Tecnoglass (NASDAQ:TGLS) Shares Gap Up on Analyst Upgrade

Tecnoglass Inc. (NASDAQ:TGLS) shares gapped up before the market opened on Thursday after Robert W. Baird raised their price target on the stock from $56.00 to $65.00. The stock had previously closed at $57.15, but opened at $59.08. Robert W. Baird currently has an outperform rating on the stock. Tecnoglass shares last traded at $57.88, with a volume of 11,621 shares traded.

TGLS has been the topic of several other research reports. Stifel Nicolaus lowered Tecnoglass from a “buy” rating to a “hold” rating and cut their price target for the stock from $48.00 to $45.00 in a research report on Wednesday, February 14th. B. Riley lifted their target price on Tecnoglass from $51.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Finally, DA Davidson reiterated a “buy” rating and issued a $50.00 target price on shares of Tecnoglass in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Tecnoglass currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. grew its stake in shares of Tecnoglass by 84.6% in the 3rd quarter. American Century Companies Inc. now owns 2,105,685 shares of the company’s stock valued at $69,403,000 after purchasing an additional 965,316 shares during the last quarter. Cooke & Bieler LP boosted its stake in shares of Tecnoglass by 35.8% in the fourth quarter. Cooke & Bieler LP now owns 1,300,179 shares of the company’s stock valued at $59,431,000 after buying an additional 342,451 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Tecnoglass by 107.4% in the first quarter. BlackRock Inc. now owns 994,989 shares of the company’s stock valued at $25,114,000 after buying an additional 515,151 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Tecnoglass by 36.4% in the fourth quarter. Millennium Management LLC now owns 830,894 shares of the company’s stock valued at $25,567,000 after buying an additional 221,679 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Tecnoglass by 58.8% in the fourth quarter. Victory Capital Management Inc. now owns 815,756 shares of the company’s stock valued at $37,288,000 after buying an additional 302,163 shares in the last quarter. 37.35% of the stock is currently owned by hedge funds and other institutional investors.

Tecnoglass Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 2.27 and a quick ratio of 1.60. The stock has a market capitalization of $2.70 billion, a PE ratio of 15.01 and a beta of 1.80. The stock has a 50 day moving average of $49.17 and a two-hundred day moving average of $42.46.

Tecnoglass (NASDAQ:TGLS) last posted its quarterly earnings results on Thursday, February 29th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. Tecnoglass had a return on equity of 38.92% and a net margin of 21.95%. The firm had revenue of $194.60 million for the quarter, compared to the consensus estimate of $199.93 million. Research analysts expect that Tecnoglass Inc. will post 3.7 EPS for the current fiscal year.

Tecnoglass Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Friday, March 29th will be issued a dividend of $0.11 per share. The ex-dividend date is Wednesday, March 27th. This is a boost from Tecnoglass’s previous quarterly dividend of $0.09. This represents a $0.44 annualized dividend and a yield of 0.77%. Tecnoglass’s payout ratio is currently 11.43%.

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.