Insider Buying: Mercer International (NASDAQ:MERC) Major Shareholder Purchases 105,000 Shares of Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg bought 105,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were purchased at an average cost of $0.97 per share, for a total transaction of $101,850.00. Following the acquisition, the insider owned 1,957,000 shares of the company’s stock, valued at $1,898,290. This represents a 5.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Mercer International Price Performance

Shares of NASDAQ MERC traded up $0.07 during trading on Wednesday, hitting $1.05. The company had a trading volume of 294,682 shares, compared to its average volume of 598,459. The company has a market cap of $70.00 million, a P/E ratio of -0.13 and a beta of 0.53. Mercer International Inc. has a 52 week low of $0.75 and a 52 week high of $4.47. The business’s 50-day moving average is $1.22 and its 200 day moving average is $1.71. The company has a debt-to-equity ratio of 23.58, a quick ratio of 1.22 and a current ratio of 2.17.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last posted its quarterly earnings results on Thursday, May 7th. The basic materials company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.04). The company had revenue of $489.30 million during the quarter, compared to the consensus estimate of $493.00 million. Mercer International had a negative net margin of 28.51% and a negative return on equity of 136.20%. Equities research analysts predict that Mercer International Inc. will post -2.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Mercer International

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in shares of Mercer International by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company’s stock valued at $1,111,000 after acquiring an additional 14,603 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Mercer International by 16.1% during the 3rd quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock valued at $2,866,000 after acquiring an additional 137,906 shares in the last quarter. Iat Reinsurance Co. LTD. grew its holdings in shares of Mercer International by 1.3% during the 3rd quarter. Iat Reinsurance Co. LTD. now owns 16,700,000 shares of the basic materials company’s stock valued at $48,096,000 after acquiring an additional 220,000 shares in the last quarter. Gabelli Funds LLC purchased a new position in shares of Mercer International during the 2nd quarter valued at $1,804,000. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Mercer International during the 2nd quarter valued at $244,000. 85.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MERC shares. TD dropped their price target on Mercer International from $1.00 to $0.50 and set a “sell” rating on the stock in a report on Monday, May 11th. TD Cowen downgraded shares of Mercer International from a “hold” rating to a “sell” rating and boosted their target price for the company from $2.00 to $2.25 in a research note on Wednesday, January 21st. TD Securities downgraded shares of Mercer International from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Royal Bank Of Canada cut their target price on shares of Mercer International from $1.25 to $1.00 and set a “sector perform” rating on the stock in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Mercer International in a research note on Friday, March 27th. Two research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Mercer International presently has a consensus rating of “Strong Sell” and a consensus target price of $1.85.

Mercer International Company Profile

Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.

Mercer’s core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.

The company’s facilities are located in British Columbia and the U.S.