Ferroglobe (NASDAQ:GSM) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Ferroglobe PLC (NASDAQ:GSM)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.37 and traded as high as $4.80. Ferroglobe shares last traded at $4.7650, with a volume of 452,151 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GSM. B. Riley reduced their price target on Ferroglobe from $8.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Wall Street Zen lowered Ferroglobe from a “hold” rating to a “sell” rating in a report on Sunday, November 16th. Weiss Ratings restated a “sell (d)” rating on shares of Ferroglobe in a research report on Wednesday, October 8th. Finally, Zacks Research lowered Ferroglobe from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 12th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $6.00.

Ferroglobe Trading Up 0.1%

The company has a 50 day simple moving average of $4.50 and a 200 day simple moving average of $4.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 1.66. The company has a market capitalization of $889.29 million, a PE ratio of -6.44 and a beta of 1.13.

Ferroglobe (NASDAQ:GSM) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). Ferroglobe had a negative return on equity of 6.13% and a negative net margin of 9.92%.The firm had revenue of $311.70 million during the quarter, compared to analyst estimates of $393.80 million. Analysts anticipate that Ferroglobe PLC will post 0.33 earnings per share for the current year.

Ferroglobe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.014 per share. This represents a $0.06 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, December 22nd. Ferroglobe’s payout ratio is -8.11%.

Institutional Investors Weigh In On Ferroglobe

Hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its stake in Ferroglobe by 820.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 341,479 shares of the basic materials company’s stock valued at $1,267,000 after acquiring an additional 304,381 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Ferroglobe by 32.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company’s stock worth $1,231,000 after purchasing an additional 81,611 shares during the last quarter. Walleye Capital LLC grew its position in shares of Ferroglobe by 51.2% in the first quarter. Walleye Capital LLC now owns 792,401 shares of the basic materials company’s stock valued at $2,940,000 after purchasing an additional 268,456 shares in the last quarter. PDT Partners LLC acquired a new stake in shares of Ferroglobe in the first quarter valued at approximately $313,000. Finally, Lombard Odier Asset Management USA Corp purchased a new position in Ferroglobe during the second quarter worth approximately $1,833,000. 89.64% of the stock is currently owned by institutional investors and hedge funds.

About Ferroglobe

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.