Old West Investment Management LLC Raises Holdings in Ferroglobe PLC (NASDAQ:GSM)

Old West Investment Management LLC raised its position in Ferroglobe PLC (NASDAQ:GSM) by 233.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,758,501 shares of the basic materials company’s stock after acquiring an additional 2,631,024 shares during the period. Ferroglobe comprises approximately 6.3% of Old West Investment Management LLC’s holdings, making the stock its 2nd largest holding. Old West Investment Management LLC’s holdings in Ferroglobe were worth $17,439,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Central Pacific Bank Trust Division bought a new stake in Ferroglobe in the first quarter valued at about $208,000. GSA Capital Partners LLP bought a new stake in shares of Ferroglobe in the 1st quarter valued at approximately $811,000. Russell Investments Group Ltd. raised its holdings in shares of Ferroglobe by 22.6% in the 1st quarter. Russell Investments Group Ltd. now owns 424,205 shares of the basic materials company’s stock worth $2,113,000 after buying an additional 78,103 shares in the last quarter. First Eagle Investment Management LLC lifted its position in shares of Ferroglobe by 8.6% during the 1st quarter. First Eagle Investment Management LLC now owns 1,620,155 shares of the basic materials company’s stock worth $8,068,000 after buying an additional 127,795 shares during the period. Finally, Covestor Ltd boosted its stake in Ferroglobe by 266.1% in the 1st quarter. Covestor Ltd now owns 5,316 shares of the basic materials company’s stock valued at $26,000 after buying an additional 3,864 shares in the last quarter. Institutional investors own 89.64% of the company’s stock.

Analysts Set New Price Targets

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

Ferroglobe Trading Up 1.4 %

Shares of GSM stock opened at $4.26 on Wednesday. The company has a market capitalization of $798.45 million, a P/E ratio of 12.17 and a beta of 1.88. Ferroglobe PLC has a 12-month low of $4.07 and a 12-month high of $6.78. The company has a quick ratio of 0.91, a current ratio of 1.63 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $4.37 and a 200 day moving average price of $5.02.

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

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.