Glatfelter (GLT) Shares Bought by Bank of Montreal Can
Bank of Montreal Can raised its holdings in Glatfelter (NYSE:GLT) by 73.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,607 shares of the basic materials company’s stock after buying an additional 2,376 shares during the quarter. Bank of Montreal Can’s holdings in Glatfelter were worth $110,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in GLT. BlackRock Inc. raised its stake in Glatfelter by 47,120.4% in the first quarter. BlackRock Inc. now owns 5,571,062 shares of the basic materials company’s stock valued at $121,116,000 after buying an additional 5,559,264 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 valued at $86,850,000 after purchasing an additional 240,676 shares during the period. State Street Corp increased its holdings in shares of Glatfelter by 11.3% in the first quarter. State Street Corp now owns 1,081,676 shares of the basic materials company’s stock valued at $23,518,000 after purchasing an additional 109,459 shares during the period. Bank of America Corp DE increased its holdings in shares of Glatfelter by 9.7% in the first quarter. Bank of America Corp DE now owns 745,313 shares of the basic materials company’s stock valued at $16,203,000 after purchasing an additional 66,191 shares during the period. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Glatfelter by 3.1% in the first quarter. Frontier Capital Management Co. LLC now owns 1,910,043 shares of the basic materials company’s stock valued at $41,524,000 after purchasing an additional 57,782 shares during the period. Institutional investors own 89.36% of the company’s stock.
In other Glatfelter news, Director Nicholas Debenedictis bought 5,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were purchased at an average price of $17.62 per share, with a total value of $88,100.00. Following the completion of the acquisition, the director now directly owns 57,935 shares of the company’s stock, valued at approximately $1,020,814.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Dante C. Parrini bought 5,800 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was acquired at an average cost of $17.28 per share, for a total transaction of $100,224.00. Following the acquisition, the chairman now directly owns 128,043 shares of the company’s stock, valued at $2,212,583.04. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.
Glatfelter (GLT) traded up 0.69% on Monday, reaching $17.55. The company had a trading volume of 18,825 shares. Glatfelter has a 12 month low of $16.53 and a 12 month high of $25.59. The stock has a market capitalization of $764.88 million, a P/E ratio of 83.18 and a beta of 1.33. The firm has a 50-day moving average of $17.73 and a 200-day moving average of $19.57.
Glatfelter (NYSE:GLT) last issued its earnings results on Tuesday, August 1st. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.14. Glatfelter had a return on equity of 8.32% and a net margin of 0.59%. The business had revenue of $387.30 million during the quarter, compared to the consensus estimate of $394.84 million. During the same period in the prior year, the business earned $0.06 EPS. The business’s revenue was down 4.7% on a year-over-year basis. On average, equities research analysts expect that Glatfelter will post $1.10 earnings per share for the current fiscal year.
Several analysts recently commented on GLT shares. Zacks Investment Research lowered Glatfelter from a “hold” rating to a “strong sell” rating in a report on Thursday, August 3rd. ValuEngine lowered Glatfelter from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. TheStreet lowered Glatfelter from a “b-” rating to a “c” rating in a report on Monday, June 12th. BidaskClub downgraded Glatfelter from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Finally, BMO Capital Markets upgraded Glatfelter from a “market perform” rating to an “outperform” rating and raised their target price for the company from $23.00 to $24.00 in a research report on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $22.69.
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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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