State of Tennessee Treasury Department boosted its position in shares of Glatfelter (NYSE:GLT) by 17.8% during the first quarter, Holdings Channel reports. The institutional investor owned 40,406 shares of the basic materials company’s stock after buying an additional 6,098 shares during the period. State of Tennessee Treasury Department owned approximately 0.09% of Glatfelter worth $878,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in GLT. Norges Bank purchased a new stake in Glatfelter during the fourth quarter worth about $13,613,000. Silvercrest Asset Management Group LLC increased its stake in Glatfelter by 14.0% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 2,462,412 shares of the basic materials company’s stock worth $58,827,000 after buying an additional 302,518 shares in the last quarter. Denver Investment Advisors LLC purchased a new stake in Glatfelter during the first quarter worth about $6,038,000. LSV Asset Management increased its stake in Glatfelter by 16.1% in the first quarter. LSV Asset Management now owns 1,280,236 shares of the basic materials company’s stock worth $27,832,000 after buying an additional 178,000 shares in the last quarter. Finally, State Street Corp increased its stake in Glatfelter by 11.9% in the fourth quarter. State Street Corp now owns 972,217 shares of the basic materials company’s stock worth $23,227,000 after buying an additional 103,044 shares in the last quarter. Institutional investors and hedge funds own 90.10% of the company’s stock.
Glatfelter (NYSE:GLT) opened at 19.42 on Friday. The company has a market capitalization of $845.90 million, a P/E ratio of 50.70 and a beta of 1.34. The company’s 50 day moving average price is $18.95 and its 200-day moving average price is $21.83. Glatfelter has a 52 week low of $17.50 and a 52 week high of $25.59.
Glatfelter (NYSE:GLT) last announced its quarterly earnings data on Tuesday, May 2nd. The basic materials company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.02. Glatfelter had a return on equity of 9.15% and a net margin of 1.06%. The firm had revenue of $390.70 million during the quarter, compared to analysts’ expectations of $400.65 million. During the same period last year, the business posted $0.37 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts expect that Glatfelter will post $1.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 3rd will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Thursday, June 29th. Glatfelter’s dividend payout ratio (DPR) is 140.54%.
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GLT has been the subject of a number of recent research reports. Zacks Investment Research upgraded Glatfelter from a “sell” rating to a “hold” rating in a research note on Monday, March 27th. BMO Capital Markets upgraded Glatfelter from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $23.00 to $24.00 in a research note on Friday, May 5th. TheStreet upgraded Glatfelter from a “c” rating to a “b-” rating in a research note on Tuesday, May 2nd. Finally, ValuEngine upgraded Glatfelter from a “hold” rating to a “buy” rating and set a $14.75 price target for the company in a research note on Thursday, May 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $22.69.
Glatfelter Company Profile
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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