Tecnoglass (NASDAQ:TGLS) Shares Gap Down After Insider Selling

Tecnoglass Inc. (NASDAQ:TGLS) gapped down prior to trading on Tuesday following insider selling activity. 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.

Specifically, major shareholder Holding Corp Energy sold 1,432,120 shares of the 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 completion of the sale, the insider now directly owns 23,195,988 shares of the company’s stock, valued at $1,693,771,043.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Julio A. Torres sold 30,520 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $72.83, for a total transaction of $2,222,771.60. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

TGLS has been the topic of several recent research reports. B. Riley reaffirmed a “neutral” rating and set a $72.00 price objective (up from $69.00) on shares of Tecnoglass in a report on Thursday, October 10th. 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 report on Friday, August 9th. Raymond James cut Tecnoglass from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 22nd. DA Davidson raised their price objective on Tecnoglass from $65.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Robert W. Baird boosted their target price on Tecnoglass from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.40.

Tecnoglass Price Performance

The stock’s 50 day moving average price is $69.57 and its 200-day moving average price is $58.76. 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 market capitalization of $3.47 billion, a PE ratio of 23.07 and a beta of 1.86.

Tecnoglass (NASDAQ:TGLS) last issued its earnings results on Thursday, November 7th. The company reported $1.08 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $240.19 million. During the same period last year, the company posted $0.98 earnings per share. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts forecast that Tecnoglass Inc. will post 3.55 EPS for the current year.

Tecnoglass Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TGLS. Crossmark Global Holdings Inc. boosted its stake in shares of Tecnoglass by 3.2% during the second quarter. Crossmark Global Holdings Inc. now owns 7,066 shares of the company’s stock valued at $355,000 after purchasing an additional 220 shares in the last quarter. X Square Capital LLC raised its position in shares of Tecnoglass by 5.7% in the 2nd quarter. X Square Capital LLC now owns 4,363 shares of the company’s stock worth $219,000 after acquiring an additional 237 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its stake in shares of Tecnoglass by 3.1% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 9,596 shares of the company’s stock worth $659,000 after purchasing an additional 287 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in Tecnoglass by 2.2% during the second quarter. SummerHaven Investment Management LLC now owns 13,681 shares of the company’s stock valued at $687,000 after purchasing an additional 292 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Tecnoglass by 4,735.7% in the third quarter. Signaturefd LLC now owns 677 shares of the company’s stock valued at $46,000 after purchasing an additional 663 shares during the last quarter. 37.35% of the stock is currently owned by institutional investors.

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.