Q3 2016 Earnings Forecast for Ferro Corp. (FOE) Issued By Seaport Global Securities
Ferro Corp. (NYSE:FOE) – Stock analysts at Seaport Global Securities decreased their Q3 2016 EPS estimates for Ferro Corp. in a report released on Monday. Seaport Global Securities analyst M. Harrison now expects that the brokerage will post earnings per share of $0.25 for the quarter, down from their previous forecast of $0.26. Seaport Global Securities also issued estimates for Ferro Corp.’s Q4 2016 earnings at $0.20 EPS, FY2016 earnings at $1.02 EPS, Q1 2017 earnings at $0.29 EPS, Q2 2017 earnings at $0.35 EPS, Q3 2017 earnings at $0.31 EPS and FY2017 earnings at $1.21 EPS.
Ferro Corp. (NYSE:FOE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.07. The company had revenue of $297.97 million for the quarter, compared to analyst estimates of $304 million. Ferro Corp. had a net margin of 4.96% and a return on equity of 26.92%. Ferro Corp.’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 EPS.
A number of other brokerages have also issued reports on FOE. Zacks Investment Research raised Ferro Corp. from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Tuesday, July 12th. TheStreet raised Ferro Corp. from a “hold” rating to a “buy” rating in a report on Monday, August 8th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Ferro Corp. in a report on Tuesday, July 19th.
Ferro Corp. (NYSE:FOE) traded down 1.05% on Tuesday, hitting $13.21. 179,719 shares of the stock traded hands. The firm has a market capitalization of $1.10 billion, a PE ratio of 20.51 and a beta of 1.89. The stock has a 50 day moving average of $13.22 and a 200 day moving average of $13.25. Ferro Corp. has a 52 week low of $8.47 and a 52 week high of $14.88.
A number of large investors have recently added to or reduced their stakes in FOE. Balter Liquid Alternatives LLC purchased a new stake in Ferro Corp. during the first quarter worth $1,083,000. Cutler Group LP increased 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 increased 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 increased 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 increased 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. Hedge funds and other institutional investors own 90.07% of the company’s stock.
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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