Zacks Investment Research Downgrades Ferro Corp. (FOE) to Hold
Ferro Corp. (NYSE:FOE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “FERRO CORP. is a worldwide producer of specialty materials for industry by organic and inorganic chemistry. It operates in 21 countries worldwide. Ferro produces a variety of specialty coatings, colors, ceramics, plastics, chemicals, and related products and services. Ferro’s most important product is frit produced for use in porcelain enamels and ceramic glazes. Ferro specialty materials require a high degree of technical service on an individual customer basis. “
FOE has been the topic of a number of other reports. Deutsche Bank AG restated a “buy” rating on shares of Ferro Corp. in a research note on Tuesday, July 19th. TheStreet upgraded Ferro Corp. from a “hold” rating to a “buy” rating in a research note on Monday, August 8th.
Ferro Corp. (NYSE:FOE) opened at 13.31 on Monday. The stock’s 50 day moving average price is $13.24 and its 200-day moving average price is $13.21. Ferro Corp. has a 12 month low of $8.47 and a 12 month high of $14.88. The company has a market capitalization of $1.11 billion, a P/E ratio of 20.67 and a beta of 1.89.
Ferro Corp. (NYSE:FOE) last announced its earnings results on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.07. The business had revenue of $297.97 million for the quarter, compared to analyst estimates of $304 million. Ferro Corp. had a return on equity of 26.92% and a net margin of 4.96%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. On average, equities research analysts predict that Ferro Corp. will post $1.05 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in FOE. Emerald Acquisition Ltd. purchased a new position in shares of Ferro Corp. during the second quarter valued at approximately $128,000. Walleye Trading LLC purchased a new position in shares of Ferro Corp. during the second quarter valued at approximately $130,000. ProShare Advisors LLC purchased a new position in shares of Ferro Corp. during the second quarter valued at approximately $136,000. Teacher Retirement System of Texas raised its position in shares of Ferro Corp. by 11.3% in the second quarter. Teacher Retirement System of Texas now owns 10,648 shares of the company’s stock valued at $142,000 after buying an additional 1,083 shares during the period. Finally, Cutler Group LP raised its position in shares of Ferro Corp. by 62.4% in the first quarter. Cutler Group LP now owns 12,151 shares of the company’s stock valued at $144,000 after buying an additional 4,669 shares during the period. Hedge funds and other institutional investors own 90.09% of the company’s stock.
Ferro Corp. Company Profile
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. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides.
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