ICL Group (NYSE:ICL) Shares Gap Down – Here’s What Happened

ICL Group Ltd (NYSE:ICL)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $6.45, but opened at $6.16. ICL Group shares last traded at $6.06, with a volume of 3,244,480 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Barclays upgraded ICL Group from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $4.00 to $6.00 in a research report on Tuesday, January 21st. StockNews.com raised shares of ICL Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th.

ICL Group Stock Down 7.8 %

The firm has a 50-day simple moving average of $5.60 and a two-hundred day simple moving average of $4.77. The stock has a market cap of $7.81 billion, a P/E ratio of 19.18, a PEG ratio of 7.10 and a beta of 1.23. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.30.

ICL Group (NYSE:ICL) last posted its quarterly earnings results on Wednesday, February 26th. The basic materials company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. ICL Group had a net margin of 5.83% and a return on equity of 8.31%. Equities research analysts expect that ICL Group Ltd will post 0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ICL Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its stake in ICL Group by 15.2% in the 4th quarter. Mackenzie Financial Corp now owns 49,833 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 6,561 shares during the period. Two Sigma Investments LP increased its holdings in shares of ICL Group by 32.1% in the 4th quarter. Two Sigma Investments LP now owns 77,900 shares of the basic materials company’s stock worth $385,000 after buying an additional 18,914 shares during the last quarter. Tidal Investments LLC grew its position in ICL Group by 11.2% during the fourth quarter. Tidal Investments LLC now owns 63,433 shares of the basic materials company’s stock valued at $313,000 after acquiring an additional 6,379 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of ICL Group by 258.6% during the fourth quarter. Quantinno Capital Management LP now owns 250,589 shares of the basic materials company’s stock valued at $1,238,000 after purchasing an additional 180,713 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of ICL Group by 20.2% during the fourth quarter. Nuveen Asset Management LLC now owns 1,412,613 shares of the basic materials company’s stock worth $6,978,000 after purchasing an additional 237,704 shares during the period. Institutional investors own 13.38% of the company’s stock.

ICL Group Company Profile

ICL Group Ltd, together with its subsidiaries, operates as a specialty minerals and chemicals company worldwide. It operates in four segments: Industrial Products, Potash, Phosphate Solutions, and Growing Solutions. The Industrial Products segment produces bromine out of a solution that is a by-product of the potash production process, as well as bromine-based compounds; produces various grades of potash, salt, magnesium chloride, and magnesia products; and produces and markets phosphorous-based flame retardants and other phosphorus-based products.