Ferro Co. (NYSE:FOE) Expected to Announce Quarterly Sales of $356.83 Million
Wall Street analysts predict that Ferro Co. (NYSE:FOE) will post $356.83 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Ferro’s earnings. The lowest sales estimate is $347.62 million and the highest is $363.68 million. Ferro posted sales of $395.47 million during the same quarter last year, which suggests a negative year over year growth rate of 9.8%. The company is scheduled to announce its next quarterly earnings results on Wednesday, February 26th.
On average, analysts expect that Ferro will report full year sales of $1.50 billion for the current year, with estimates ranging from $1.49 billion to $1.51 billion. For the next financial year, analysts expect that the business will post sales of $1.53 billion, with estimates ranging from $1.49 billion to $1.57 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Ferro.
FOE has been the topic of several research analyst reports. Buckingham Research lowered their target price on shares of Ferro from $16.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, September 10th. Wells Fargo & Co initiated coverage on shares of Ferro in a report on Tuesday, October 15th. They issued a “market perform” rating and a $12.00 target price on the stock. BMO Capital Markets lowered their target price on shares of Ferro to $15.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. ValuEngine raised shares of Ferro from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Finally, Zacks Investment Research raised shares of Ferro from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Ferro presently has an average rating of “Hold” and a consensus price target of $16.83.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA increased its position in Ferro by 30.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,138,416 shares of the specialty chemicals company’s stock worth $60,942,000 after purchasing an additional 1,184,963 shares during the last quarter. Macquarie Group Ltd. bought a new position in Ferro during the second quarter valued at $37,981,000. Teton Advisors Inc. increased its position in Ferro by 1.1% during the second quarter. Teton Advisors Inc. now owns 1,155,493 shares of the specialty chemicals company’s stock valued at $18,257,000 after acquiring an additional 12,015 shares during the last quarter. Northern Trust Corp increased its position in Ferro by 1.7% during the second quarter. Northern Trust Corp now owns 1,112,622 shares of the specialty chemicals company’s stock valued at $17,579,000 after acquiring an additional 18,644 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in Ferro by 386.3% during the second quarter. Nuveen Asset Management LLC now owns 658,438 shares of the specialty chemicals company’s stock valued at $10,403,000 after acquiring an additional 523,047 shares during the last quarter. Institutional investors own 98.59% of the company’s stock.
Shares of FOE stock traded down $0.11 during mid-day trading on Monday, hitting $14.31. The company had a trading volume of 671,581 shares, compared to its average volume of 855,360. Ferro has a 52-week low of $9.73 and a 52-week high of $21.28. The stock’s 50 day moving average price is $12.43 and its 200-day moving average price is $13.02. The company has a debt-to-equity ratio of 2.18, a current ratio of 2.62 and a quick ratio of 1.50. The company has a market capitalization of $1.18 billion, a P/E ratio of 9.54, a P/E/G ratio of 3.41 and a beta of 2.18.
Ferro Corporation produces specialty materials in the United States and internationally. It operates through three segments: Performance Coatings, Performance Colors and Glass, and Color Solutions. The company offers frits, porcelain and other glass enamels, glazes, stains, decorating colors, pigments, inks, polishing materials, dielectrics, electronic glasses, and other specialty coatings.
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