ValuEngine Downgrades Ferro (FOE) to Buy
Ferro (NYSE:FOE) was downgraded by equities research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.
Several other analysts have also recently weighed in on FOE. Zacks Investment Research cut shares of Ferro from a “buy” rating to a “hold” rating in a report on Thursday, August 17th. BidaskClub upgraded shares of Ferro from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Longbow Research restated a “buy” rating and set a $24.00 target price (up previously from $22.00) on shares of Ferro in a report on Wednesday, August 23rd. Finally, KeyCorp restated an “overweight” rating and set a $27.00 target price (up previously from $23.00) on shares of Ferro in a report on Friday, October 13th. Seven research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average target price of $23.60.
Shares of Ferro (NYSE FOE) traded down $0.30 during trading on Friday, hitting $25.05. 634,987 shares of the stock traded hands, compared to its average volume of 598,843. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.48 and a quick ratio of 1.53. Ferro has a 1 year low of $13.55 and a 1 year high of $25.50. The company has a market capitalization of $2,100.62, a PE ratio of 19.57 and a beta of 1.91.
In other news, CEO Peter T. Thomas sold 22,182 shares of Ferro stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $22.83, for a total value of $506,415.06. Following the completion of the transaction, the chief executive officer now owns 374,158 shares of the company’s stock, valued at approximately $8,542,027.14. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Marran H. Ogilvie purchased 2,000 shares of the stock in a transaction dated Monday, November 13th. The stock was bought at an average cost of $23.60 per share, with a total value of $47,200.00. The disclosure for this purchase can be found here. 2.02% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Algert Global LLC purchased a new position in shares of Ferro in the 3rd quarter worth about $2,233,000. Insight Capital Research & Management Inc. purchased a new position in Ferro in the 3rd quarter worth about $1,438,000. Neuberger Berman Group LLC purchased a new position in Ferro in the 3rd quarter worth about $401,000. Argent Capital Management LLC raised its position in Ferro by 8.8% in the 3rd quarter. Argent Capital Management LLC now owns 188,405 shares of the specialty chemicals company’s stock worth $4,201,000 after buying an additional 15,310 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Ferro by 3.9% in the 3rd quarter. California Public Employees Retirement System now owns 191,450 shares of the specialty chemicals company’s stock worth $4,269,000 after buying an additional 7,250 shares during the last quarter. 98.12% of the stock is owned by hedge funds and other institutional investors.
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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