ICL Group (NYSE:ICL) Shares Gap Down – Here’s Why

ICL Group Ltd. (NYSE:ICL)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $6.65, but opened at $5.55. ICL Group shares last traded at $5.6050, with a volume of 389,529 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ICL Group in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat, ICL Group has an average rating of “Hold” and a consensus price target of $6.57.

ICL Group Stock Performance

The company has a quick ratio of 1.05, a current ratio of 1.75 and a debt-to-equity ratio of 0.41. The firm has a market cap of $7.38 billion, a P/E ratio of 19.36 and a beta of 1.12. The business has a fifty day simple moving average of $6.29 and a 200-day simple moving average of $6.52.

ICL Group (NYSE:ICL) last released its earnings results on Wednesday, August 6th. The basic materials company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. ICL Group had a net margin of 5.28% and a return on equity of 7.51%. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.82 billion. On average, sell-side analysts predict that ICL Group Ltd. will post 0.37 EPS for the current fiscal year.

ICL Group Dividend Announcement

The firm also recently announced a — dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were paid a dividend of $0.0426 per share. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a dividend yield of 290.0%. ICL Group’s dividend payout ratio (DPR) is currently 58.62%.

Institutional Trading of ICL Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MAI Capital Management boosted its holdings in ICL Group by 2,055.0% in the second quarter. MAI Capital Management now owns 4,310 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 4,110 shares in the last quarter. CWM LLC raised its position in shares of ICL Group by 23.7% in the 2nd quarter. CWM LLC now owns 8,248 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 1,581 shares during the last quarter. Truist Financial Corp bought a new position in ICL Group in the 2nd quarter worth about $69,000. Thrivent Financial for Lutherans purchased a new stake in ICL Group during the 2nd quarter valued at about $72,000. Finally, Ascent Group LLC purchased a new stake in ICL Group during the 1st quarter valued at about $73,000. Hedge funds and other institutional investors own 13.38% of the company’s stock.

About ICL Group

ICL Group Ltd, together with its subsidiaries, operates as a specialty minerals and chemicals company worldwide. It operates in four segments: Industrial Products, Potash, Phosphate Solutions, and Growing Solutions. The Industrial Products segment produces bromine out of a solution that is a by-product of the potash production process, as well as bromine-based compounds; produces various grades of potash, salt, magnesium chloride, and magnesia products; and produces and markets phosphorous-based flame retardants and other phosphorus-based products.