Insider Buying: Peter R. Kellogg Purchases 70,000 Shares of Mercer International Stock (MERC)
Mercer International (NASDAQ:MERC) major shareholder Peter R. Kellogg purchased 70,000 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average price of $8.47 per share, for a total transaction of $592,900.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
MERC has been the subject of a number of recent research reports. Analysts at TheStreet upgraded shares of Mercer International from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. Separately, analysts at Raymond James upgraded shares of Mercer International from a “market perform” rating to an “outperform” rating in a research note on Friday, May 2nd. They now have a $10.50 price target on the stock, up previously from $9.50. Finally, analysts at Credit Suisse initiated coverage on shares of Mercer International in a research note on Wednesday, April 30th. They set an “outperform” rating and a $10.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Mercer International currently has a consensus rating of “Hold” and an average price target of $8.96.
Mercer International (NASDAQ:MERC) traded up 2.35% during mid-day trading on Monday, hitting $8.72. The stock had a trading volume of 60,881 shares. Mercer International has a 52 week low of $6.22 and a 52 week high of $10.55. The stock has a 50-day moving average of $8.98 and a 200-day moving average of $9.02. The company’s market cap is $486.0 million.
Mercer International (NASDAQ:MERC) last released its earnings data on Thursday, May 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.15. Analysts expect that Mercer International will post $0.32 EPS for the current fiscal year.
Mercer International Inc (NASDAQ:MERC) operates in the pulp business and is the producer of market northern bleached softwood kraft (NBSK) pulp.
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