Zacks Investment Research Downgrades Ferroglobe (GSM) to Hold

Zacks Investment Research cut shares of Ferroglobe (NASDAQ:GSM) from a strong-buy rating to a hold rating in a research report released on Tuesday morning.

According to Zacks, “Globe Specialty Metals, Inc., together with its subsidiary companies, is among the world’s largest producers of silicon metal and silicon-based specialty alloys – critical ingredients in a host of industrial and consumer products with growing markets. The Company’s customers include major silicone chemical, aluminum and steel manufacturers, producers of photovoltaic solar cells and computer chips, the auto industry, ductile iron foundries and concrete producers. Headquartered in New York City, the company has major manufacturing facilities in the U.S. states of Ohio, West Virginia, Alabama and New York, as well as in the Brazilian state of Pará, Mendoza province Argentina and Ningxia province China. Its principal operating subsidiaries are Globe Metallurgical, Inc. and Solsil, Inc. in the U.S.; Globe Metais Indústria e Comércio S.A. in Brazil; Globe Metales S.A. in Argentina; and Ningxia Yonvey Coal Industry Co., Ltd., in China. “

Several other equities research analysts have also recently commented on the stock. BidaskClub cut shares of Ferroglobe from a sell rating to a strong sell rating in a research report on Tuesday. ValuEngine cut shares of Ferroglobe from a hold rating to a sell rating in a research report on Friday, December 1st. Stifel Nicolaus set a $23.00 price target on shares of Ferroglobe and gave the stock a buy rating in a research report on Thursday, November 30th. B. Riley reiterated a buy rating and set a $20.00 price target (up previously from $16.00) on shares of Ferroglobe in a research report on Wednesday, November 29th. Finally, Jefferies Group set a $18.00 price target on shares of Ferroglobe and gave the stock a buy rating in a research report on Tuesday, November 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. Ferroglobe currently has a consensus rating of Hold and an average price target of $19.25.

Shares of Ferroglobe (NASDAQ:GSM) opened at $14.46 on Tuesday. Ferroglobe has a 1 year low of $8.54 and a 1 year high of $17.61. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.80 and a quick ratio of 1.09.

Ferroglobe (NASDAQ:GSM) last issued its quarterly earnings results on Monday, November 27th. The basic materials company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.03 by $0.02. Ferroglobe had a negative net margin of 2.84% and a negative return on equity of 0.75%. The company had revenue of $451.60 million during the quarter, compared to analysts’ expectations of $435.15 million. The company’s quarterly revenue was up 23.8% on a year-over-year basis. equities research analysts forecast that Ferroglobe will post 0.13 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its stake in Ferroglobe by 0.4% during the 2nd quarter. HighTower Advisors LLC now owns 41,492 shares of the basic materials company’s stock worth $498,000 after acquiring an additional 150 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Ferroglobe by 30.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 15,912 shares of the basic materials company’s stock worth $209,000 after acquiring an additional 3,725 shares during the last quarter. Chicago Equity Partners LLC boosted its stake in Ferroglobe by 2.6% during the 3rd quarter. Chicago Equity Partners LLC now owns 196,555 shares of the basic materials company’s stock worth $2,587,000 after acquiring an additional 4,990 shares during the last quarter. Legal & General Group Plc boosted its stake in Ferroglobe by 108.3% during the 3rd quarter. Legal & General Group Plc now owns 10,385 shares of the basic materials company’s stock worth $137,000 after acquiring an additional 5,400 shares during the last quarter. Finally, Budros Ruhlin & Roe Inc. boosted its stake in Ferroglobe by 44.4% during the 3rd quarter. Budros Ruhlin & Roe Inc. now owns 19,636 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 6,033 shares during the last quarter. 36.56% of the stock is currently owned by institutional investors and hedge funds.

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Ferroglobe Company Profile

Ferroglobe PLC, formerly VeloNewco Limited, is engaged in silicon and specialty metals industry. The Company produces silicon metal and silicon- and manganese-based alloy, which serves customers in the chemical, aluminum, solar, steel and ductile iron foundry industries. It operates through two segments: Electrometallurgy and Energy.

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