Insider Selling: Globe Specialty Metals major shareholder Unloads 50,000 Shares of Stock (GSM)
Globe Specialty Metals (NYSE:GSM) major shareholder Alan Kestenbaum unloaded 50,000 shares of Globe Specialty Metals stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $20.24, for a total transaction of $1,012,000.00. Following the completion of the transaction, the insider now directly owns 9,539,112 shares of the company’s stock, valued at approximately $193,071,627. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
GSM has been the subject of a number of recent research reports. Analysts at BB&T Corp. raised their price target on shares of Globe Specialty Metals from $22.00 to $24.00 in a research note on Tuesday, July 22nd. They now have a “buy” rating on the stock. Separately, analysts at Zacks downgraded shares of Globe Specialty Metals from an “outperform” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $22.30 price target on the stock. Finally, analysts at Zacks upgraded shares of Globe Specialty Metals from a “neutral” rating to an “outperform” rating in a research note on Friday, May 2nd. They now have a $22.30 price target on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $21.95.
Shares of Globe Specialty Metals (NYSE:GSM) traded down 1.14% during mid-day trading on Wednesday, hitting $19.98. 158,859 shares of the company’s stock traded hands. Globe Specialty Metals has a one year low of $11.72 and a one year high of $22.00. The stock has a 50-day moving average of $20.85 and a 200-day moving average of $19.80. The company has a market cap of $1.475 billion and a price-to-earnings ratio of 84.56.
Globe Specialty Metals (NYSE:GSM) last posted its quarterly earnings results on Friday, May 9th. The company reported $0.14 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.14. The company had revenue of $196.06 million for the quarter, compared to the consensus estimate of $194.42 million. The company’s quarterly revenue was up .1% on a year-over-year basis. Analysts expect that Globe Specialty Metals will post $0.51 EPS for the current fiscal year.
Globe Specialty Metals, Inc (NYSE:GSM), is a producer of silicon metal and silicon-based alloys, with approximately 120,000 metric tons (MT) of silicon metal capacity (excluding Dow Corning Corporation’s portion of the capacity of its Alloy, West Virginia plant) and 120,000 MT of silicon-based alloys capacity.
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