PNC Financial Services Group Inc. Cuts Holdings in Glatfelter Co. (NYSE:GLT)

PNC Financial Services Group Inc. trimmed its position in Glatfelter Co. (NYSE:GLT) by 12.1% in the fourth quarter, HoldingsChannel reports. The firm owned 98,464 shares of the basic materials company’s stock after selling 13,600 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Glatfelter were worth $191,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of GLT. Teton Advisors Inc. grew its holdings in shares of Glatfelter by 38.9% in the fourth quarter. Teton Advisors Inc. now owns 25,000 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 7,000 shares in the last quarter. GSA Capital Partners LLP increased its holdings in Glatfelter by 119.5% in the 3rd quarter. GSA Capital Partners LLP now owns 549,978 shares of the basic materials company’s stock worth $1,100,000 after acquiring an additional 299,407 shares during the last quarter. Finally, CastleKnight Management LP increased its stake in shares of Glatfelter by 25.6% in the fourth quarter. CastleKnight Management LP now owns 579,207 shares of the basic materials company’s stock worth $1,124,000 after purchasing an additional 117,910 shares in the last quarter. Institutional investors own 76.92% of the company’s stock.

Glatfelter Stock Performance

NYSE:GLT opened at $1.40 on Wednesday. Glatfelter Co. has a 52-week low of $1.22 and a 52-week high of $3.71. The business’s fifty day moving average is $1.63 and its 200 day moving average is $1.74. The company has a debt-to-equity ratio of 3.89, a quick ratio of 1.13 and a current ratio of 2.31. The firm has a market cap of $63.12 million, a price-to-earnings ratio of -0.69 and a beta of 1.74.

Glatfelter (NYSE:GLT) last announced its quarterly earnings results on Thursday, May 9th. The basic materials company reported ($0.33) earnings per share (EPS) for the quarter. The firm had revenue of $327.26 million during the quarter. Glatfelter had a negative return on equity of 18.86% and a negative net margin of 6.88%.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Glatfelter from a “hold” rating to a “sell” rating in a research note on Friday, May 10th.

Insiders Place Their Bets

In other news, major shareholder Carlson Capital L. P sold 207,325 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1.65, for a total value of $342,086.25. Following the transaction, the insider now owns 6,968,675 shares of the company’s stock, valued at $11,498,313.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.26% 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.