Glatfelter (NYSE:GLT) Shares Gap Down – Should You Sell?

Glatfelter Co. (NYSE:GLT) shares 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 changing hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Glatfelter from a “hold” rating to a “sell” rating in a research note on Friday, November 1st.

Glatfelter Stock Performance

The company has a debt-to-equity ratio of 4.26, a current ratio of 2.23 and a quick ratio of 1.04. The firm has a fifty day simple moving average of $22.10 and a two-hundred day simple moving average of $21.35. The firm has a market capitalization of $957.78 million, a P/E ratio of -14.32 and a beta of 1.72.

Glatfelter (NYSE:GLT) last posted its quarterly earnings results on Thursday, August 8th. The basic materials company reported ($3.25) earnings per share for the quarter. Glatfelter had a negative return on equity of 17.71% and a negative net margin of 5.08%. The firm had revenue of $329.44 million for the quarter.

Insider Activity

In other news, major shareholder Carlson Capital, L.P. sold 24,668 shares of Glatfelter stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $22.62, for a total value of $557,990.16. Following the completion of the transaction, the insider now directly owns 333,461 shares in the company, valued at approximately $7,542,887.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.26% of the company’s stock.

Institutional Investors Weigh In On Glatfelter

Several large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD purchased a new position in Glatfelter in the 1st quarter worth approximately $30,000. Ground Swell Capital LLC purchased a new position in Glatfelter in the second quarter worth $38,000. Cowen AND Company LLC increased its stake in Glatfelter by 230.0% in the second quarter. Cowen AND Company LLC now owns 33,000 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 23,000 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in Glatfelter by 138.0% during the first 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 in the last quarter. Finally, Alpine Global Management LLC bought a new stake in Glatfelter during the first quarter worth about $80,000. Institutional investors own 76.92% of the company’s stock.

Glatfelter Company Profile

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.