Ferroglobe (NASDAQ:GSM) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Ferroglobe (NASDAQ:GSM) reported quarterly earnings of ($0.02) per share, missing expectations by $0.07. The company had a negative return on equity of 2.85% and a net margin of 6.99%. Despite the earnings miss, Ferroglobe's stock rose 0.2% to $4.51. Institutional investors have increased their holdings significantly, with 89.64% of the stock owned by hedge funds. Analysts have downgraded the stock to a "sell" rating, with a consensus rating of "Reduce."

Ferroglobe (NASDAQ:GSM - Get Free Report) posted its earnings results on Wednesday. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07), Zacks reports. Ferroglobe had a negative return on equity of 2.85% and a negative net margin of 6.99%.

Ferroglobe Stock Up 0.2%

Ferroglobe stock traded up $0.01 during trading hours on Wednesday, hitting $4.51. The stock had a trading volume of 1,251,145 shares, compared to its average volume of 1,273,658. The company has a quick ratio of 0.98, a current ratio of 1.56 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $841.68 million, a P/E ratio of -7.91 and a beta of 1.83. Ferroglobe has a 12-month low of $2.97 and a 12-month high of $5.74. The stock's 50-day moving average price is $4.63 and its 200-day moving average price is $4.22.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in Ferroglobe by 1,068.3% in the second quarter. Geode Capital Management LLC now owns 1,558,383 shares of the basic materials company's stock worth $5,719,000 after buying an additional 1,424,998 shares during the last quarter. Millennium Management LLC raised its holdings in Ferroglobe by 168.8% in the first quarter. Millennium Management LLC now owns 1,110,759 shares of the basic materials company's stock worth $4,121,000 after buying an additional 697,476 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Ferroglobe by 32.6% in the first quarter. Goldman Sachs Group Inc. now owns 331,778 shares of the basic materials company's stock worth $1,231,000 after buying an additional 81,611 shares during the last quarter. Invesco Ltd. raised its holdings in Ferroglobe by 22.2% in the second quarter. Invesco Ltd. now owns 240,852 shares of the basic materials company's stock worth $884,000 after buying an additional 43,691 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Ferroglobe in the second quarter worth about $825,000. 89.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on GSM. Wall Street Zen cut shares of Ferroglobe from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Weiss Ratings reissued a "sell (d)" rating on shares of Ferroglobe in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce".

Get Our Latest Analysis on Ferroglobe

Ferroglobe Company Profile

(Get Free Report)

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.

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