Jennison Associates LLC Trims Stake in Ferro Corporation (FOE)
Jennison Associates LLC cut its stake in shares of Ferro Corporation (NYSE:FOE) by 1.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,876,094 shares of the specialty chemicals company’s stock after selling 57,432 shares during the quarter. Jennison Associates LLC owned approximately 4.62% of Ferro Corporation worth $86,437,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Ferro Corporation by 0.8% during the second quarter. Vanguard Group Inc. now owns 6,756,554 shares of the specialty chemicals company’s stock worth $123,578,000 after acquiring an additional 53,420 shares during the period. BlackRock Inc. increased its position in shares of Ferro Corporation by 0.8% during the second quarter. BlackRock Inc. now owns 5,361,227 shares of the specialty chemicals company’s stock worth $98,057,000 after acquiring an additional 41,297 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Ferro Corporation by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,332,686 shares of the specialty chemicals company’s stock worth $50,622,000 after acquiring an additional 42,094 shares during the period. Victory Capital Management Inc. increased its holdings in Ferro Corporation by 78.3% during the third quarter. Victory Capital Management Inc. now owns 2,561,811 shares of the specialty chemicals company’s stock valued at $57,128,000 after buying an additional 1,124,721 shares during the period. Finally, Paradice Investment Management LLC increased its holdings in Ferro Corporation by 124.5% during the second quarter. Paradice Investment Management LLC now owns 2,266,259 shares of the specialty chemicals company’s stock valued at $27,082,000 after buying an additional 1,256,703 shares during the period. 97.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Ferro Corporation (NYSE FOE) traded up $0.07 during mid-day trading on Monday, reaching $23.82. 673,500 shares of the company traded hands, compared to its average volume of 516,299. The stock has a market capitalization of $1,997.48, a price-to-earnings ratio of 18.61 and a beta of 1.90. The company has a current ratio of 2.48, a quick ratio of 1.53 and a debt-to-equity ratio of 1.94. Ferro Corporation has a 12 month low of $13.55 and a 12 month high of $24.84.
Ferro Corporation (NYSE:FOE) last issued its quarterly earnings data on Wednesday, November 1st. The specialty chemicals company reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. Ferro Corporation had a net margin of 3.44% and a return on equity of 35.77%. The company had revenue of $350.01 million for the quarter, compared to analyst estimates of $332.28 million. During the same period last year, the company posted $0.27 earnings per share. Ferro Corporation’s revenue was up 21.3% compared to the same quarter last year. analysts anticipate that Ferro Corporation will post 1.29 EPS for the current fiscal year.
In other Ferro Corporation news, Director Ronald P. Vargo sold 12,000 shares of Ferro Corporation stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $24.13, for a total value of $289,560.00. Following the transaction, the director now directly owns 43,450 shares of the company’s stock, valued at $1,048,448.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.02% of the stock is currently owned by insiders.
Several equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of Ferro Corporation from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, September 5th. KeyCorp reissued a “buy” rating and set a $23.00 price objective on shares of Ferro Corporation in a report on Friday, September 1st. Longbow Research reissued a “buy” rating and set a $24.00 price objective (up from $22.00) on shares of Ferro Corporation in a report on Wednesday, August 23rd. Finally, BidaskClub lowered shares of Ferro Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Six equities research analysts have rated the stock with a buy rating, Ferro Corporation currently has a consensus rating of “Buy” and an average target price of $23.60.
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Ferro Corporation Company Profile
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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