Glatfelter (NYSE:GLT) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Glatfelter (NYSE:GLT) in a report released on Friday morning. The firm issued a sell rating on the basic materials company’s stock.

Glatfelter Stock Performance

NYSE:GLT opened at $21.05 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.04 and a debt-to-equity ratio of 4.26. The company has a market capitalization of $73.68 million, a P/E ratio of -1.10 and a beta of 1.72. The firm has a 50-day moving average price of $22.08 and a two-hundred day moving average price of $21.37. Glatfelter has a twelve month low of $15.80 and a twelve month high of $35.23.

Insider Buying and Selling

In related news, major shareholder Carlson Capital, L.P. sold 24,668 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $22.62, for a total transaction of $557,990.16. Following the sale, the insider now owns 333,461 shares of the company’s stock, valued at $7,542,887.82. This trade represents a 6.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.26% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GLT. State Board of Administration of Florida Retirement System raised its holdings in Glatfelter by 138.0% in the 1st 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 acquiring an additional 15,855 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Glatfelter by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,369,984 shares of the basic materials company’s stock valued at $4,740,000 after purchasing an additional 92,314 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in Glatfelter in the first quarter valued at $30,000. Cowen AND Company LLC lifted its position in Glatfelter by 230.0% during the second quarter. Cowen AND Company LLC now owns 33,000 shares of the basic materials company’s stock worth $46,000 after buying an additional 23,000 shares during the period. Finally, Ground Swell Capital LLC purchased a new position in Glatfelter during the second quarter worth about $38,000. Institutional investors and hedge funds 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.