Tecnoglass (NASDAQ:TGLS) Reaches New 12-Month High After Dividend Announcement

Tecnoglass Inc. (NASDAQ:TGLS)’s share price reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $84.59 and last traded at $84.33, with a volume of 9758 shares. The stock had previously closed at $81.64.

The newly announced dividend which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.15 dividend. This is a positive change from Tecnoglass’s previous quarterly dividend of $0.11. This represents a $0.60 annualized dividend and a yield of 0.71%. The ex-dividend date is Tuesday, December 31st. Tecnoglass’s dividend payout ratio is currently 13.75%.

Analyst Upgrades and Downgrades

TGLS has been the topic of several research reports. Robert W. Baird raised their price objective on Tecnoglass from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. B. Riley restated a “neutral” rating and set a $72.00 target price (up from $69.00) on shares of Tecnoglass in a research report on Thursday, October 10th. Sidoti downgraded shares of Tecnoglass from a “buy” rating to a “neutral” rating and set a $78.00 price target for the company. in a research report on Tuesday, October 22nd. StockNews.com assumed coverage on shares of Tecnoglass in a research report on Friday, December 6th. They set a “hold” rating on the stock. Finally, DA Davidson upped their target price on shares of Tecnoglass from $65.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $77.40.

Tecnoglass Price Performance

The company has a quick ratio of 1.63, a current ratio of 2.21 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average of $75.38 and a two-hundred day moving average of $62.42. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 26.45 and a beta of 1.89.

Tecnoglass (NASDAQ:TGLS) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.11. Tecnoglass had a net margin of 17.82% and a return on equity of 27.71%. The business had revenue of $237.90 million during the quarter, compared to the consensus estimate of $240.19 million. During the same quarter last year, the firm posted $0.98 EPS. The business’s revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts anticipate that Tecnoglass Inc. will post 3.55 earnings per share for the current year.

Insider Activity at Tecnoglass

In other news, Director Julio A. Torres sold 30,520 shares of Tecnoglass stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.83, for a total transaction of $2,222,771.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holding Corp Energy sold 1,432,120 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $73.02, for a total transaction of $104,573,402.40. Following the transaction, the insider now directly owns 23,195,988 shares in the company, valued at $1,693,771,043.76. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tecnoglass

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in Tecnoglass by 29.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,966,119 shares of the company’s stock worth $134,994,000 after buying an additional 447,647 shares during the last quarter. Ensign Peak Advisors Inc boosted its position in shares of Tecnoglass by 219.7% in the second quarter. Ensign Peak Advisors Inc now owns 218,189 shares of the company’s stock worth $10,949,000 after acquiring an additional 149,933 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Tecnoglass by 8.7% in the second quarter. William Blair Investment Management LLC now owns 1,754,892 shares of the company’s stock valued at $88,060,000 after purchasing an additional 140,112 shares during the period. Dimensional Fund Advisors LP increased its position in Tecnoglass by 12.3% during the second quarter. Dimensional Fund Advisors LP now owns 884,527 shares of the company’s stock worth $44,385,000 after purchasing an additional 96,602 shares during the last quarter. Finally, State Street Corp raised its stake in Tecnoglass by 29.1% during the third quarter. State Street Corp now owns 416,964 shares of the company’s stock worth $28,674,000 after purchasing an additional 93,968 shares during the period. Hedge funds and other institutional investors own 37.35% of the company’s stock.

About Tecnoglass

Tecnoglass Inc manufactures, supplies, and installs architectural glass, windows, and associated aluminum and vinyl products for commercial and residential construction markets in Colombia, the United States, Panama, and internationally. The company provides low emissivity, laminated/thermo-laminated, thermo-acoustic, tempered, silk-screened, curved, and digital print glass products.