperial Bank of Commerce

Mercer International (NASDAQ:MERC) (TSE:MRI.U) had its price target trimmed by Canadian Imperial Bank of Commerce from $1.50 to $1.00 in a research note published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada dropped their target price on Mercer International from $1.00 to $0.75 and set a “sector perform” rating on the stock in a research report on Friday, July 17th. TD reissued a “sell” rating on shares of Mercer International in a report on Tuesday, July 14th. Weiss Ratings restated a “sell (e+)” rating on shares of Mercer International in a research note on Wednesday, June 24th. Finally, Wall Street Zen lowered Mercer International from a “sell” rating to a “strong sell” rating in a report on Saturday. Two investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Sell” and an average price target of $1.20.

Mercer International Stock Up 3.5%

Shares of NASDAQ:MERC opened at $0.67 on Tuesday. Mercer International has a fifty-two week low of $0.53 and a fifty-two week high of $4.47. The company has a quick ratio of 1.22, a current ratio of 2.17 and a debt-to-equity ratio of 23.58. The firm’s 50-day simple moving average is $0.81 and its 200-day simple moving average is $1.38. The company has a market cap of $44.87 million, a price-to-earnings ratio of -0.08 and a beta of 0.52.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last posted its quarterly earnings results on Thursday, May 7th. The basic materials company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.04). The firm had revenue of $489.30 million for the quarter, compared to analysts’ expectations of $493.00 million. Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%. As a group, equities research analysts predict that Mercer International will post -2.21 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Peter R. Kellogg bought 51,441 shares of the stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $0.92 per share, for a total transaction of $47,325.72. Following the completion of the transaction, the insider owned 1,385,672 shares of the company’s stock, valued at $1,274,818.24. This represents a 3.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 1,383,743 shares of company stock worth $1,264,565 over the last quarter. 1.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mercer International

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL purchased a new stake in shares of Mercer International during the 2nd quarter worth approximately $244,000. Jump Financial LLC increased its stake in Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock valued at $969,000 after purchasing an additional 214,008 shares in the last quarter. Geode Capital Management LLC increased its stake in Mercer International by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock valued at $1,111,000 after purchasing an additional 14,603 shares in the last quarter. Gabelli Funds LLC acquired a new position in Mercer International during the second quarter worth $1,804,000. Finally, Millennium Management LLC raised its holdings in Mercer International by 16.1% during the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock worth $2,866,000 after purchasing an additional 137,906 shares during the last quarter. 85.79% of the stock is currently owned by institutional investors and hedge funds.

Mercer International Company Profile

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.