Ferro Corp. (FOE) Lowered to “Hold” at Zacks Investment Research
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. “
Several other research analysts also recently weighed in on FOE. TheStreet upgraded shares of Ferro Corp. from a hold rating to a buy rating in a research note on Monday, August 8th. Deutsche Bank AG restated a buy rating on shares of Ferro Corp. in a research note on Tuesday, July 19th.
Ferro Corp. (NYSE:FOE) traded down 2.33% on Monday, reaching $13.43. 67,888 shares of the company’s stock were exchanged. Ferro Corp. has a 1-year low of $8.47 and a 1-year high of $14.88. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 20.85 and a beta of 1.89. The stock’s 50 day moving average price is $13.23 and its 200 day moving average price is $13.21.
Ferro Corp. (NYSE:FOE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.07. Ferro Corp. had a net margin of 4.96% and a return on equity of 26.92%. The company earned $297.97 million during the quarter, compared to the consensus estimate of $304 million. During the same period in the previous year, the firm earned $0.20 earnings per share. Ferro Corp.’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, analysts expect that Ferro Corp. will post $1.05 earnings per share for the current year.
Several hedge funds have recently modified their holdings of FOE. Balter Liquid Alternatives LLC purchased a new stake in Ferro Corp. during the first quarter worth $1,083,000. Cutler Group LP boosted its stake in Ferro Corp. by 62.4% in the first quarter. Cutler Group LP now owns 12,151 shares of the company’s stock worth $144,000 after buying an additional 4,669 shares during the period. Skyline Asset Management LP boosted its stake in Ferro Corp. by 3.8% in the first quarter. Skyline Asset Management LP now owns 1,889,600 shares of the company’s stock worth $22,430,000 after buying an additional 69,000 shares during the period. Springbok Capital Management LLC boosted its stake in Ferro Corp. by 941.7% in the first quarter. Springbok Capital Management LLC now owns 19,000 shares of the company’s stock worth $226,000 after buying an additional 17,176 shares during the period. Finally, Brigade Capital Management LP boosted its stake in Ferro Corp. by 8.5% in the first quarter. Brigade Capital Management LP now owns 2,560,396 shares of the company’s stock worth $30,392,000 after buying an additional 200,000 shares during the period. 90.09% of the stock is currently owned by institutional investors.
Ferro Corp. Company Profile
Ferro Corporation (Ferro) produces performance materials for a range of manufacturers in diversified industries throughout the world. The Company uses inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides.
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