State of New Jersey Common Pension Fund D Makes New Investment in Ferroglobe PLC (NASDAQ:GSM)

Nov 28, 2023

State of New Jersey Common Pension Fund D bought a new position in shares of Ferroglobe PLC (NASDAQ:GSM - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 22,550 shares of the basic materials company's stock, valued at approximately $111,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GSM. Hosking Partners LLP boosted its position in shares of Ferroglobe by 95.2% in the fourth quarter. Hosking Partners LLP now owns 5,060,835 shares of the basic materials company's stock valued at $19,484,000 after acquiring an additional 2,467,997 shares during the period. Millennium Management LLC boosted its position in shares of Ferroglobe by 32.5% in the fourth quarter. Millennium Management LLC now owns 5,408,473 shares of the basic materials company's stock valued at $20,823,000 after acquiring an additional 1,327,742 shares during the period. Tyrus Capital S.A.M. bought a new position in shares of Ferroglobe in the fourth quarter valued at approximately $4,143,000. Maven Securities LTD boosted its position in shares of Ferroglobe by 66.1% in the fourth quarter. Maven Securities LTD now owns 2,450,000 shares of the basic materials company's stock valued at $9,432,000 after acquiring an additional 975,000 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Ferroglobe by 23.1% in the fourth quarter. Renaissance Technologies LLC now owns 3,775,059 shares of the basic materials company's stock valued at $14,534,000 after purchasing an additional 709,465 shares in the last quarter. Institutional investors own 44.48% of the company's stock.

Separately, StockNews.com assumed coverage on shares of Ferroglobe in a research note on Thursday, May 18th. They issued a "buy" rating on the stock.

Shares of NASDAQ GSM opened at $5.07 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.49. Ferroglobe PLC has a 52 week low of $3.64 and a 52 week high of $7.69. The firm's fifty day moving average is $4.87 and its 200 day moving average is $4.65. The company has a market cap of $950.27 million, a price-to-earnings ratio of 2.91 and a beta of 2.20.

Ferroglobe (NASDAQ:GSM - Get Free Report) last released its quarterly earnings results on Tuesday, May 9th. The basic materials company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The business had revenue of $400.87 million for the quarter, compared to analysts' expectations of $399.95 million. Ferroglobe had a net margin of 14.42% and a return on equity of 60.74%. On average, equities research analysts expect that Ferroglobe PLC will post 0.54 earnings per share for the current year.

Ferroglobe PLC operates in the silicon and specialty metals industry 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, as well as silicon metal for primary and secondary aluminum producers; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese that is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel.

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