Ferro Corporation (FOE) Expected to Post Quarterly Sales of $333.30 Million
Equities analysts expect Ferro Corporation (NYSE:FOE) to announce $333.30 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Ferro Corporation’s earnings, with estimates ranging from $326.40 million to $337.68 million. Ferro Corporation posted sales of $288.53 million in the same quarter last year, which would indicate a positive year over year growth rate of 15.5%. The firm is expected to report its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that Ferro Corporation will report full year sales of $333.30 million for the current fiscal year, with estimates ranging from $1.28 billion to $1.34 billion. For the next year, analysts anticipate that the firm will report sales of $1.38 billion per share, with estimates ranging from $1.36 billion to $1.40 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Ferro Corporation.
Ferro Corporation (NYSE:FOE) last released its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The business had revenue of $348.60 million during the quarter, compared to analyst estimates of $336.14 million. Ferro Corporation had a return on equity of 35.05% and a net margin of 1.06%. Ferro Corporation’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.34 EPS.
A number of research firms recently commented on FOE. BidaskClub upgraded Ferro Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research cut Ferro Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 28th. Longbow Research upgraded Ferro Corporation from a “neutral” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Monday, June 5th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $19.00 price objective (up previously from $16.00) on shares of Ferro Corporation in a research report on Monday, May 1st. Finally, TheStreet upgraded Ferro Corporation from a “c” rating to a “b” rating in a research report on Thursday, April 27th. Six investment analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average target price of $20.40.
Ferro Corporation (NYSE:FOE) traded up 0.70% during midday trading on Wednesday, reaching $18.76. The company had a trading volume of 545,442 shares. The stock has a market capitalization of $1.57 billion, a PE ratio of 133.05 and a beta of 2.02. The company has a 50-day moving average of $18.82 and a 200-day moving average of $16.66. Ferro Corporation has a 12-month low of $12.35 and a 12-month high of $20.34.
A number of hedge funds have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC bought a new stake in Ferro Corporation during the first quarter valued at about $2,838,000. Kennedy Capital Management Inc. raised its stake in Ferro Corporation by 19.8% in the first quarter. Kennedy Capital Management Inc. now owns 1,171,661 shares of the specialty chemicals company’s stock valued at $17,798,000 after buying an additional 193,735 shares in the last quarter. Citadel Advisors LLC bought a new stake in Ferro Corporation during the first quarter valued at about $2,201,000. Menta Capital LLC raised its stake in Ferro Corporation by 70.8% in the first quarter. Menta Capital LLC now owns 255,636 shares of the specialty chemicals company’s stock valued at $3,883,000 after buying an additional 105,993 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Ferro Corporation by 33.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 799,448 shares of the specialty chemicals company’s stock valued at $12,144,000 after buying an additional 200,651 shares in the last quarter. 96.39% of the stock is owned by institutional investors and hedge funds.
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About Ferro Corporation
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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