Zacks Investment Research Lowers Ferro (FOE) to Hold
Zacks Investment Research lowered shares of Ferro (NYSE:FOE) from a buy rating to a hold rating in a research note released on Wednesday.
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. “
A number of other research analysts have also issued reports on the stock. ValuEngine lowered shares of Ferro from a buy rating to a hold rating in a research note on Wednesday, January 3rd. KeyCorp reiterated an overweight rating on shares of Ferro in a research note on Friday, November 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Ferro presently has a consensus rating of Buy and an average price target of $23.80.
Ferro (NYSE FOE) traded down $0.20 during trading on Wednesday, hitting $23.91. 338,328 shares of the stock were exchanged, compared to its average volume of 374,403. The company has a market cap of $2,005.02, a P/E ratio of 18.68 and a beta of 1.94. The company has a quick ratio of 1.53, a current ratio of 2.48 and a debt-to-equity ratio of 1.94. Ferro has a fifty-two week low of $13.55 and a fifty-two week high of $25.50.
Ferro (NYSE:FOE) last released its quarterly earnings results on Wednesday, November 1st. The specialty chemicals company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. Ferro had a net margin of 3.44% and a return on equity of 35.77%. The business had revenue of $350.01 million for the quarter, compared to the consensus estimate of $332.28 million. During the same quarter last year, the firm earned $0.27 EPS. Ferro’s revenue for the quarter was up 21.3% on a year-over-year basis. equities research analysts anticipate that Ferro will post 1.29 EPS for the current year.
In related news, General Counsel Mark Hugo Duesenberg sold 17,000 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $24.76, for a total value of $420,920.00. Following the transaction, the general counsel now directly owns 137,545 shares in the company, valued at approximately $3,405,614.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Peter T. Thomas sold 73,583 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.51, for a total transaction of $1,729,936.33. The disclosure for this sale can be found here. Insiders sold a total of 177,428 shares of company stock worth $4,192,872 over the last quarter. 2.02% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FOE. JPMorgan Chase & Co. grew its position in Ferro by 2,372.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,512,327 shares of the specialty chemicals company’s stock worth $27,661,000 after purchasing an additional 1,451,149 shares during the last quarter. Victory Capital Management Inc. grew its position in Ferro by 78.3% in the 3rd quarter. Victory Capital Management Inc. now owns 2,561,811 shares of the specialty chemicals company’s stock worth $57,128,000 after purchasing an additional 1,124,721 shares during the last quarter. Paradice Investment Management LLC grew its position in Ferro by 46.4% in the 3rd quarter. Paradice Investment Management LLC now owns 3,318,174 shares of the specialty chemicals company’s stock worth $43,667,000 after purchasing an additional 1,051,915 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in Ferro in the 3rd quarter worth $16,262,000. Finally, Goldman Sachs Group Inc. grew its position in Ferro by 193.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 465,098 shares of the specialty chemicals company’s stock worth $8,506,000 after purchasing an additional 306,607 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.
Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel.
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