Ferro (NYSE:FOE) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Ferro (NYSE:FOE) from a strong-buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “FERRO CORP. is a worldwide producer of specialty materials for industry by organic and inorganic chemistry. It operates in 21 countries worldwide. Ferro produces a variety of specialty coatings, colors, ceramics, plastics, chemicals, and related products and services. Ferro’s most important product is frit produced for use in porcelain enamels and ceramic glazes. Ferro specialty materials require a high degree of technical service on an individual customer basis. “

NYSE FOE opened at $20.82 on Wednesday. The stock has a market capitalization of $1.72 billion, a P/E ratio of 11.13 and a beta of 1.55. Ferro has a 52-week low of $12.49 and a 52-week high of $22.00. The firm has a 50-day moving average price of $20.57 and a 200 day moving average price of $20.16. The company has a quick ratio of 1.21, a current ratio of 2.01 and a debt-to-equity ratio of 0.69.

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

A number of institutional investors have recently modified their holdings of FOE. Acadian Asset Management LLC purchased a new position in Ferro in the first quarter valued at about $26,000. C M Bidwell & Associates Ltd. purchased a new position in Ferro in the second quarter valued at about $49,000. O Shaughnessy Asset Management LLC purchased a new position in Ferro in the second quarter valued at about $82,000. Sphinx Trading LP purchased a new position in Ferro in the third quarter valued at about $83,000. Finally, Russell Investments Group Ltd. purchased a new position in Ferro in the first quarter valued at about $92,000.

Ferro Company Profile

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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