Glatfelter Co. (NYSE:GLT) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 432,900 shares, a decrease of 28.8% from the March 15th total of 608,300 shares. Approximately 1.0% of the shares of the company are short sold. Based on an average daily volume of 205,000 shares, the days-to-cover ratio is currently 2.1 days.
Several hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its stake in Glatfelter by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 26,872 shares of the basic materials company’s stock valued at $440,000 after buying an additional 947 shares in the last quarter. Poplar Forest Capital LLC lifted its stake in Glatfelter by 13.4% in the 4th quarter. Poplar Forest Capital LLC now owns 17,271 shares of the basic materials company’s stock valued at $283,000 after buying an additional 2,044 shares in the last quarter. Veriti Management LLC purchased a new position in Glatfelter in the 4th quarter valued at about $40,000. Citigroup Inc. lifted its stake in Glatfelter by 41.9% in the 4th quarter. Citigroup Inc. now owns 28,520 shares of the basic materials company’s stock valued at $467,000 after buying an additional 8,426 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Glatfelter in the 4th quarter valued at about $142,000. 91.68% of the stock is currently owned by institutional investors and hedge funds.
Separately, BMO Capital Markets lowered shares of Glatfelter from an “outperform” rating to a “market perform” rating in a report on Monday.
Glatfelter (NYSE:GLT) last posted its earnings results on Wednesday, February 3rd. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.06. Glatfelter had a negative net margin of 3.66% and a positive return on equity of 6.45%. The business had revenue of $235.28 million for the quarter.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Thursday, April 1st will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Wednesday, March 31st. Glatfelter’s payout ratio is currently 72.00%.
Glatfelter Corporation, together with its subsidiaries, manufactures and sells engineered materials worldwide. It operated through two segments, Composite Fibers and Airlaid Materials. The company's Composite Fibers segment offers food and beverage filtration materials for single-serve coffee and tea products; wallcover base materials for wallpaper manufacturers; metallized products that are used in labels, packaging liners, gift wrap, and other consumer product applications; composite laminate, consisting of decorative laminates for use in furniture, household and commercial flooring, and other applications; and specialty engineered products, which are used in electrical energy storage, homecare, hygiene, and other engineered fiber-based applications.
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