Key Points
- Major shareholder Peter Kellogg bought 23,637 shares of Mercer International on June 9 at an average price of $0.79 per share, increasing his direct stake to 1,162,231 shares.
- Mercer International shares were down 4.2% and opened at $0.65, near the stock’s 52-week low of $0.58, reflecting continued weakness in the name.
- Analysts remain bearish on the stock after the company posted a wider-than-expected quarterly loss; the current consensus rating is “Strong Sell,” with an average price target of $1.85.
Mercer International Inc. (NASDAQ:MERC - Get Free Report) (TSE:MRI.U) major shareholder Peter Kellogg purchased 23,637 shares of Mercer International stock in a transaction that occurred on Tuesday, June 9th. The stock was purchased at an average price of $0.79 per share, with a total value of $18,673.23. Following the completion of the purchase, the insider directly owned 1,162,231 shares in the company, valued at $918,162.49. This trade represents a 2.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
Mercer International Trading Down 4.2%
MERC stock opened at $0.65 on Thursday. The company's 50-day simple moving average is $0.88 and its 200 day simple moving average is $1.47. Mercer International Inc. has a 52 week low of $0.58 and a 52 week high of $4.47. The company has a market capitalization of $43.37 million, a PE ratio of -0.08 and a beta of 0.52. 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 announced its earnings results on Thursday, May 7th. The basic materials company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.04). The business had revenue of $489.30 million for 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%. As a group, sell-side analysts anticipate that Mercer International Inc. will post -2.21 earnings per share for the current year.
Institutional Trading of Mercer International
A number of institutional investors have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL bought a new position in shares of Mercer International in the second quarter valued at approximately $244,000. Jump Financial LLC grew its position in Mercer International by 340.6% in the second 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 in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Mercer International by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 561,001 shares of the basic materials company's stock worth $1,111,000 after purchasing an additional 14,603 shares in the last quarter. Gabelli Funds LLC purchased a new stake in Mercer International in the second quarter worth approximately $1,804,000. Finally, Millennium Management LLC boosted its stake in shares of Mercer International by 16.1% in the 3rd quarter. Millennium Management LLC now owns 994,974 shares of the basic materials company's stock valued at $2,866,000 after purchasing an additional 137,906 shares in the last quarter. Hedge funds and other institutional investors own 85.79% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on MERC. TD decreased their price target on Mercer International from $1.00 to $0.50 and set a "sell" rating on the stock in a research note on Monday, May 11th. Wall Street Zen raised shares of Mercer International from a "strong sell" rating to a "sell" rating in a report on Saturday, June 20th. Royal Bank Of Canada decreased their price target on Mercer International from $1.25 to $1.00 and set a "sector perform" rating for the company in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Mercer International in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Strong Sell" and a consensus price target of $1.85.
View Our Latest Stock Report on MERC
Mercer International Company Profile
(
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
