Glatfelter (GLT) Releases Earnings Results, Beats Expectations By $0.11 EPS
Glatfelter (NYSE:GLT) released its quarterly earnings results on Tuesday. The basic materials company reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.11, Bloomberg Earnings reports. The company had revenue of $413.00 million for the quarter, compared to analyst estimates of $402.74 million. Glatfelter had a return on equity of 8.32% and a net margin of 0.59%. Glatfelter’s revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 earnings per share.
Shares of Glatfelter (NYSE GLT) traded up 2.39% during midday trading on Wednesday, reaching $21.46. The company had a trading volume of 21,085 shares. The stock has a market capitalization of $935.29 million, a PE ratio of 101.71 and a beta of 1.34. The stock’s 50 day moving average is $18.90 and its 200-day moving average is $18.88. Glatfelter has a 12-month low of $16.53 and a 12-month high of $25.59.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Wednesday, October 11th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Tuesday, October 10th. Glatfelter’s dividend payout ratio is presently 260.01%.
A number of research firms have recently commented on GLT. Zacks Investment Research lowered Glatfelter from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 3rd. ValuEngine raised Glatfelter from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, BidaskClub lowered Glatfelter from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.25.
In related news, Chairman Dante C. Parrini acquired 5,800 shares of the stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of $17.28 per share, with a total value of $100,224.00. Following the completion of the purchase, the chairman now directly owns 128,043 shares in the company, valued at approximately $2,212,583.04. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Nicholas Debenedictis acquired 5,000 shares of the stock in a transaction dated Tuesday, August 8th. The stock was bought at an average cost of $17.62 per share, with a total value of $88,100.00. Following the completion of the purchase, the director now owns 57,935 shares of the company’s stock, valued at $1,020,814.70. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.
Glatfelter Company Profile
P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.
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