Globe Specialty Metals Inc. (GSM) Rating Increased to Hold at Zacks Investment Research
Globe Specialty Metals Inc. (NASDAQ:GSM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Globe Specialty Metals, Inc., together with its subsidiary companies, is among the world’s largest producers of silicon metal and silicon-based specialty alloys – critical ingredients in a host of industrial and consumer products with growing markets. The Company’s customers include major silicone chemical, aluminum and steel manufacturers, producers of photovoltaic solar cells and computer chips, the auto industry, ductile iron foundries and concrete producers. Headquartered in New York City, the company has major manufacturing facilities in the U.S. states of Ohio, West Virginia, Alabama and New York, as well as in the Brazilian state of Pará, Mendoza province Argentina and Ningxia province China. Its principal operating subsidiaries are Globe Metallurgical, Inc. and Solsil, Inc. in the U.S.; Globe Metais Indústria e Comércio S.A. in Brazil; Globe Metales S.A. in Argentina; and Ningxia Yonvey Coal Industry Co., Ltd., in China. “
A number of other research firms have also weighed in on GSM. B. Riley lowered Globe Specialty Metals from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $12.50 to $10.25 in a research report on Thursday, August 25th. Jefferies Group set a $11.00 price objective on Globe Specialty Metals and gave the company a “buy” rating in a research report on Monday, August 29th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $12.00 price objective (down previously from $14.00) on shares of Globe Specialty Metals in a research report on Monday, August 29th. Stifel Nicolaus reduced their target price on Globe Specialty Metals from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, August 29th. Finally, Robert W. Baird raised Globe Specialty Metals from a “neutral” rating to a “buy” rating in a report on Monday, September 19th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $12.38.
Shares of Globe Specialty Metals (NASDAQ:GSM) opened at 8.87 on Friday. The company’s 50 day moving average price is $8.84 and its 200-day moving average price is $9.02. The company’s market capitalization is $1.52 billion. Globe Specialty Metals has a 1-year low of $6.90 and a 1-year high of $14.48.
Globe Specialty Metals (NASDAQ:GSM) last posted its quarterly earnings data on Friday, August 26th. The company reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.03. On average, equities analysts forecast that Globe Specialty Metals will post ($0.09) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th were paid a $0.08 dividend. The ex-dividend date was Monday, September 12th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.61%.
About Globe Specialty Metals
Ferroglobe PLC, formerly VeloNewco Limited, is engaged in silicon and specialty metals industry. The Company produces silicon metal and silicon- and manganese-based alloy, which serves customers in the chemical, aluminum, solar, steel and ductile iron foundry industries. It operates through two segments: Electrometallurgy and Energy.
Receive News & Stock Ratings for Globe Specialty Metals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globe Specialty Metals Inc. and related stocks with our FREE daily email newsletter.