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

Shares of Tecnoglass Inc. (NASDAQ:TGLS) gapped down prior to trading on Tuesday . The stock had previously closed at $75.67, but opened at $73.20. Tecnoglass shares last traded at $69.89, with a volume of 94,072 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Robert W. Baird increased their price objective on Tecnoglass from $76.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday. Stifel Nicolaus raised 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. Raymond James cut shares of Tecnoglass from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday. Sidoti cut Tecnoglass from a “buy” rating to a “neutral” rating and set a $78.00 target price on the stock. in a research note on Tuesday. Finally, B. Riley reaffirmed a “neutral” rating and set a $72.00 price target (up previously from $69.00) on shares of Tecnoglass in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tecnoglass currently has an average rating of “Hold” and an average price target of $67.33.

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 firm’s 50-day moving average is $65.93 and its 200-day moving average is $57.05. The company has a market cap of $3.30 billion, a PE ratio of 20.44 and a beta of 1.86.

Tecnoglass (NASDAQ:TGLS) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.03. Tecnoglass had a net margin of 17.97% and a return on equity of 28.12%. The company had revenue of $219.65 million for the quarter, compared to analysts’ expectations of $219.29 million. During the same quarter in the previous year, the company earned $1.12 earnings per share. Tecnoglass’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts anticipate that Tecnoglass Inc. will post 3.44 EPS for the current year.

Tecnoglass Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Monday, September 30th. Tecnoglass’s dividend payout ratio is currently 12.68%.

Hedge Funds Weigh In On Tecnoglass

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in Tecnoglass by 5.6% in the fourth quarter. Wellington Management Group LLP now owns 421,086 shares of the company’s stock worth $19,248,000 after purchasing an additional 22,169 shares during the period. Commonwealth Equity Services LLC grew its holdings in Tecnoglass by 295.5% in the first quarter. Commonwealth Equity Services LLC now owns 20,630 shares of the company’s stock worth $1,073,000 after purchasing an additional 15,414 shares during the period. Capstone Investment Advisors LLC grew its holdings in Tecnoglass by 57.5% in the first quarter. Capstone Investment Advisors LLC now owns 47,368 shares of the company’s stock worth $2,465,000 after purchasing an additional 17,292 shares during the period. GSA Capital Partners LLP purchased a new stake in Tecnoglass in the first quarter worth about $560,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Tecnoglass in the first quarter worth about $893,000. 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.