Insider Buying: Mercer International (NASDAQ:MERC) Major Shareholder Buys $18,673.23 in Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg acquired 23,637 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The shares were bought at an average cost of $0.79 per share, for a total transaction of $18,673.23. Following the acquisition, the insider directly owned 1,162,231 shares in the company, valued at $918,162.49. This represents a 2.08% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Mercer International Stock Up 6.7%

MERC stock opened at $0.64 on Friday. The stock has a 50-day simple moving average of $0.86 and a two-hundred day simple moving average of $1.45. Mercer International Inc. has a twelve month low of $0.58 and a twelve month high of $4.47. The firm has a market capitalization of $42.97 million, a PE ratio of -0.08 and a beta of 0.52. The company has a quick ratio of 1.22, a current ratio of 2.17 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) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.04). The business had revenue of $489.30 million during the quarter, compared to the consensus estimate of $493.00 million. Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%. On average, equities analysts predict that Mercer International Inc. will post -2.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Gamco Investors INC. ET AL bought a new stake in Mercer International in the second quarter worth $244,000. Jump Financial LLC lifted its position in Mercer International by 340.6% during the second quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock valued at $969,000 after purchasing an additional 214,008 shares during the last quarter. Gabelli Funds LLC bought a new position in Mercer International during the second quarter valued at $1,804,000. Geode Capital Management LLC grew its stake in shares of Mercer International by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock worth $1,111,000 after buying an additional 14,603 shares in the last quarter. Finally, Millennium Management LLC grew its stake 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 buying an additional 137,906 shares in the last quarter. 85.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MERC. TD reduced their price target on shares of Mercer International from $1.00 to $0.50 and set a “sell” rating on the stock in a report on Monday, May 11th. Wall Street Zen raised shares of Mercer International from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Royal Bank Of Canada cut their price objective on Mercer International from $1.25 to $1.00 and set a “sector perform” rating for the company in a research report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Strong Sell” and a consensus price target 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.