Glatfelter (NYSE:GLT) Shares Gap Down – Time to Sell?

Shares of Glatfelter Co. (NYSE:GLT) gapped down before the market opened on Monday . The stock had previously closed at $22.62, but opened at $21.03. Glatfelter shares last traded at $21.99, with a volume of 6,788 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Glatfelter from a “hold” rating to a “sell” rating in a research report on Friday.

Glatfelter Price Performance

The stock has a market capitalization of $964.56 million, a P/E ratio of -14.03 and a beta of 1.72. The company’s 50-day simple moving average is $1.70 and its 200-day simple moving average is $1.64. The company has a debt-to-equity ratio of 4.26, a current ratio of 2.23 and a quick ratio of 1.06.

Glatfelter (NYSE:GLT) last posted its earnings results on Thursday, August 8th. The basic materials company reported ($0.25) earnings per share (EPS) for the quarter. Glatfelter had a negative return on equity of 17.71% and a negative net margin of 5.08%. The company had revenue of $329.44 million for the quarter.

Insider Buying and Selling

In other news, major shareholder Carlson Capital, L.P. sold 320,691 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $1.74, for a total value of $558,002.34. Following the completion of the transaction, the insider now owns 4,335,000 shares of the company’s stock, valued at approximately $7,542,900. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.59% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Glatfelter

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD acquired a new stake in Glatfelter during the 1st quarter worth approximately $30,000. State Board of Administration of Florida Retirement System increased its position in Glatfelter by 138.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 27,348 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 15,855 shares during the period. Ground Swell Capital LLC acquired a new stake in Glatfelter during the 2nd quarter valued at approximately $38,000. Cowen AND Company LLC lifted its position in shares of Glatfelter by 230.0% in the 2nd quarter. Cowen AND Company LLC now owns 33,000 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 23,000 shares during the period. Finally, Alpine Global Management LLC bought a new stake in Glatfelter during the first quarter valued at $80,000. Institutional investors own 76.92% of the company’s stock.

About Glatfelter

Glatfelter Corporation, together with its subsidiaries, engages in the manufacture and sale of engineered materials worldwide. It operates through three segments: Composite Fibers, Airlaid Materials, and Spunlace. The 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 wraps, and other consumer product applications; composite laminates 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, home, hygiene, and other engineered fiber-based applications.