Mercer International (NASDAQ:MERC) Cut to “Sector Underperform” at Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce lowered shares of Mercer International (NASDAQ:MERC) (TSE:MRI.U) from a neutral rating to a sector underperform rating in a research note released on Tuesday, MarketBeat.com reports. Canadian Imperial Bank of Commerce currently has $0.15 price target on the basic materials company’s stock.

Other equities analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Mercer International from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. TD dropped their target price on shares of Mercer International from $0.40 to $0.15 and set a “sell” rating on the stock in a report on Monday, August 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Mercer International in a research note on Monday, September 21st. Finally, Royal Bank Of Canada cut their target price on shares of Mercer International from $0.75 to $0.20 and set a “sector perform” rating for the company in a research note on Friday, October 16th. One analyst has rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, Mercer International currently has an average rating of “Strong Sell” and an average target price of $0.85.

Mercer International Stock Down 1.7%

Shares of Mercer International stock opened at $0.12 on Tuesday. The firm has a market cap of $8.04 million, a price-to-earnings ratio of -0.02 and a beta of 0.55. The business has a fifty day simple moving average of $0.30 and a 200-day simple moving average of $0.99. Mercer International has a fifty-two week low of $0.12 and a fifty-two week high of $2.85.

Mercer International (NASDAQ:MERC) (TSE:MRI.U) last announced its earnings results on Thursday, August 6th. The basic materials company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.95) by ($0.18). Mercer International had a negative net margin of 27.86% and a negative return on equity of 352.57%. The firm had revenue of $460.28 million for the quarter, compared to the consensus estimate of $476.00 million. Analysts anticipate that Mercer International will post -3.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mercer International

Hedge funds have recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in Mercer International in the 2nd quarter worth approximately $67,000. Squarepoint Ops LLC grew its position in Mercer International by 773.9% during the 2nd quarter. Squarepoint Ops LLC now owns 161,818 shares of the basic materials company’s stock worth $107,000 after purchasing an additional 143,301 shares in the last quarter. Net Worth Advisory Group grew its position in Mercer International by 847.0% during the 3rd quarter. Net Worth Advisory Group now owns 287,699 shares of the basic materials company’s stock worth $93,000 after purchasing an additional 257,318 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Mercer International during the 2nd quarter valued at $379,000. Finally, Atlas FRM LLC acquired a new stake in Mercer International during the 2nd quarter valued at $393,882. Hedge funds and other institutional investors own 85.79% of the company’s stock.

About Mercer International

Mercer International Inc is a global producer of market northern bleached softwood kraft (NBSK) pulp, a wood-fiber material used to manufacture tissue, printing and writing papers, specialty papers, and other fiber-based products. The company sells its pulp to customers in a range of international markets, primarily through direct sales and established distribution channels.

Mercer operates pulp mills in Germany and Canada. Its German operations include the Rosenthal mill in Blankenstein and the Stendal mill in Arneburg, while its Canadian operations include the Celgar mill in Castlegar, British Columbia.