Bowling Portfolio Management LLC Purchases New Stake in Ferro Corporation (NYSE:FOE)
Bowling Portfolio Management LLC purchased a new stake in shares of Ferro Corporation (NYSE:FOE) during the second quarter, according to its most recent filing with the SEC. The institutional investor purchased 12,891 shares of the specialty chemicals company’s stock, valued at approximately $236,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in Ferro Corporation during the second quarter valued at $389,000. James Investment Research Inc. bought a new position in Ferro Corporation during the second quarter valued at $3,045,000. Bank of Montreal Can boosted its position in Ferro Corporation by 68,769.9% in the second quarter. Bank of Montreal Can now owns 240,356 shares of the specialty chemicals company’s stock valued at $4,396,000 after buying an additional 240,007 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Ferro Corporation during the first quarter valued at $2,838,000. Finally, Goldman Sachs Group Inc. boosted its position in Ferro Corporation by 11.6% in the first quarter. Goldman Sachs Group Inc. now owns 158,491 shares of the specialty chemicals company’s stock valued at $2,407,000 after buying an additional 16,491 shares in the last quarter. 96.19% of the stock is currently owned by hedge funds and other institutional investors.
Ferro Corporation (FOE) opened at 19.56 on Friday. The firm has a 50-day moving average of $18.44 and a 200 day moving average of $16.27. Ferro Corporation has a 12-month low of $12.35 and a 12-month high of $20.34. The company has a market capitalization of $1.64 billion, a PE ratio of 138.72 and a beta of 2.02.
Ferro Corporation (NYSE:FOE) last released its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.04. The firm had revenue of $348.60 million for the quarter, compared to analysts’ expectations of $336.14 million. Ferro Corporation had a net margin of 1.06% and a return on equity of 35.05%. The company’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.34 earnings per share. Analysts forecast that Ferro Corporation will post $1.27 EPS for the current fiscal year.
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Several research firms have weighed in on FOE. BidaskClub raised shares of Ferro Corporation from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research raised shares of Ferro Corporation from a “sell” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Monday, July 31st. Deutsche Bank AG reissued a “buy” rating and issued a $22.00 price target (up from $20.00) on shares of Ferro Corporation in a report on Monday, July 31st. Longbow Research raised shares of Ferro Corporation from a “neutral” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Monday, June 5th. Finally, TheStreet raised shares of Ferro Corporation from a “c” rating to a “b” rating in a report on Thursday, April 27th. Six analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus price target of $20.40.
About Ferro Corporation
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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