$333.30 Million in Sales Expected for Ferro Corporation (FOE) This Quarter
Equities research analysts expect Ferro Corporation (NYSE:FOE) to announce sales of $333.30 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Ferro Corporation’s earnings, with the lowest sales estimate coming in at $326.40 million and the highest estimate coming in at $337.68 million. Ferro Corporation reported sales of $288.53 million during the same quarter last year, which indicates a positive year over year growth rate of 15.5%. The firm is scheduled to report its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that Ferro Corporation will report full year sales of $333.30 million for the current year, with estimates ranging from $1.28 billion to $1.34 billion. For the next year, analysts forecast that the firm will post sales of $1.38 billion per share, with estimates ranging from $1.36 billion to $1.40 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Ferro Corporation.
Ferro Corporation (NYSE:FOE) last issued its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. The company had revenue of $348.60 million for the quarter, compared to analysts’ expectations of $336.14 million. Ferro Corporation had a net margin of 1.06% and a return on equity of 35.05%. The firm’s revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 EPS.
A number of analysts recently commented on the stock. BidaskClub upgraded shares of Ferro Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised shares of Ferro Corporation from a “sell” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Monday, July 31st. Deutsche Bank AG reissued a “buy” rating and set a $22.00 price target (up from $20.00) on shares of Ferro Corporation in a research report on Monday, July 31st. TheStreet raised shares of Ferro Corporation from a “c” rating to a “b” rating in a research report on Thursday, April 27th. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $19.00 price target (up from $16.00) on shares of Ferro Corporation in a research report on Monday, May 1st. Six equities research analysts have rated the stock with a buy rating, Ferro Corporation presently has a consensus rating of “Buy” and a consensus target price of $20.40.
Institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. purchased a new position in Ferro Corporation during the first quarter valued at $109,000. KCG Holdings Inc. purchased a new position in Ferro Corporation during the first quarter valued at $181,000. Teza Capital Management LLC purchased a new position in Ferro Corporation during the first quarter valued at $182,000. Amalgamated Bank raised its position in Ferro Corporation by 5.5% in the second quarter. Amalgamated Bank now owns 10,767 shares of the specialty chemicals company’s stock valued at $197,000 after buying an additional 564 shares during the period. Finally, Nine Chapters Capital Management LLC purchased a new position in Ferro Corporation during the first quarter valued at $204,000. 96.39% of the stock is owned by hedge funds and other institutional investors.
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Ferro Corporation (NYSE:FOE) opened at 18.93 on Wednesday. Ferro Corporation has a 12 month low of $12.35 and a 12 month high of $20.34. The company has a 50-day moving average of $18.75 and a 200-day moving average of $16.60. The stock has a market cap of $1.58 billion, a PE ratio of 134.26 and a beta of 2.02.
About Ferro Corporation
Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel. Its manufacturers make products for various end-use markets.
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