Tecnoglass (NASDAQ:TGLS) Shares Gap Up on Analyst Upgrade

Tecnoglass Inc. (NASDAQ:TGLS)’s stock price gapped up prior to trading on Thursday after Robert W. Baird raised their price target on the stock from $56.00 to $65.00. The stock had previously closed at $57.15, but opened at $59.08. Robert W. Baird currently has an outperform rating on the stock. Tecnoglass shares last traded at $57.88, with a volume of 11,621 shares changing hands.

TGLS has been the subject of several other reports. B. Riley raised their target price on shares of Tecnoglass from $51.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. DA Davidson reissued a “buy” rating and issued a $50.00 target price on shares of Tecnoglass in a research note on Monday, March 4th. Finally, Stifel Nicolaus cut shares of Tecnoglass from a “buy” rating to a “hold” rating and decreased their target price for the company from $48.00 to $45.00 in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Hedge Funds Weigh In On Tecnoglass

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd boosted its position in shares of Tecnoglass by 82.6% in the third quarter. Qube Research & Technologies Ltd now owns 183,119 shares of the company’s stock valued at $6,036,000 after acquiring an additional 82,833 shares during the period. Wellington Management Group LLP boosted its position in shares of Tecnoglass by 21.6% in the third quarter. Wellington Management Group LLP now owns 398,917 shares of the company’s stock valued at $13,148,000 after acquiring an additional 70,900 shares during the period. Impax Asset Management Group plc bought a new stake in shares of Tecnoglass in the third quarter valued at about $3,296,000. Seven Eight Capital LP boosted its position in shares of Tecnoglass by 207.6% in the third quarter. Seven Eight Capital LP now owns 37,663 shares of the company’s stock valued at $1,241,000 after acquiring an additional 25,420 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Tecnoglass by 84.6% in the third quarter. American Century Companies Inc. now owns 2,105,685 shares of the company’s stock valued at $69,403,000 after acquiring an additional 965,316 shares during the period. 37.35% of the stock is owned by institutional investors.

Tecnoglass Stock Performance

The stock’s 50-day moving average price is $49.45 and its 200-day moving average price is $42.71. The company has a market cap of $2.57 billion, a P/E ratio of 14.21 and a beta of 1.80. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.27 and a quick ratio of 1.60.

Tecnoglass (NASDAQ:TGLS) last announced its earnings results on Thursday, February 29th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. The company had revenue of $194.60 million during the quarter, compared to analysts’ expectations of $199.93 million. Tecnoglass had a net margin of 21.95% and a return on equity of 38.92%. Equities analysts anticipate that Tecnoglass Inc. will post 3.7 EPS for the current year.

Tecnoglass Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Friday, March 29th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Tecnoglass’s previous quarterly dividend of $0.09. Tecnoglass’s payout ratio is 11.43%.

Tecnoglass Company Profile

Tecnoglass Inc manufactures, supplies, and installs architectural glass, windows, and associated aluminum and vinyl products for commercial and residential construction markets in Colombia, the United States, Panama, and internationally. The company provides low emissivity, laminated/thermo-laminated, thermo-acoustic, tempered, silk-screened, curved, and digital print glass products.