Key Points
- Major shareholder Peter Kellogg bought 200,000 Mercer International shares at $0.88 each, increasing his stake by 18.92% to 1,257,000 shares.
- Mercer International’s stock was up 0.7% and opened at $0.94, while still trading far below its 50-day and 200-day moving averages.
- The company reported a quarterly EPS miss of -$0.78 versus -$0.74 expected, and analysts remain cautious with an average rating of Strong Sell.
Mercer International Inc. (NASDAQ:MERC - Get Free Report) (TSE:MRI.U) major shareholder Peter Kellogg bought 100,000 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $0.86 per share, for a total transaction of $86,000.00. Following the purchase, the insider owned 1,057,000 shares of the company's stock, valued at approximately $909,020. This represents a 10.45% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Mercer International Trading Up 0.7%
Shares of NASDAQ MERC opened at $0.94 on Friday. The firm's 50 day moving average price is $1.25 and its 200-day moving average price is $1.74. The company has a market cap of $62.96 million, a PE ratio of -0.12 and a beta of 0.53. Mercer International Inc. has a 52-week low of $0.75 and a 52-week high of $4.47. The company has a debt-to-equity ratio of 23.58, a quick ratio of 1.22 and a current ratio of 2.17.
Mercer International (NASDAQ:MERC - Get Free Report) (TSE:MRI.U) last issued its earnings results on Thursday, May 7th. The basic materials company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.74) by ($0.04). The firm had revenue of $489.30 million during the quarter, compared to the consensus estimate of $493.00 million. Mercer International had a negative return on equity of 136.20% and a negative net margin of 28.51%. On average, equities research analysts expect that Mercer International Inc. will post -2.21 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. TD dropped their target price on shares of Mercer International from $1.00 to $0.50 and set a "sell" rating on the stock in a research note on Monday, May 11th. TD Cowen downgraded shares of Mercer International from a "hold" rating to a "sell" rating and increased their price objective for the company from $2.00 to $2.25 in a research report on Wednesday, January 21st. TD Securities downgraded shares of Mercer International from a "hold" rating to a "strong sell" rating in a research report on Wednesday, February 18th. Royal Bank Of Canada lowered their price objective on shares of Mercer International from $1.25 to $1.00 and set a "sector perform" rating on the stock in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Mercer International in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Strong Sell" and a consensus price target of $1.85.
Get Our Latest Report on Mercer International
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of MERC. Gabelli Funds LLC purchased a new position in Mercer International in the second quarter worth about $1,804,000. Iat Reinsurance Co. LTD. boosted its stake in shares of Mercer International by 1.3% during the 3rd quarter. Iat Reinsurance Co. LTD. now owns 16,700,000 shares of the basic materials company's stock worth $48,096,000 after acquiring an additional 220,000 shares during the last quarter. Jump Financial LLC boosted its stake in shares of Mercer International by 340.6% during the 2nd quarter. Jump Financial LLC now owns 276,837 shares of the basic materials company's stock worth $969,000 after acquiring an additional 214,008 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Mercer International by 16.1% during the 3rd quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company's stock worth $2,866,000 after acquiring an additional 137,906 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in shares of Mercer International during the 2nd quarter worth $244,000. 85.79% of the stock is owned by hedge funds and other institutional investors.
Mercer International Company Profile
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Get Free Report)
Mercer International Inc is a publicly traded pulp producer headquartered in Vancouver, British Columbia. Listed on the NASDAQ under the symbol MERC, the company specializes in the manufacture of Northern Bleached Softwood Kraft (NBSK) pulp and dissolving pulp for use in tissue, specialty paper and textile applications.
Mercer's core business activities include the operation of integrated pulp mills in North America and Europe. Its production portfolio encompasses NBSK pulp, renowned for its strength and versatility, and dissolving pulp, which serves as a key raw material in the manufacture of viscose, cellulose acetate and other specialty products.
The company's facilities are located in British Columbia and the U.S.
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