Appian Way Asset Management LP Sells 1,106,169 Shares of Ferroglobe PLC (NASDAQ:GSM)

Appian Way Asset Management LP lowered its position in Ferroglobe PLC (NASDAQ:GSM) by 76.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 350,000 shares of the basic materials company’s stock after selling 1,106,169 shares during the quarter. Appian Way Asset Management LP owned approximately 0.19% of Ferroglobe worth $1,876,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Covestor Ltd grew its position in shares of Ferroglobe by 266.1% during the 1st quarter. Covestor Ltd now owns 5,316 shares of the basic materials company’s stock worth $26,000 after buying an additional 3,864 shares in the last quarter. Virtu Financial LLC bought a new position in Ferroglobe during the 1st quarter worth about $53,000. Legacy Capital Group California Inc. bought a new position in Ferroglobe during the 2nd quarter worth about $60,000. Hood River Capital Management LLC purchased a new position in Ferroglobe during the 1st quarter valued at about $73,000. Finally, Banco Santander S.A. bought a new stake in shares of Ferroglobe in the 2nd quarter valued at about $80,000. 89.64% of the stock is currently owned by hedge funds and other institutional investors.

Ferroglobe Price Performance

GSM opened at $4.24 on Tuesday. The firm has a market capitalization of $794.72 million, a PE ratio of 12.47 and a beta of 1.83. The business’s 50-day moving average is $4.70 and its two-hundred day moving average is $5.11. Ferroglobe PLC has a 1 year low of $4.07 and a 1 year high of $6.78. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.63 and a quick ratio of 0.91.

Ferroglobe (NASDAQ:GSM) last announced its earnings results on Monday, August 5th. The basic materials company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.05. Ferroglobe had a net margin of 4.11% and a return on equity of 11.27%. The company had revenue of $451.05 million during the quarter, compared to the consensus estimate of $425.55 million. During the same period last year, the firm earned $0.30 earnings per share. Research analysts anticipate that Ferroglobe PLC will post 0.28 earnings per share for the current fiscal year.

Ferroglobe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 20th will be given a dividend of $0.013 per share. This represents a $0.05 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Friday, September 20th. Ferroglobe’s dividend payout ratio is currently 14.71%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Ferroglobe from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th.

Ferroglobe 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.