Mercer International (NASDAQ:MERC) Major Shareholder Peter Kellogg Buys 36,000 Shares

Mercer International Inc. (NASDAQ:MERC) (TSE:MRI.U) major shareholder Peter Kellogg acquired 36,000 shares of Mercer International stock in a transaction on Thursday, June 4th. The shares were bought at an average cost of $0.89 per share, for a total transaction of $32,040.00. Following the completion of the purchase, the insider directly owned 1,067,861 shares of the company’s stock, valued at $950,396.29. The trade was a 3.49% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Mercer International Stock Down 4.2%

Shares of MERC opened at $0.65 on Thursday. The company has a current ratio of 2.17, a quick ratio of 1.22 and a debt-to-equity ratio of 23.58. The firm has a fifty day moving average price of $0.88 and a 200-day moving average price of $1.47. The firm has a market capitalization of $43.37 million, a P/E 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 announced its earnings results on Thursday, May 7th. The basic materials company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.04). The firm had revenue of $489.30 million during the quarter, compared to the consensus estimate of $493.00 million. Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%. Equities research analysts expect that Mercer International Inc. will post -2.21 earnings per share for the current year.

Hedge Funds Weigh In On Mercer International

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Gamco Investors INC. ET AL acquired a new position in Mercer International in the 2nd quarter worth $244,000. Jump Financial LLC boosted its holdings in Mercer International by 340.6% in the second quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company’s stock worth $969,000 after purchasing an additional 214,008 shares during the period. Geode Capital Management LLC grew its position 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 buying an additional 14,603 shares during the last quarter. Gabelli Funds LLC bought a new position in shares of Mercer International during the second quarter valued at approximately $1,804,000. Finally, Millennium Management LLC increased its position 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 buying an additional 137,906 shares during the period. 85.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Mercer International in a report on Wednesday, June 24th. Wall Street Zen raised 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 cut their price target 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, TD reduced their target price on Mercer International from $1.00 to $0.50 and set a “sell” rating for the company in a report on Monday, May 11th. Two research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Strong Sell” and an average price target 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.