Fmr LLC Cuts Stake in Ferro Corporation (FOE)
Fmr LLC cut its position in Ferro Corporation (NYSE:FOE) by 33.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,292,629 shares of the specialty chemicals company’s stock after selling 1,152,063 shares during the period. Fmr LLC owned approximately 2.74% of Ferro Corporation worth $41,932,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Ferro Corporation by 0.8% in the second quarter. Vanguard Group Inc. now owns 6,756,554 shares of the specialty chemicals company’s stock valued at $123,578,000 after purchasing an additional 53,420 shares during the period. BlackRock Inc. increased its holdings in shares of Ferro Corporation by 0.8% in the second quarter. BlackRock Inc. now owns 5,361,227 shares of the specialty chemicals company’s stock valued at $98,057,000 after purchasing an additional 41,297 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Ferro Corporation by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,332,686 shares of the specialty chemicals company’s stock valued at $50,622,000 after purchasing an additional 42,094 shares during the period. Paradice Investment Management LLC increased its holdings in shares of Ferro Corporation by 124.5% in the second quarter. Paradice Investment Management LLC now owns 2,266,259 shares of the specialty chemicals company’s stock valued at $27,082,000 after purchasing an additional 1,256,703 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Ferro Corporation by 88.9% in the first quarter. Wellington Management Group LLP now owns 1,960,691 shares of the specialty chemicals company’s stock valued at $29,782,000 after purchasing an additional 922,893 shares during the period. 95.74% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on FOE. Zacks Investment Research raised Ferro Corporation from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Friday, October 13th. KeyCorp reissued an “overweight” rating and issued a $27.00 price objective (up from $23.00) on shares of Ferro Corporation in a report on Friday, October 13th. Six equities research analysts have rated the stock with a buy rating, Ferro Corporation has a consensus rating of “Buy” and a consensus target price of $23.60.
COPYRIGHT VIOLATION NOTICE: This report was originally posted by Daily Political and is owned by of Daily Political. If you are viewing this report on another publication, it was illegally copied and republished in violation of U.S. and international trademark and copyright laws. The original version of this report can be accessed at https://www.dailypolitical.com/2017/10/19/fmr-llc-cuts-stake-in-ferro-corporation-foe.html.
Ferro Corporation (NYSE FOE) opened at 23.61 on Thursday. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 167.45 and a beta of 2.05. The stock has a 50 day moving average price of $21.47 and a 200-day moving average price of $18.74. Ferro Corporation has a one year low of $12.46 and a one year high of $23.92.
Ferro Corporation (NYSE:FOE) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.04. Ferro Corporation had a return on equity of 35.05% and a net margin of 1.06%. The business had revenue of $348.60 million during the quarter, compared to the consensus estimate of $336.14 million. During the same period in the previous year, the business earned $0.34 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. On average, analysts predict that Ferro Corporation will post $1.27 earnings per share for the current fiscal year.
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.
Want to see what other hedge funds are holding FOE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ferro Corporation (NYSE:FOE).
Receive News & Ratings for Ferro Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ferro Corporation and related companies with MarketBeat.com's FREE daily email newsletter.