Tecnoglass (NASDAQ:TGLS) Hits New 52-Week High After Dividend Announcement

Tecnoglass Inc. (NASDAQ:TGLS) shares hit a new 52-week high on Wednesday after the company announced a dividend. The company traded as high as $84.59 and last traded at $84.33, with a volume of 9758 shares changing hands. The stock had previously closed at $81.64.

The newly announced dividend which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a $0.15 dividend. This is a boost from Tecnoglass’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.60 annualized dividend and a dividend yield of 0.71%. Tecnoglass’s dividend payout ratio (DPR) is 13.75%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TGLS. Robert W. Baird upped their target price on shares of Tecnoglass from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. StockNews.com began coverage on Tecnoglass in a report on Friday, December 6th. They issued a “hold” rating on the stock. DA Davidson lifted their price objective on Tecnoglass from $65.00 to $90.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. B. Riley reissued a “neutral” rating and issued a $72.00 target price (up previously from $69.00) on shares of Tecnoglass in a report on Thursday, October 10th. Finally, Sidoti downgraded shares of Tecnoglass from a “buy” rating to a “neutral” rating and set a $78.00 price target for the company. in a report on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Tecnoglass currently has a consensus rating of “Hold” and an average target price of $77.40.

Tecnoglass Price Performance

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 company’s fifty day moving average is $75.38 and its 200 day moving average is $62.42. The stock has a market cap of $3.98 billion, a PE ratio of 26.45 and a beta of 1.89.

Tecnoglass (NASDAQ:TGLS) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.11. The firm had revenue of $237.90 million during the quarter, compared to the consensus estimate of $240.19 million. Tecnoglass had a return on equity of 27.71% and a net margin of 17.82%. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 EPS. As a group, sell-side analysts anticipate that Tecnoglass Inc. will post 3.55 earnings per share for the current fiscal year.

Insider Activity

In other Tecnoglass news, major shareholder Holding Corp Energy sold 1,432,120 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was 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 owns 23,195,988 shares in the company, valued at $1,693,771,043.76. This trade represents a 5.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Julio A. Torres sold 30,520 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $72.83, for a total value of $2,222,771.60. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. acquired a new stake in shares of Tecnoglass during the 3rd quarter valued at approximately $2,211,000. Rhumbline Advisers acquired a new stake in shares of Tecnoglass during the second quarter worth $1,468,000. The Manufacturers Life Insurance Company acquired a new position in shares of Tecnoglass in the 2nd quarter valued at about $589,000. GSA Capital Partners LLP boosted its holdings in shares of Tecnoglass by 262.4% in the 3rd quarter. GSA Capital Partners LLP now owns 20,089 shares of the company’s stock valued at $1,379,000 after buying an additional 14,545 shares during the period. Finally, Semanteon Capital Management LP acquired a new stake in Tecnoglass in the third quarter worth $1,237,000. 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.