Glatfelter (GLT) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Glatfelter (NYSE:GLT) have earned a consensus rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $24.50.
A number of research firms have weighed in on GLT. BidaskClub downgraded Glatfelter from a “hold” rating to a “sell” rating in a report on Friday. Zacks Investment Research downgraded Glatfelter from a “hold” rating to a “strong sell” rating in a report on Thursday, August 3rd. ValuEngine downgraded Glatfelter from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. TheStreet downgraded Glatfelter from a “b-” rating to a “c” rating in a report on Monday, June 12th. Finally, BMO Capital Markets raised Glatfelter from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $23.00 to $24.00 in a research report on Monday, May 15th.
In related news, Chairman Dante C. Parrini purchased 5,800 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were purchased at an average cost of $17.28 per share, with a total value of $100,224.00. Following the transaction, the chairman now directly owns 128,043 shares in the company, valued at approximately $2,212,583.04. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Nicholas Debenedictis purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was bought at an average cost of $17.62 per share, for a total transaction of $88,100.00. Following the completion of the transaction, the director now owns 57,935 shares in the company, valued at $1,020,814.70. The disclosure for this purchase can be found here. Insiders own 2.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Glatfelter by 47,120.4% in the first quarter. BlackRock Inc. now owns 5,571,062 shares of the basic materials company’s stock worth $121,116,000 after buying an additional 5,559,264 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Glatfelter during the second quarter worth approximately $29,208,000. Denver Investment Advisors LLC boosted its stake in shares of Glatfelter by 181.3% in the second quarter. Denver Investment Advisors LLC now owns 781,173 shares of the basic materials company’s stock worth $15,264,000 after buying an additional 503,438 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in shares of Glatfelter by 68.7% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 686,238 shares of the basic materials company’s stock worth $13,409,000 after buying an additional 279,444 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Glatfelter by 6.4% in the first quarter. Vanguard Group Inc. now owns 3,994,968 shares of the basic materials company’s stock worth $86,850,000 after buying an additional 240,676 shares in the last quarter. 92.39% of the stock is currently owned by hedge funds and other institutional investors.
Glatfelter (NYSE:GLT) traded up 0.54% during trading on Friday, hitting $16.83. The stock had a trading volume of 8,863 shares. Glatfelter has a one year low of $16.53 and a one year high of $25.59. The firm has a market capitalization of $733.50 million, a P/E ratio of 79.76 and a beta of 1.31. The stock has a 50 day moving average of $18.60 and a 200 day moving average of $20.10.
Glatfelter (NYSE:GLT) last posted its earnings results on Tuesday, August 1st. The basic materials company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by $0.14. Glatfelter had a return on equity of 8.32% and a net margin of 0.59%. The firm had revenue of $387.30 million for the quarter, compared to analysts’ expectations of $394.84 million. During the same quarter last year, the company posted $0.06 EPS. The firm’s revenue was down 4.7% on a year-over-year basis. Equities research analysts expect that Glatfelter will post $1.10 earnings per share for the current fiscal year.
P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.
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