American International Group Inc. Has $1.25 Million Holdings in Ferro Co. (FOE)
American International Group Inc. raised its holdings in shares of Ferro Co. (NYSE:FOE) by 8.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,161 shares of the specialty chemicals company’s stock after acquiring an additional 4,199 shares during the quarter. American International Group Inc. owned about 0.07% of Ferro worth $1,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of FOE. Amalgamated Bank raised its holdings in Ferro by 5.5% during the 2nd quarter. Amalgamated Bank now owns 10,767 shares of the specialty chemicals company’s stock valued at $197,000 after acquiring an additional 564 shares during the period. Intrust Bank NA bought a new stake in Ferro during the 3rd quarter valued at $210,000. Principal Financial Group Inc. raised its holdings in Ferro by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 11,652 shares of the specialty chemicals company’s stock valued at $213,000 after acquiring an additional 120 shares during the period. Airain ltd bought a new stake in Ferro during the 2nd quarter valued at $214,000. Finally, Prudential Financial Inc. bought a new stake in Ferro during the 3rd quarter valued at $217,000. 97.85% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on FOE shares. KeyCorp reaffirmed a “buy” rating and issued a $23.00 price target on shares of Ferro in a report on Friday, September 1st. Zacks Investment Research cut shares of Ferro from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Finally, ValuEngine cut shares of Ferro from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Seven investment analysts have rated the stock with a buy rating, Ferro presently has a consensus rating of “Buy” and an average target price of $23.60.
Ferro (NYSE:FOE) last released its quarterly earnings results on Wednesday, November 1st. The specialty chemicals company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $350.01 million for the quarter, compared to analysts’ expectations of $332.28 million. Ferro had a net margin of 3.44% and a return on equity of 35.77%. The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. research analysts expect that Ferro Co. will post 1.29 EPS for the current year.
In other news, Director Marran H. Ogilvie bought 2,000 shares of Ferro stock in a transaction that occurred on Monday, November 13th. The shares were acquired at an average price of $23.60 per share, with a total value of $47,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Barna sold 12,000 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $23.37, for a total value of $280,440.00. Following the completion of the transaction, the insider now directly owns 8,428 shares in the company, valued at approximately $196,962.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,845 shares of company stock worth $1,373,996. Insiders own 2.02% of the company’s stock.
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Ferro Company Profile
Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel.
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