Globe Specialty Metals Sees Large Volume Increase Following Strong Earnings (GSM)
Globe Specialty Metals (NYSE:GSM) saw unusually-strong trading volume on Wednesday following a stronger than expected earnings report, AnalystRatings.Net reports. Approximately 291,830 shares traded hands during mid-day trading, an increase of 30% from the previous session’s volume of 225,316 shares.The stock last traded at $20.18 and had previously closed at $19.60.
The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.03. The company had revenue of $205.36 million for the quarter, compared to the consensus estimate of $205.53 million. During the same quarter last year, the company posted $0.09 earnings per share. Globe Specialty Metals’s revenue was up 13.4% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 24th. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Monday, September 8th.
Separately, 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.
The stock has a 50-day moving average of $19.95 and a 200-day moving average of $20.05. The company has a market cap of $1.490 billion and a P/E ratio of 82.01.
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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