Ferroglobe (NASDAQ:GSM) Trading 8.6% Higher Following Dividend Announcement

Ferroglobe PLC (NASDAQ:GSM) shares traded up 8.6% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $3.82 and last traded at $3.77. 1,137,992 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 1,163,770 shares. The stock had previously closed at $3.47.

The newly announced dividend which will be paid on Thursday, June 26th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.014 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.50%. Ferroglobe’s dividend payout ratio (DPR) is presently 250.00%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Seaport Res Ptn downgraded Ferroglobe from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 24th. StockNews.com downgraded shares of Ferroglobe from a “buy” rating to a “hold” rating in a report on Friday, February 21st.

Ferroglobe Stock Up 7.8 %

The firm has a market cap of $697.98 million, a price-to-earnings ratio of 187.00 and a beta of 1.69. The stock’s 50 day moving average is $3.61 and its 200 day moving average is $3.89. The company has a quick ratio of 1.00, a current ratio of 1.82 and a debt-to-equity ratio of 0.02.

Ferroglobe (NASDAQ:GSM) last posted its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.08). Ferroglobe had a return on equity of 6.36% and a net margin of 0.32%. The firm had revenue of $307.18 million during the quarter, compared to the consensus estimate of $336.00 million. Analysts forecast that Ferroglobe PLC will post 0.33 EPS for the current year.

Institutional Investors Weigh In On Ferroglobe

A number of institutional investors and hedge funds have recently bought and sold shares of GSM. Barclays PLC bought a new stake in Ferroglobe during the third quarter worth approximately $44,000. Heck Capital Advisors LLC purchased a new stake in shares of Ferroglobe during the fourth quarter valued at $37,000. State of New Jersey Common Pension Fund D acquired a new stake in Ferroglobe during the 4th quarter worth about $96,000. New York State Common Retirement Fund lifted its stake in Ferroglobe by 48.9% during the fourth quarter. New York State Common Retirement Fund now owns 22,143 shares of the basic materials company’s stock valued at $84,000 after buying an additional 7,271 shares in the last quarter. Finally, Legacy Capital Group California Inc. boosted its holdings in shares of Ferroglobe by 19.9% in the fourth quarter. Legacy Capital Group California Inc. now owns 64,297 shares of the basic materials company’s stock worth $244,000 after buying an additional 10,679 shares during the period. 89.64% of the stock is owned by institutional investors and hedge funds.

Ferroglobe Company Profile

Ferroglobe PLC produces and sells silicon metal, and silicon and manganese-based ferroalloys in the United States, Europe, and internationally. It provides silicone chemicals that are used in a range of applications, including personal care items, construction-related products, health care products, and electronics; and silicon metal for primary and secondary aluminum producers.