Ferro Corporation (FOE) Stake Decreased by Menta Capital LLC
Menta Capital LLC reduced its stake in shares of Ferro Corporation (NYSE:FOE) by 32.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 172,670 shares of the specialty chemicals company’s stock after selling 82,966 shares during the period. Menta Capital LLC owned 0.21% of Ferro Corporation worth $3,158,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Ameritas Investment Partners Inc. acquired a new stake in Ferro Corporation during the 1st quarter worth approximately $109,000. KCG Holdings Inc. acquired a new stake in Ferro Corporation during the 1st quarter worth approximately $181,000. Amalgamated Bank increased its position in Ferro Corporation by 5.5% during the 2nd quarter. Amalgamated Bank now owns 10,767 shares of the specialty chemicals company’s stock worth $197,000 after purchasing an additional 564 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Ferro Corporation by 14.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 13,867 shares of the specialty chemicals company’s stock worth $211,000 after purchasing an additional 1,782 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Ferro Corporation by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 11,652 shares of the specialty chemicals company’s stock worth $213,000 after purchasing an additional 120 shares in the last quarter. Institutional investors and hedge funds own 96.56% of the company’s stock.
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A number of analysts recently issued reports on FOE shares. BidaskClub raised shares of Ferro Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of Ferro Corporation from a “sell” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Monday, July 31st. Deutsche Bank AG reissued a “buy” rating and set a $22.00 target price (up previously from $20.00) on shares of Ferro Corporation in a research report on Monday, July 31st. Longbow Research raised shares of Ferro Corporation from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Monday, June 5th. Finally, KeyCorp reissued a “buy” rating and set a $23.00 target price on shares of Ferro Corporation in a research report on Friday, September 1st. Six investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus price target of $22.20.
Ferro Corporation (FOE) traded up 0.05% during mid-day trading on Tuesday, reaching $20.97. 134,797 shares of the company were exchanged. Ferro Corporation has a 12 month low of $12.35 and a 12 month high of $21.15. The company has a market cap of $1.76 billion, a P/E ratio of 148.72 and a beta of 2.02. The stock’s 50-day moving average is $19.41 and its 200-day moving average is $17.49.
Ferro Corporation (NYSE:FOE) last announced its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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%. The firm’s revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.34 EPS. Equities analysts expect that Ferro Corporation will post $1.27 earnings per share for the current year.
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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