Bank of New York Mellon Corp Lowers Holdings in Ferro Co. (NYSE:FOE)

Bank of New York Mellon Corp decreased its holdings in Ferro Co. (NYSE:FOE) by 39.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 768,413 shares of the specialty chemicals company’s stock after selling 508,295 shares during the quarter. Bank of New York Mellon Corp owned 0.93% of Ferro worth $16,574,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Ferro by 4.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 17,183 shares of the specialty chemicals company’s stock valued at $371,000 after purchasing an additional 750 shares during the period. State of Alaska Department of Revenue lifted its stake in Ferro by 2.5% in the second quarter. State of Alaska Department of Revenue now owns 57,175 shares of the specialty chemicals company’s stock worth $1,233,000 after acquiring an additional 1,410 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Ferro in the first quarter worth approximately $26,000. Captrust Financial Advisors lifted its stake in Ferro by 12.7% in the first quarter. Captrust Financial Advisors now owns 17,968 shares of the specialty chemicals company’s stock worth $303,000 after acquiring an additional 2,023 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Ferro by 0.4% in the second quarter. Principal Financial Group Inc. now owns 583,897 shares of the specialty chemicals company’s stock worth $12,595,000 after acquiring an additional 2,578 shares during the last quarter.

Separately, Zacks Investment Research downgraded shares of Ferro from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, Ferro currently has an average rating of “Hold” and a consensus price target of $22.33.

FOE stock opened at $20.82 on Thursday. The company has a current ratio of 2.01, a quick ratio of 1.21 and a debt-to-equity ratio of 0.69. Ferro Co. has a twelve month low of $12.49 and a twelve month high of $22.00. The company’s 50 day moving average is $20.57 and its two-hundred day moving average is $20.16. The stock has a market cap of $1.72 billion, a P/E ratio of 11.13 and a beta of 1.55.

Ferro (NYSE:FOE) last released its quarterly earnings data on Wednesday, August 4th. The specialty chemicals company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Ferro had a net margin of 14.36% and a return on equity of 21.14%. The company had revenue of $294.33 million for the quarter, compared to analysts’ expectations of $263.30 million. During the same quarter last year, the company earned $0.12 earnings per share. The firm’s revenue for the quarter was up 43.7% on a year-over-year basis. On average, equities research analysts predict that Ferro Co. will post 1.32 earnings per share for the current year.

About Ferro

Ferro Corp. engages in the business of manufacturing specialty materials. Its products include frits, porcelain and other glass enamels, glazes, stains, decorating colors, pigments, inks, polishing materials, dielectrics, electronic glasses and other specialty coatings. The company was founded by Harry D.

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Institutional Ownership by Quarter for Ferro (NYSE:FOE)

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