Insider Buying: Mercer International (NASDAQ:MERC) Major Shareholder Purchases $32,040.00 in Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg bought 36,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was bought at an average cost of $0.89 per share, for a total transaction of $32,040.00. Following the transaction, the insider owned 1,067,861 shares of the company’s stock, valued at $950,396.29. The trade was a 3.49% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Mercer International Stock Performance

NASDAQ MERC opened at $0.64 on Friday. The firm’s fifty day moving average price is $0.86 and its two-hundred day moving average price is $1.45. Mercer International Inc. has a 1 year low of $0.58 and a 1 year high of $4.47. The firm has a market capitalization of $42.97 million, a P/E ratio of -0.08 and a beta of 0.52. The company has a current ratio of 2.17, a quick ratio of 1.22 and a debt-to-equity ratio of 23.58.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last posted its quarterly earnings results on Thursday, May 7th. The basic materials company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.04). Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%.The business had revenue of $489.30 million for the quarter, compared to the consensus estimate of $493.00 million. As a group, research analysts anticipate that Mercer International Inc. will post -2.21 EPS for the current year.

Hedge Funds Weigh In On Mercer International

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in shares of Mercer International by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock valued at $1,111,000 after buying an additional 14,603 shares during the period. Millennium Management LLC lifted its position in shares of Mercer International by 16.1% in the 3rd quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock worth $2,866,000 after purchasing an additional 137,906 shares during the period. Gabelli Funds LLC bought a new position in Mercer International during the second quarter worth $1,804,000. Gamco Investors INC. ET AL acquired a new position in Mercer International in the second quarter valued at $244,000. Finally, Jump Financial LLC raised its position in shares of Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after acquiring an additional 214,008 shares in the last quarter. Institutional investors and hedge funds own 85.79% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on MERC shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Mercer International from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. TD lowered their price objective on shares of Mercer International from $1.00 to $0.50 and set a “sell” rating for the company in a research report on Monday, May 11th. Finally, Royal Bank Of Canada lowered their price target on Mercer International from $1.25 to $1.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Strong Sell” and an average target price of $1.85.

About Mercer International

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.