CenterBook Partners LP Sells 1,288,385 Shares of Ferroglobe PLC $GSM

CenterBook Partners LP cut its stake in Ferroglobe PLC (NASDAQ:GSM) by 50.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,278,377 shares of the basic materials company’s stock after selling 1,288,385 shares during the period. CenterBook Partners LP owned approximately 0.68% of Ferroglobe worth $5,082,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Donald Smith & CO. Inc. purchased a new stake in shares of Ferroglobe during the 2nd quarter worth approximately $25,843,000. Bastion Asset Management Inc. acquired a new stake in shares of Ferroglobe in the 1st quarter worth approximately $4,155,000. Sei Investments Co. increased its stake in Ferroglobe by 67.0% in the 1st quarter. Sei Investments Co. now owns 639,440 shares of the basic materials company’s stock valued at $2,634,000 after purchasing an additional 256,449 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Ferroglobe in the 2nd quarter valued at approximately $544,000. Finally, SummerHaven Investment Management LLC acquired a new position in Ferroglobe during the third quarter worth $530,000. 89.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on GSM shares. Needham & Company LLC set a $5.00 target price on Ferroglobe in a report on Friday. Wall Street Zen raised Ferroglobe from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Jefferies Financial Group set a $5.00 price objective on shares of Ferroglobe in a research report on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ferroglobe in a report on Monday. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ferroglobe presently has a consensus rating of “Hold” and an average target price of $5.33.

Insiders Place Their Bets

In other Ferroglobe news, insider Cos Muntanola Beatriz Garcia sold 32,292 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $4.30, for a total value 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. The trade was a 50.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 13.07% of the company’s stock.

Ferroglobe Trading Up 1.2%

NASDAQ:GSM traded up $0.03 on Friday, reaching $2.56. The stock had a trading volume of 2,670,308 shares, compared to its average volume of 1,220,270. Ferroglobe PLC has a 12-month low of $2.50 and a 12-month high of $5.66. The company has a market cap of $477.77 million, a price-to-earnings ratio of 16.00 and a beta of 1.21. The firm’s fifty day moving average is $4.07 and its two-hundred day moving average is $4.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.29 and a quick ratio of 0.74.

Ferroglobe (NASDAQ:GSM) last issued its quarterly earnings results on Tuesday, November 3rd. The basic materials company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The firm had revenue of $369.76 million for the quarter, compared to analysts’ expectations of $382.80 million. Ferroglobe had a negative return on equity of 3.73% and a negative net margin of 2.96%. Equities analysts expect that Ferroglobe PLC will post -0.05 EPS for the current fiscal year.

Ferroglobe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 22nd will be paid a $0.0150 dividend. This represents a $0.06 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, December 22nd. Ferroglobe’s payout ratio is presently 37.50%.

Ferroglobe Company Profile

Ferroglobe PLC (NASDAQ:GSM) is a global producer of silicon and manganese-based alloys. The company manufactures silicon metal, ferrosilicon, manganese alloys, calcium silicon and other specialty alloy products used in the production of steel, aluminum, silicones, solar materials and other industrial goods.

Ferroglobe also operates quartz resources and produces related raw materials used in its alloy manufacturing processes. Its products support several industries, including automotive, construction, energy, chemicals, electronics and renewable energy.