Glatfelter Co. (NYSE:GLT) Sees Significant Decrease in Short Interest

Glatfelter Co. (NYSE:GLT) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 531,400 shares, a drop of 27.8% from the August 31st total of 735,900 shares. Based on an average trading volume of 363,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 1.2% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Glatfelter from a “sell” rating to a “hold” rating in a research report on Friday, August 9th.

Insiders Place Their Bets

In related news, major shareholder Carlson Capital, L.P. sold 320,691 shares of the stock in a transaction that occurred on 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 directly owns 4,335,000 shares of the company’s stock, valued at approximately $7,542,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.59% of the company’s stock.

Hedge Funds Weigh In On Glatfelter

Several institutional investors and hedge funds have recently modified their holdings of GLT. Gabelli Funds LLC lifted its holdings in Glatfelter by 17.6% in the 1st quarter. Gabelli Funds LLC now owns 40,000 shares of the basic materials company’s stock valued at $80,000 after purchasing an additional 6,000 shares in the last quarter. Bluefin Capital Management LLC boosted its holdings in Glatfelter by 10.4% in the 2nd quarter. Bluefin Capital Management LLC now owns 134,149 shares of the basic materials company’s stock valued at $186,000 after purchasing an additional 12,596 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in shares of Glatfelter in the 1st quarter valued at approximately $30,000. State Board of Administration of Florida Retirement System increased its holdings in shares of 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 worth $55,000 after buying an additional 15,855 shares during the last quarter. Finally, Cowen AND Company LLC raised its position in shares of Glatfelter by 230.0% during the 2nd quarter. Cowen AND Company LLC now owns 33,000 shares of the basic materials company’s stock valued at $46,000 after buying an additional 23,000 shares during the period. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Glatfelter Stock Performance

Shares of GLT traded down $0.09 during mid-day trading on Friday, reaching $1.77. The company had a trading volume of 538,324 shares, compared to its average volume of 740,928. The stock has a 50 day moving average of $1.64 and a two-hundred day moving average of $1.65. The company has a quick ratio of 1.06, a current ratio of 2.21 and a debt-to-equity ratio of 4.19. The stock has a market capitalization of $80.10 million, a P/E ratio of -0.87 and a beta of 1.73. Glatfelter has a 52-week low of $1.22 and a 52-week high of $2.71.

Glatfelter (NYSE:GLT) last released its quarterly earnings data on Thursday, August 8th. The basic materials company reported ($0.25) earnings per share for the quarter. The firm had revenue of $329.44 million during the quarter. Glatfelter had a negative net margin of 5.44% and a negative return on equity of 16.21%.

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.