Swiss National Bank Cuts Stake in ICL Group Ltd (NYSE:ICL)

Posted by on May 13th, 2023

Swiss National Bank lessened its stake in shares of ICL Group Ltd (NYSE:ICL – Get Rating) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,874,845 shares of the basic materials company’s stock after selling 132,024 shares during the period. Swiss National Bank owned about 0.22% of ICL Group worth $20,774,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Advisor Group Holdings Inc. raised its stake in shares of ICL Group by 1,091.3% in the first quarter. Advisor Group Holdings Inc. now owns 3,002 shares of the basic materials company’s stock valued at $36,000 after buying an additional 2,750 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in ICL Group in the 1st quarter valued at about $214,000. D.A. Davidson & CO. bought a new stake in ICL Group in the 1st quarter valued at about $139,000. BlackRock Inc. lifted its holdings in ICL Group by 38.9% during the first quarter. BlackRock Inc. now owns 2,542,319 shares of the basic materials company’s stock valued at $30,686,000 after purchasing an additional 711,544 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its position in ICL Group by 18.2% during the first quarter. Allianz Asset Management GmbH now owns 442,295 shares of the basic materials company’s stock worth $5,299,000 after purchasing an additional 68,126 shares during the period. Institutional investors own 14.13% of the company’s stock.

Analysts Set New Price Targets

ICL has been the topic of a number of recent research reports. Morgan Stanley dropped their price target on shares of ICL Group from $8.50 to $7.50 and set an “equal weight” rating on the stock in a research note on Wednesday, April 12th. Barclays cut their price target on ICL Group from $9.00 to $8.00 and set an “equal weight” rating for the company in a report on Friday, April 14th. Finally, StockNews.com assumed coverage on ICL Group in a research note on Thursday, March 16th. They set a “buy” rating on the stock.

ICL Group Stock Performance

ICL Group stock opened at $6.16 on Friday. The firm’s 50 day simple moving average is $6.54 and its 200 day simple moving average is $7.44. The company has a current ratio of 1.75, a quick ratio of 0.93 and a debt-to-equity ratio of 0.40. ICL Group Ltd has a 1-year low of $5.91 and a 1-year high of $12.53. The firm has a market capitalization of $7.93 billion, a PE ratio of 3.69, a price-to-earnings-growth ratio of 1.33 and a beta of 1.12.

ICL Group (NYSE:ICL – Get Rating) last issued its quarterly earnings data on Wednesday, February 15th. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. ICL Group had a return on equity of 42.79% and a net margin of 21.56%. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $1.99 billion. As a group, analysts expect that ICL Group Ltd will post 0.89 earnings per share for the current fiscal year.

ICL Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Wednesday, May 31st will be issued a dividend of $0.1132 per share. This is a positive change from ICL Group’s previous quarterly dividend of $0.10. The ex-dividend date is Tuesday, May 30th. This represents a $0.45 annualized dividend and a dividend yield of 7.35%. ICL Group’s payout ratio is presently 24.55%.

About ICL Group

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ICL Group Ltd. engages in the manufacture of mineral-based products for the agriculture, food, and engineered materials markets. Its products include potash and phosphate fertilizers, specialty fertilizers, functional ingredients, flame retardants and magnesia products. The company was founded in 1968 and is headquartered in Tel Aviv, Israel.

Further Reading

Institutional Ownership by Quarter for ICL Group (NYSE:ICL)

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