Zacks Investment Research Upgrades Ferroglobe PLC (GSM) to “Buy”
Ferroglobe PLC (NASDAQ:GSM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, July 12th. The brokerage presently has a $14.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.61% from the stock’s current price.
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. “
GSM has been the topic of several other reports. BidaskClub raised Ferroglobe PLC from a “hold” rating to a “buy” rating in a research report on Wednesday, June 28th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $13.00 target price on shares of Ferroglobe PLC in a research report on Thursday, May 11th. ValuEngine raised Ferroglobe PLC from a “sell” rating to a “hold” rating in a research report on Tuesday, May 16th. B. Riley reissued a “buy” rating and set a $14.25 price objective on shares of Ferroglobe PLC in a report on Tuesday, May 23rd. Finally, TheStreet lowered Ferroglobe PLC from a “c-” rating to a “d” rating in a report on Thursday, May 18th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $13.04.
Shares of Ferroglobe PLC (NASDAQ:GSM) opened at 12.89 on Wednesday. Ferroglobe PLC has a 12 month low of $7.67 and a 12 month high of $13.11. The firm’s market cap is $2.21 billion. The stock’s 50 day moving average is $11.93 and its 200 day moving average is $10.71.
Hedge funds have recently made changes to their positions in the stock. Boston Partners increased its stake in shares of Ferroglobe PLC by 15.1% in the first quarter. Boston Partners now owns 4,002,844 shares of the basic materials company’s stock valued at $41,349,000 after buying an additional 525,827 shares during the last quarter. Independent Portfolio Consultants Inc. increased its stake in shares of Ferroglobe PLC by 1.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 18,810 shares of the basic materials company’s stock valued at $194,000 after buying an additional 255 shares during the last quarter. Norges Bank acquired a new stake in shares of Ferroglobe PLC during the fourth quarter valued at $10,596,000. FMR LLC increased its stake in shares of Ferroglobe PLC by 58.2% in the fourth quarter. FMR LLC now owns 1,114,100 shares of the basic materials company’s stock valued at $12,066,000 after buying an additional 410,000 shares during the last quarter. Finally, GSA Capital Partners LLP increased its stake in shares of Ferroglobe PLC by 17.8% in the fourth quarter. GSA Capital Partners LLP now owns 12,100 shares of the basic materials company’s stock worth $131,000 after buying an additional 1,830 shares in the last quarter. Hedge funds and other institutional investors own 40.23% of the company’s stock.
About Ferroglobe PLC
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.
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