Canadian Imperial Bank of Commerce Cuts Mercer International (NASDAQ:MERC) Price Target to $1.00

Mercer International (NASDAQ:MERC) (TSE:MRI.U) had its price target dropped by Canadian Imperial Bank of Commerce from $1.50 to $1.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Canadian Imperial Bank of Commerce’s price objective suggests a potential upside of 58.23% from the stock’s previous close.

MERC has been the subject of a number of other reports. Wall Street Zen lowered Mercer International from a “sell” rating to a “strong sell” rating in a research note on Saturday. Royal Bank Of Canada decreased their price target on shares of Mercer International from $1.00 to $0.75 and set a “sector perform” rating on the stock in a research note on Friday. Weiss Ratings restated a “sell (e+)” rating on shares of Mercer International in a research note on Wednesday, June 24th. Finally, TD reaffirmed a “sell” rating on shares of Mercer International in a report on Tuesday, July 14th. Two analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Mercer International currently has a consensus rating of “Strong Sell” and an average price target of $1.20.

Mercer International Stock Performance

Shares of NASDAQ MERC traded down $0.02 during mid-day trading on Tuesday, hitting $0.63. The company had a trading volume of 29,461 shares, compared to its average volume of 603,371. The company has a debt-to-equity ratio of 23.58, a current ratio of 2.17 and a quick ratio of 1.22. The business’s 50-day simple moving average is $0.81 and its 200-day simple moving average is $1.39. Mercer International has a 12 month low of $0.53 and a 12 month high of $4.47. The firm has a market cap of $42.33 million, a P/E ratio of -0.08 and a beta of 0.52.

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

Insider Transactions at Mercer International

In related news, major shareholder Peter R. Kellogg acquired 380,000 shares of the business’s stock in a transaction on Monday, May 18th. The stock was bought at an average cost of $0.96 per share, with a total value of $364,800.00. Following the completion of the acquisition, the insider owned 1,852,000 shares in the company, valued at $1,777,920. The trade was a 25.82% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders acquired 1,383,743 shares of company stock worth $1,264,565 in the last three months. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Mercer International

Several large investors have recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL bought a new position in shares of Mercer International in the second quarter valued at approximately $244,000. Jump Financial LLC raised its position in Mercer International by 340.6% in the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock valued at $969,000 after purchasing an additional 214,008 shares during the last quarter. Geode Capital Management LLC raised its position in Mercer International by 2.7% in 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 purchasing an additional 14,603 shares during the last quarter. Gabelli Funds LLC acquired a new position in Mercer International in the second quarter worth $1,804,000. Finally, Millennium Management LLC boosted its stake in Mercer International by 16.1% in the third quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company’s stock worth $2,866,000 after purchasing an additional 137,906 shares in the last quarter. 85.79% of the stock is owned by institutional investors.

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.