Tecnoglass (NASDAQ:TGLS) Shares Gap Down – Here’s Why

Shares of Tecnoglass Inc. (NASDAQ:TGLS) gapped down before the market opened on Tuesday . The stock had previously closed at $79.37, but opened at $73.00. Tecnoglass shares last traded at $71.73, with a volume of 131,499 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on TGLS shares. Sidoti lowered shares of Tecnoglass from a “buy” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research note on Tuesday, October 22nd. Raymond James lowered shares of Tecnoglass from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus increased their price target on shares of Tecnoglass from $50.00 to $59.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Robert W. Baird increased their price target on shares of Tecnoglass from $85.00 to $88.00 and gave the company an “outperform” rating in a research note on Friday. Finally, DA Davidson increased their price target on shares of Tecnoglass from $65.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Tecnoglass has a consensus rating of “Hold” and a consensus price target of $77.40.

Tecnoglass Price Performance

The company has a quick ratio of 1.80, a current ratio of 2.43 and a debt-to-equity ratio of 0.24. The company has a fifty day moving average price of $69.01 and a two-hundred day moving average price of $58.52. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 22.87 and a beta of 1.86.

Tecnoglass (NASDAQ:TGLS) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.11. The business had revenue of $237.90 million during the quarter, compared to analysts’ expectations of $240.19 million. Tecnoglass had a return on equity of 28.30% and a net margin of 17.82%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the business posted $0.98 earnings per share. On average, equities research analysts expect that Tecnoglass Inc. will post 3.52 EPS for the current fiscal year.

Tecnoglass Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.60%. The ex-dividend date was Monday, September 30th. Tecnoglass’s dividend payout ratio is currently 13.75%.

Institutional Investors Weigh In On Tecnoglass

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in Tecnoglass by 8.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 183,400 shares of the company’s stock worth $12,592,000 after buying an additional 13,803 shares during the last quarter. Intech Investment Management LLC acquired a new position in Tecnoglass during the third quarter valued at $509,000. Chesapeake Capital Corp IL acquired a new position in Tecnoglass during the third quarter valued at $455,000. Impax Asset Management Group plc increased its position in Tecnoglass by 65.0% in the 3rd quarter. Impax Asset Management Group plc now owns 165,000 shares of the company’s stock worth $11,329,000 after purchasing an additional 65,000 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of Tecnoglass by 262.4% during the 3rd quarter. GSA Capital Partners LLP now owns 20,089 shares of the company’s stock worth $1,379,000 after acquiring an additional 14,545 shares in the last quarter. 37.35% of the stock is currently owned by hedge funds and other institutional investors.

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.