Zacks Investment Research Downgrades Ferro Corp. (FOE) to Hold
Ferro Corp. (NYSE:FOE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Separately, TheStreet upgraded Ferro Corp. from a “hold” rating to a “buy” rating in a research report on Monday, August 8th.
Shares of Ferro Corp. (NYSE:FOE) traded down 1.48% on Tuesday, reaching $14.60. The company’s stock had a trading volume of 412,830 shares. Ferro Corp. has a 52-week low of $8.47 and a 52-week high of $15.35. The company has a 50 day moving average price of $13.81 and a 200 day moving average price of $13.56. The company has a market cap of $1.22 billion, a P/E ratio of 24.58 and a beta of 2.20.
Ferro Corp. (NYSE:FOE) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.27. Ferro Corp. had a return on equity of 27.35% and a net margin of 4.49%. The business had revenue of $288.53 million for the quarter, compared to analyst estimates of $284.08 million. During the same period last year, the company earned $0.24 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. On average, analysts anticipate that Ferro Corp. will post $1.04 earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Ferro Corp. by 11.1% in the third quarter. BlackRock Inc. now owns 7,863 shares of the company’s stock valued at $109,000 after buying an additional 783 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Ferro Corp. during the second quarter valued at approximately $128,000. Walleye Trading LLC acquired a new stake in shares of Ferro Corp. during the second quarter valued at approximately $130,000. ProShare Advisors LLC acquired a new stake in shares of Ferro Corp. during the second quarter valued at approximately $136,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Ferro Corp. by 11.3% in the second quarter. Teacher Retirement System of Texas now owns 10,648 shares of the company’s stock valued at $142,000 after buying an additional 1,083 shares during the last quarter. 93.77% of the stock is currently owned by institutional investors and hedge funds.
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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