Bank of New York Mellon Corp increased its stake in Mercer International Inc. (NASDAQ:MERC) by 42.7% during the second quarter, Holdings Channel reports. The fund owned 124,383 shares of the company’s stock after buying an additional 37,194 shares during the period. Bank of New York Mellon Corp owned approximately 0.19% of Mercer International worth $993,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Emerald Mutual Fund Advisers Trust raised its position in Mercer International by 36.2% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 49,201 shares of the company’s stock valued at $393,000 after buying an additional 13,073 shares during the last quarter. Emerald Advisers Inc. PA increased its position in shares of Mercer International by 28.2% in the second quarter. Emerald Advisers Inc. PA now owns 103,078 shares of the company’s stock valued at $823,000 after buying an additional 22,645 shares during the period. Finally, Bogle Investment Management L P DE increased its position in shares of Mercer International by 153.6% in the first quarter. Bogle Investment Management L P DE now owns 149,776 shares of the company’s stock valued at $1,415,000 after buying an additional 90,711 shares during the period. 57.79% of the stock is owned by hedge funds and other institutional investors.
Mercer International Inc. (NASDAQ:MERC) traded up 4.26% during mid-day trading on Friday, reaching $8.32. The company’s stock had a trading volume of 77,522 shares. Mercer International Inc. has a one year low of $5.95 and a one year high of $11.68. The stock’s 50 day moving average is $8.42 and its 200 day moving average is $8.57. The firm has a market cap of $537.93 million, a PE ratio of 10.74 and a beta of 1.29.
Mercer International (NASDAQ:MERC) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.12. Mercer International had a net margin of 5.10% and a return on equity of 12.44%. On average, analysts anticipate that Mercer International Inc. will post $0.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Monday, September 26th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 5.53%. The ex-dividend date was Thursday, September 22nd. Mercer International’s payout ratio is currently 59.74%.
Several research analysts recently weighed in on the company. Zacks Investment Research downgraded Mercer International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 28th. TheStreet downgraded Mercer International from a “buy” rating to a “hold” rating in a research note on Wednesday, August 17th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $12.13.
In related news, major shareholder Peter R. Kellogg acquired 76,700 shares of Mercer International stock in a transaction dated Wednesday, October 12th. The shares were acquired at an average cost of $8.26 per share, for a total transaction of $633,542.00. Following the completion of the purchase, the insider now owns 2,649,109 shares in the company, valued at $21,881,640.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.70% of the stock is owned by insiders.
About Mercer International
Mercer International Inc is engaged in producing (northern bleached softwood kraft) NBSK pulp. The Company operates in the pulp industry and produces pulp for resale, known as market pulp, in Germany. It also produces and sells tall oil, which is used as both a chemical additive and as a green energy source.
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