Cadence Wealth Management LLC Makes New Investment in ICL Group Ltd (NYSE:ICL)

Cadence Wealth Management LLC purchased a new position in shares of ICL Group Ltd (NYSE:ICL) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 51,140 shares of the basic materials company’s stock, valued at approximately $256,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its holdings in ICL Group by 15.0% during the 3rd quarter. Deutsche Bank AG now owns 1,745,596 shares of the basic materials company’s stock worth $9,688,000 after purchasing an additional 228,102 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in ICL Group during the 4th quarter worth approximately $2,565,000. Vanguard Group Inc. raised its holdings in ICL Group by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 24,474,776 shares of the basic materials company’s stock worth $135,835,000 after purchasing an additional 373,097 shares during the last quarter. Significant Wealth Partners LLC bought a new stake in shares of ICL Group in the 4th quarter valued at $220,000. Finally, Meitav Investment House Ltd. increased its stake in shares of ICL Group by 40.2% in the 3rd quarter. Meitav Investment House Ltd. now owns 16,906,845 shares of the basic materials company’s stock valued at $93,205,000 after acquiring an additional 4,851,284 shares in the last quarter. Institutional investors own 13.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ICL shares. TheStreet lowered shares of ICL Group from a “b-” rating to a “c+” rating in a research note on Tuesday, January 2nd. Barclays boosted their price target on shares of ICL Group from $4.00 to $4.50 and gave the stock an “underweight” rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, ICL Group has a consensus rating of “Hold” and an average price target of $5.75.

ICL Group Price Performance

Shares of ICL traded up $0.07 during midday trading on Friday, hitting $4.63. 505,312 shares of the company traded hands, compared to its average volume of 641,091. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.53 and a quick ratio of 0.88. The stock has a 50-day moving average of $5.06 and a 200-day moving average of $4.96. The firm has a market cap of $6.08 billion, a P/E ratio of 9.08, a PEG ratio of 10.60 and a beta of 1.22. ICL Group Ltd has a one year low of $4.30 and a one year high of $6.73.

ICL Group (NYSE:ICL) last posted its quarterly earnings data on Wednesday, February 28th. The basic materials company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.68 billion. ICL Group had a net margin of 8.65% and a return on equity of 12.04%. As a group, sell-side analysts predict that ICL Group Ltd will post 0.33 EPS for the current fiscal year.

ICL Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Thursday, March 14th were paid a $0.0476 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.19 annualized dividend and a yield of 4.11%. This is a positive change from ICL Group’s previous quarterly dividend of $0.04. ICL Group’s dividend payout ratio is currently 37.26%.

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.