Mercer International Trading 7.2% Higher on Insider Buying Activity (MERC)
Mercer International (NASDAQ:MERC) shares traded up 7.2% during trading on Monday after an insider bought additional shares in the company, American Banking News.com reports. The company traded as high as $10.48 and last traded at $10.44, with a volume of 298,185 shares trading hands. The stock had previously closed at $9.74.
Specifically, major shareholder Peter R. Kellogg bought 222,427 shares of the stock on the open market in a transaction dated Friday, June 27th. The stock was purchased at an average cost of $9.68 per share, for a total transaction of $2,153,093.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Mercer International from a “neutral” rating to an “outperform” rating in a research note on Tuesday, June 17th. They now have a $10.50 price target on the stock. Separately, analysts at TheStreet upgraded shares of Mercer International from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. Finally, 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $9.50.
The stock’s 50-day moving average is $9.26 and its 200-day moving average is $9.0. The company’s market cap is $585.2 million.
Mercer International (NASDAQ:MERC) last announced its earnings results 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. On average, analysts predict that Mercer International will post $0.44 earnings per share 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.