Mercer International (NASDAQ:MERC) Major Shareholder Peter Kellogg Acquires 34,733 Shares of Stock

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg acquired 34,733 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were acquired at an average cost of $0.80 per share, with a total value of $27,786.40. Following the completion of the purchase, the insider owned 1,138,594 shares in the company, valued at approximately $910,875.20. This represents a 3.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Mercer International Stock Performance

Shares of NASDAQ MERC opened at $0.65 on Thursday. The company has a 50-day simple moving average of $0.88 and a 200-day simple moving average of $1.47. 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 company has a market cap of $43.37 million, a PE ratio of -0.08 and a beta of 0.52. Mercer International Inc. has a 12 month low of $0.58 and a 12 month high of $4.47.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. TD dropped their target price on Mercer International from $1.00 to $0.50 and set a “sell” rating on the stock in a report on Monday, May 11th. Wall Street Zen upgraded shares of Mercer International from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Royal Bank Of Canada reduced their price objective on 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 reaffirmed a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Sell” and an average target price of $1.85.

Hedge Funds Weigh In On Mercer International

Hedge funds have recently modified their holdings of the stock. Gabelli Funds LLC purchased a new position in Mercer International in the 2nd quarter worth about $1,804,000. Jump Financial LLC increased its stake 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 buying an additional 214,008 shares during the period. Millennium Management LLC increased its stake in shares of 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 acquiring an additional 137,906 shares during the last quarter. Gamco Investors INC. ET AL acquired a new position in Mercer International in the 2nd quarter worth about $244,000. Finally, Geode Capital Management LLC raised its position in Mercer International by 2.7% during the fourth 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. 85.79% of the stock is currently owned by institutional investors and hedge funds.

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.