Tecnoglass (NASDAQ:TGLS) Shares Gap Down to $68.65

Tecnoglass Inc. (NASDAQ:TGLS)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $68.65, but opened at $67.05. Tecnoglass shares last traded at $66.51, with a volume of 16,446 shares traded.

Analyst Upgrades and Downgrades

TGLS has been the subject of a number of analyst reports. Robert W. Baird increased their price target on Tecnoglass from $68.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, September 17th. Stifel Nicolaus raised their price target on shares of Tecnoglass from $50.00 to $59.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Sidoti upgraded shares of Tecnoglass from a “neutral” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Wednesday, June 26th. DA Davidson increased their price objective on shares of Tecnoglass from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Finally, B. Riley downgraded shares of Tecnoglass from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $60.00 to $69.00 in a research report on Monday. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.67.

Tecnoglass Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.80 and a current ratio of 2.43. The company’s fifty day moving average price is $58.05 and its 200 day moving average price is $53.77. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 19.20 and a beta of 1.86.

Tecnoglass (NASDAQ:TGLS) last issued its earnings results on Thursday, August 8th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.03. The company had revenue of $219.65 million during the quarter, compared to the consensus estimate of $219.29 million. Tecnoglass had a return on equity of 28.12% and a net margin of 17.97%. Tecnoglass’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.12 earnings per share. Equities research analysts expect that Tecnoglass Inc. will post 3.42 earnings per share for the current year.

Tecnoglass Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.66%. The ex-dividend date is Monday, September 30th. Tecnoglass’s dividend payout ratio is presently 12.68%.

Institutional Investors Weigh In On Tecnoglass

Hedge funds have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC lifted its position in Tecnoglass by 8.7% in the 2nd quarter. William Blair Investment Management LLC now owns 1,754,892 shares of the company’s stock valued at $88,060,000 after purchasing an additional 140,112 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tecnoglass by 12.3% during the second quarter. Dimensional Fund Advisors LP now owns 884,527 shares of the company’s stock worth $44,385,000 after buying an additional 96,602 shares during the period. Owls Nest Partners IA LLC boosted its position in shares of Tecnoglass by 200.1% during the fourth quarter. Owls Nest Partners IA LLC now owns 577,765 shares of the company’s stock worth $26,410,000 after buying an additional 385,265 shares during the period. Wellington Management Group LLP grew its holdings in Tecnoglass by 5.6% in the 4th quarter. Wellington Management Group LLP now owns 421,086 shares of the company’s stock worth $19,248,000 after buying an additional 22,169 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in Tecnoglass by 2.3% in the 1st quarter. Clearbridge Investments LLC now owns 389,876 shares of the company’s stock valued at $20,285,000 after acquiring an additional 8,913 shares during the period. 37.35% of the stock is currently owned by institutional investors.

About Tecnoglass

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.