Ferroglobe (NASDAQ:GSM) Stock Price Up 6.6% – Here’s Why

Ferroglobe PLC (NASDAQ:GSM) was up 6.6% during trading on Wednesday . The company traded as high as $4.28 and last traded at $4.2960. Approximately 459,819 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,428,339 shares. The stock had previously closed at $4.03.

Analyst Upgrades and Downgrades

GSM has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Ferroglobe from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Weiss Ratings downgraded shares of Ferroglobe from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $6.00.

Ferroglobe Stock Up 7.8%

The company has a market capitalization of $810.91 million, a PE ratio of -19.75 and a beta of 1.00. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average of $3.67 and a two-hundred day moving average of $4.12.

Ferroglobe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 22nd will be paid a $0.015 dividend. This represents a $0.06 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 22nd. Ferroglobe’s dividend payout ratio is -27.27%.

Insider Buying and Selling at Ferroglobe

In other news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $4.30, for a total transaction of $138,855.60. Following the completion of the transaction, the insider directly owned 31,693 shares in the company, valued at approximately $136,279.90. This represents a 50.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 13.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System acquired a new stake in shares of Ferroglobe during the second quarter valued at about $27,000. Quadrant Capital Group LLC raised its stake in shares of Ferroglobe by 66.1% in the 4th quarter. Quadrant Capital Group LLC now owns 7,902 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 3,146 shares during the period. Irenic Capital Management LP acquired a new position in shares of Ferroglobe in the 4th quarter worth approximately $46,000. Highland Capital Management LLC acquired a new position in shares of Ferroglobe in the 4th quarter worth approximately $46,000. Finally, BNP Paribas Financial Markets raised its position in Ferroglobe by 1,017,300.0% in the second quarter. BNP Paribas Financial Markets now owns 10,174 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 10,173 shares during the period. Hedge funds and other institutional investors own 89.64% of the company’s stock.

About Ferroglobe

Ferroglobe PLC is a leading producer of specialty metals and alloys, serving a diverse range of industrial customers worldwide. The company’s core operations focus on the manufacture of silicon metal, silicon-based alloys, manganese-based alloys and rare earth alloys, which are essential inputs for the aluminum, steel, chemical and electronics industries. Ferroglobe’s product portfolio includes high-purity silicon, ferrosilicon, silicon manganese, manganese alloys and various recarburizers used to enhance metal strength, durability and conductivity.

With production facilities located across North America, Europe, South America and Africa, Ferroglobe maintains a global footprint that allows it to supply customers on multiple continents.