Zacks Investment Research Lowers Ferro Corporation (FOE) to Hold
Zacks Investment Research cut shares of Ferro Corporation (NYSE:FOE) from a buy rating to a hold rating in a research report released on Tuesday morning.
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. “
Several other research firms have also recently commented on FOE. BidaskClub upgraded shares of Ferro Corporation from a hold rating to a buy rating in a report on Thursday, August 3rd. KeyCorp reaffirmed a buy rating and set a $23.00 price objective on shares of Ferro Corporation in a research report on Friday, September 1st. Longbow Research reaffirmed a buy rating and set a $24.00 price objective (up previously from $22.00) on shares of Ferro Corporation in a research report on Wednesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $22.00 price objective (up previously from $20.00) on shares of Ferro Corporation in a research report on Monday, July 31st. Six equities research analysts have rated the stock with a buy rating, Ferro Corporation presently has a consensus rating of Buy and a consensus price target of $22.40.
Shares of Ferro Corporation (NYSE FOE) opened at 21.55 on Tuesday. Ferro Corporation has a 52-week low of $12.35 and a 52-week high of $21.66. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of 152.84 and a beta of 2.02. The stock has a 50 day moving average of $19.47 and a 200 day moving average of $17.54.
Ferro Corporation (NYSE:FOE) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.33 by $0.04. The business had revenue of $348.60 million during 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 firm’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share. Equities analysts predict that Ferro Corporation will post $1.27 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of FOE. Ameritas Investment Partners Inc. bought a new position in Ferro Corporation during the first quarter valued at approximately $109,000. KCG Holdings Inc. bought a new position in Ferro Corporation during the first quarter valued at approximately $181,000. Amalgamated Bank raised its position in Ferro Corporation by 5.5% during the second 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 in the last quarter. Envestnet Asset Management Inc. raised its position in Ferro Corporation by 14.7% during the first quarter. Envestnet Asset Management Inc. now owns 13,867 shares of the specialty chemicals company’s stock valued at $211,000 after acquiring an additional 1,782 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Ferro Corporation by 1.0% during the second 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 in the last quarter. 96.56% of the stock is currently owned by hedge funds and other institutional investors.
Ferro Corporation Company Profile
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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