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 changing hands.

Analyst Upgrades and Downgrades

TGLS has been the topic of several recent research reports. B. Riley restated a “neutral” rating and issued a $72.00 price objective (up previously from $69.00) on shares of Tecnoglass in a research report on Thursday, October 10th. Raymond James lowered shares of Tecnoglass from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 22nd. Stifel Nicolaus boosted their price target on shares of Tecnoglass from $50.00 to $59.00 and gave the stock a “hold” rating in a report on Friday, August 9th. DA Davidson upped their target price on shares of Tecnoglass from $65.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Sidoti lowered shares of Tecnoglass from a “buy” rating to a “neutral” rating and set a $78.00 target price for the company. in a report on Tuesday, October 22nd. Four investment analysts have rated the stock with a hold rating and two have assigned 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 Stock Performance

The firm’s 50-day moving average price is $69.01 and its two-hundred day moving average price is $58.52. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.80 and a current ratio of 2.43. The stock has a market cap 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 the consensus estimate of $0.97 by $0.11. The firm had revenue of $237.90 million for the quarter, compared to analysts’ expectations of $240.19 million. Tecnoglass had a net margin of 17.82% and a return on equity of 28.30%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 EPS. On average, analysts expect that Tecnoglass Inc. will post 3.52 EPS for the current fiscal year.

Tecnoglass Announces Dividend

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

Institutional Trading of Tecnoglass

Several hedge funds have recently made changes to their positions in TGLS. William Blair Investment Management LLC lifted its position in shares of Tecnoglass by 232.8% during the first quarter. William Blair Investment Management LLC now owns 1,614,780 shares of the company’s stock worth $84,017,000 after purchasing an additional 1,129,603 shares in the last quarter. Ensign Peak Advisors Inc lifted its position in shares of Tecnoglass by 219.7% during the second quarter. Ensign Peak Advisors Inc now owns 218,189 shares of the company’s stock worth $10,949,000 after purchasing an additional 149,933 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Tecnoglass during the second quarter worth about $3,929,000. Finally, Impax Asset Management Group plc lifted its position in shares of Tecnoglass by 65.0% during the third 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 in the last quarter. Institutional investors and hedge funds own 37.35% of the company’s stock.

Tecnoglass Company Profile

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.