Ferro Corporation (FOE) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Ferro Corporation (NYSE:FOE) from a buy rating to a hold rating in a report issued on Thursday.
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 analysts have also recently weighed in on FOE. BidaskClub raised Ferro Corporation from a hold rating to a buy rating in a report on Thursday, August 3rd. TheStreet raised Ferro Corporation from a c rating to a b rating in a report on Thursday, April 27th. Deutsche Bank AG reaffirmed a buy rating and issued a $22.00 price target (up previously from $20.00) on shares of Ferro Corporation in a report on Monday, July 31st. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $19.00 price target (up previously from $16.00) on shares of Ferro Corporation in a report on Monday, May 1st. Finally, Longbow Research raised Ferro Corporation from a neutral rating to a buy rating and set a $22.00 price target on the stock in a report on Monday, June 5th. Six research analysts have rated the stock with a buy rating, Ferro Corporation presently has an average rating of Buy and a consensus price target of $20.40.
Ferro Corporation (NYSE:FOE) opened at 18.76 on Thursday. The company has a 50-day moving average price of $18.82 and a 200-day moving average price of $16.66. The firm has a market cap of $1.57 billion, a P/E ratio of 133.05 and a beta of 2.02. Ferro Corporation has a 1-year low of $12.35 and a 1-year high of $20.34.
Ferro Corporation (NYSE:FOE) last released its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.04. Ferro Corporation had a return on equity of 35.05% and a net margin of 1.06%. The firm had revenue of $348.60 million for the quarter, compared to analysts’ expectations of $336.14 million. During the same quarter last year, the firm posted $0.34 EPS. The company’s revenue was up 17.0% compared to the same quarter last year. On average, equities research analysts forecast that Ferro Corporation will post $1.27 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL purchased a new position in shares of Ferro Corporation during the first quarter valued at approximately $1,694,000. Parametric Portfolio Associates LLC raised its position in shares of Ferro Corporation by 6.1% in the first quarter. Parametric Portfolio Associates LLC now owns 104,464 shares of the specialty chemicals company’s stock valued at $1,587,000 after buying an additional 5,996 shares during the period. TFS Capital LLC purchased a new position in shares of Ferro Corporation during the first quarter valued at approximately $1,226,000. Commerce Bank raised its position in shares of Ferro Corporation by 18.4% in the first quarter. Commerce Bank now owns 140,545 shares of the specialty chemicals company’s stock valued at $2,135,000 after buying an additional 21,831 shares during the period. Finally, Teza Capital Management LLC purchased a new position in shares of Ferro Corporation during the first quarter valued at approximately $182,000. Hedge funds and other institutional investors own 96.39% of the company’s stock.
Ferro Corporation Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Ferro Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ferro Corporation and related stocks with our FREE daily email newsletter.