Glatfelter (NYSE:GLT) Trading Down 12.3% Following Weak Earnings

Glatfelter (NYSE:GLT) traded down 12.3% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $17.75 and last traded at $17.96, with a volume of 712,219 shares. The stock had previously closed at $20.47.

The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by $0.14. Glatfelter had a net margin of 0.59% and a return on equity of 8.32%. The company had revenue of $387.30 million during the quarter, compared to analysts’ expectations of $394.84 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year.

Several equities analysts have recently commented on the company. Zacks Investment Research lowered Glatfelter from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 3rd. ValuEngine lowered Glatfelter from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. TheStreet lowered Glatfelter from a “b-” rating to a “c” rating in a research note on Monday, June 12th. Finally, BMO Capital Markets raised Glatfelter from a “market perform” rating to an “outperform” rating and upped their price target for the company from $23.00 to $24.00 in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $22.69.

In other news, Chairman Dante C. Parrini bought 5,800 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $17.28 per share, with a total value of $100,224.00. Following the purchase, the chairman now owns 128,043 shares in the company, valued at $2,212,583.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nicholas Debenedictis bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average cost of $17.62 per share, for a total transaction of $88,100.00. Following the purchase, the director now owns 57,935 shares in the company, valued at approximately $1,020,814.70. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue raised its position in Glatfelter by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,810 shares of the basic materials company’s stock valued at $104,000 after buying an additional 100 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in Glatfelter by 1.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 14,030 shares of the basic materials company’s stock valued at $305,000 after buying an additional 160 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Glatfelter by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 17,700 shares of the basic materials company’s stock valued at $385,000 after buying an additional 200 shares during the last quarter. Anchor Capital Advisors LLC raised its position in Glatfelter by 0.9% in the second quarter. Anchor Capital Advisors LLC now owns 29,337 shares of the basic materials company’s stock valued at $573,000 after buying an additional 250 shares during the last quarter. Finally, Texas Permanent School Fund raised its position in Glatfelter by 0.8% in the second quarter. Texas Permanent School Fund now owns 31,802 shares of the basic materials company’s stock valued at $621,000 after buying an additional 266 shares during the last quarter. 92.39% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a 50-day moving average of $18.89 and a 200-day moving average of $20.31. The stock has a market cap of $735.25 million, a PE ratio of 79.95 and a beta of 1.31.

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About Glatfelter

P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.

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