Ferro Corp. (FOE) Trading Down 12.4%
Ferro Corp. (NYSE:FOE)’s share price traded down 12.4% during mid-day trading on Monday . The stock traded as low as $11.80 and last traded at $12.50, with a volume of 2,543,445 shares changing hands. The stock had previously closed at $14.27.
Separately, Zacks Investment Research raised shares of Ferro Corp. from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, July 12th.
The firm has a market cap of $1.05 billion and a PE ratio of 25.80. The firm has a 50-day moving average of $13.97 and a 200-day moving average of $11.84.
Ferro Corp. (NYSE:FOE) last released its earnings results on Tuesday, April 26th. The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The firm earned $277.45 million during the quarter, compared to the consensus estimate of $281.70 million. During the same period in the prior year, the company earned $0.23 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. On average, analysts anticipate that Ferro Corp. will post $0.97 EPS for the current year.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in FOE. Foresters Investment Management Company Inc. boosted its position in Ferro Corp. by 1.1% in the fourth quarter. Foresters Investment Management Company Inc. now owns 452,000 shares of the company’s stock worth $5,026,000 after buying an additional 5,000 shares in the last quarter. Pear Tree Advisors Inc. bought a new position in shares of Ferro Corp. during the fourth quarter worth about $2,091,000. Jennison Associates LLC boosted its position in shares of Ferro Corp. by 36.6% in the fourth quarter. Jennison Associates LLC now owns 3,462,269 shares of the company’s stock worth $38,500,000 after buying an additional 928,019 shares during the period. Marshall Wace LLP boosted its position in shares of Ferro Corp. by 555.2% in the fourth quarter. Marshall Wace LLP now owns 758,047 shares of the company’s stock worth $8,429,000 after buying an additional 642,343 shares during the period. Finally, Royce & Associates LLC boosted its position in shares of Ferro Corp. by 7.7% in the fourth quarter. Royce & Associates LLC now owns 1,481,470 shares of the company’s stock worth $16,474,000 after buying an additional 106,500 shares during the period.
Ferro Corporation (Ferro) produces performance materials for a range of manufacturers in diversified industries throughout the world. The Company uses inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. It operates, approximately 33 facilities around the world that manufacture performance materials and performance chemicals.
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