Zacks Investment Research Upgrades Glatfelter (GLT) to “Hold”
Glatfelter (NYSE:GLT) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Glatfelter is a paper manufacturing company that manufactures printing papers and tobacco and other specialty papers. The company sells its products throughout the United States and in a number of foreign countries. Most of the company’s printing paper products are directed at the uncoated free-sheet portion of the industry. The company’s tobacco and other specialty papers are used for cigarette manufacturing and other specialty uses such as the manufacture of playing cards, stamps, labels and surgical gowns. “
Other equities research analysts have also issued research reports about the stock. TheStreet lowered shares of Glatfelter from a “b-” rating to a “c” rating in a research report on Monday, June 12th. ValuEngine lowered shares of Glatfelter from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, BidaskClub lowered shares of Glatfelter from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $21.25.
Glatfelter (GLT) traded down 0.2683% during trading on Wednesday, hitting $19.2183. 30,197 shares of the company were exchanged. Glatfelter has a 12 month low of $16.53 and a 12 month high of $25.59. The company has a 50-day moving average of $17.88 and a 200-day moving average of $19.16. The company has a market capitalization of $837.59 million, a price-to-earnings ratio of 91.0820 and a beta of 1.34.
Glatfelter (NYSE:GLT) last issued its quarterly earnings results on Tuesday, August 1st. The basic materials company reported ($0.06) EPS for the quarter, missing the 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 company had revenue of $387.30 million for the quarter, compared to analyst estimates of $394.84 million. During the same period last year, the company posted $0.06 EPS. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. Analysts forecast that Glatfelter will post $1.10 EPS for the current year.
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In other news, Director Nicholas Debenedictis bought 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average cost of $17.62 per share, for a total transaction of $88,100.00. Following the completion of the purchase, the director now owns 57,935 shares of the company’s stock, valued at $1,020,814.70. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Dante C. Parrini bought 5,800 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average price of $17.28 per share, with a total value of $100,224.00. Following the completion of the purchase, the chairman now directly owns 128,043 shares of the company’s stock, valued at approximately $2,212,583.04. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in GLT. 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 valued at $121,116,000 after purchasing an additional 5,559,264 shares during the period. Victory Capital Management Inc. bought a new position in Glatfelter during the 2nd quarter valued at $29,208,000. Denver Investment Advisors LLC boosted its stake in Glatfelter by 181.3% during the 2nd quarter. Denver Investment Advisors LLC now owns 781,173 shares of the basic materials company’s stock valued at $15,264,000 after acquiring an additional 503,438 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in Glatfelter by 68.7% during the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 686,238 shares of the basic materials company’s stock valued at $13,409,000 after acquiring an additional 279,444 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Glatfelter by 6.4% during the 1st quarter. Vanguard Group Inc. now owns 3,994,968 shares of the basic materials company’s stock valued at $86,850,000 after acquiring an additional 240,676 shares during the last quarter. Institutional investors and hedge funds own 89.36% of the company’s stock.
Glatfelter Company Profile
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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