Globe Specialty Metals Inc. (NASDAQ:GSM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Globe Specialty Metals, Inc., together with its subsidiary companies, is among the world’s largest producers of silicon metal and silicon-based specialty alloys – critical ingredients in a host of industrial and consumer products with growing markets. The Company’s customers include major silicone chemical, aluminum and steel manufacturers, producers of photovoltaic solar cells and computer chips, the auto industry, ductile iron foundries and concrete producers. Headquartered in New York City, the company has major manufacturing facilities in the U.S. states of Ohio, West Virginia, Alabama and New York, as well as in the Brazilian state of Pará, Mendoza province Argentina and Ningxia province China. Its principal operating subsidiaries are Globe Metallurgical, Inc. and Solsil, Inc. in the U.S.; Globe Metais Indústria e Comércio S.A. in Brazil; Globe Metales S.A. in Argentina; and Ningxia Yonvey Coal Industry Co., Ltd., in China. “
Several other research firms also recently weighed in on GSM. B. Riley downgraded Globe Specialty Metals from a “buy” rating to a “neutral” rating and cut their target price for the company from $12.50 to $10.25 in a research report on Thursday, August 25th. Jefferies Group set a $11.00 target price on Globe Specialty Metals and gave the company a “buy” rating in a research report on Monday, August 29th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $12.00 target price (down previously from $14.00) on shares of Globe Specialty Metals in a research report on Monday, August 29th. Stifel Nicolaus cut their target price on Globe Specialty Metals from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, August 29th. Finally, Robert W. Baird raised Globe Specialty Metals from a “neutral” rating to a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Globe Specialty Metals has a consensus rating of “Buy” and an average target price of $12.38.
Shares of Globe Specialty Metals (NASDAQ:GSM) traded up 0.67% during trading on Thursday, reaching $9.07. The company’s stock had a trading volume of 853,493 shares. The stock’s market cap is $1.56 billion. The company has a 50-day moving average price of $8.91 and a 200-day moving average price of $9.05. Globe Specialty Metals has a one year low of $6.90 and a one year high of $14.48.
Globe Specialty Metals (NASDAQ:GSM) last issued its quarterly earnings data on Friday, August 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.03. On average, equities research analysts forecast that Globe Specialty Metals will post ($0.09) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, September 12th.
About Globe Specialty Metals
Ferroglobe PLC, formerly VeloNewco Ltd, is a United Kingdom-based company. The Company is engaged in the production of silicon metals and alloys.
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