Ferroglobe PLC (GSM) Sets New 52-Week High Following Analyst Upgrade

Ferroglobe PLC (NASDAQ:GSM) shares reached a new 52-week high during trading on Thursday after Stifel Nicolaus raised their price target on the stock from $19.00 to $22.00. Stifel Nicolaus currently has a buy rating on the stock. Ferroglobe PLC traded as high as $15.75 and last traded at $15.72, with a volume of 385,301 shares trading hands. The stock had previously closed at $15.02.

Other research analysts have also issued reports about the stock. BidaskClub upgraded shares of Ferroglobe PLC from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. Jefferies Group LLC reiterated a “buy” rating and set a $12.00 price target on shares of Ferroglobe PLC in a research note on Wednesday, July 19th. B. Riley reiterated a “buy” rating and set a $16.00 price target (up from $14.25) on shares of Ferroglobe PLC in a research note on Tuesday, August 29th. Finally, Zacks Investment Research lowered shares of Ferroglobe PLC from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Ferroglobe PLC has an average rating of “Buy” and a consensus target price of $16.20.

Institutional investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new position in shares of Ferroglobe PLC during the first quarter worth about $100,000. Budros Ruhlin & Roe Inc. increased its stake in shares of Ferroglobe PLC by 17.2% during the second quarter. Budros Ruhlin & Roe Inc. now owns 13,603 shares of the basic materials company’s stock worth $163,000 after acquiring an additional 2,000 shares during the period. American International Group Inc. increased its stake in shares of Ferroglobe PLC by 7.1% during the first quarter. American International Group Inc. now owns 40,274 shares of the basic materials company’s stock worth $416,000 after acquiring an additional 2,664 shares during the period. Balter Liquid Alternatives LLC acquired a new position in shares of Ferroglobe PLC during the second quarter worth about $437,000. Finally, HighTower Advisors LLC increased its stake in shares of Ferroglobe PLC by 0.4% during the second quarter. HighTower Advisors LLC now owns 41,492 shares of the basic materials company’s stock worth $498,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 38.30% of the company’s stock.

The stock has a 50-day moving average price of $13.80 and a 200 day moving average price of $11.97. The stock’s market cap is $2.72 billion.

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About Ferroglobe PLC

Ferroglobe PLC, formerly VeloNewco Limited, is engaged in silicon and specialty metals industry. The Company produces silicon metal and silicon- and manganese-based alloy, which serves customers in the chemical, aluminum, solar, steel and ductile iron foundry industries. It operates through two segments: Electrometallurgy and Energy.

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