Ferro (FOE) Upgraded to “Buy” by Zacks Investment Research
Ferro (NYSE:FOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $27.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.99% from the stock’s current price.
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. “
Other equities research analysts have also issued reports about the company. ValuEngine lowered Ferro from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. KeyCorp reaffirmed an “overweight” rating on shares of Ferro in a research report on Friday, November 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $23.80.
Shares of Ferro (FOE) traded down $0.02 during trading on Thursday, hitting $24.11. The stock had a trading volume of 442,400 shares, compared to its average volume of 453,438. The firm has a market capitalization of $2,020.00, a price-to-earnings ratio of 46.37 and a beta of 1.94. The company has a quick ratio of 1.53, a current ratio of 2.48 and a debt-to-equity ratio of 1.94. Ferro has a 12 month low of $13.55 and a 12 month high of $25.50.
Ferro (NYSE:FOE) last announced its earnings results on Wednesday, November 1st. The specialty chemicals company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The company had revenue of $350.01 million for the quarter, compared to analyst estimates of $332.28 million. Ferro had a return on equity of 35.77% and a net margin of 3.44%. Ferro’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 earnings per share. equities analysts anticipate that Ferro will post 1.29 earnings per share for the current fiscal year.
In related news, Director Ronald P. Vargo sold 12,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $24.13, for a total transaction of $289,560.00. Following the transaction, the director now directly owns 43,450 shares of the company’s stock, valued at $1,048,448.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter T. Thomas sold 22,182 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $22.83, for a total value of $506,415.06. Following the transaction, the chief executive officer now directly owns 374,158 shares in the company, valued at $8,542,027.14. The disclosure for this sale can be found here. Insiders have sold 177,428 shares of company stock worth $4,192,872 over the last ninety days. 2.02% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Ferro by 0.8% during 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 buying an additional 53,420 shares during the period. BlackRock Inc. raised its position in Ferro by 0.8% during the second quarter. BlackRock Inc. now owns 5,361,227 shares of the specialty chemicals company’s stock valued at $98,057,000 after buying an additional 41,297 shares during the period. Dimensional Fund Advisors LP raised its position in Ferro by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 3,353,739 shares of the specialty chemicals company’s stock valued at $74,788,000 after buying an additional 27,427 shares during the period. Paradice Investment Management LLC raised its position in Ferro by 46.4% during the third quarter. Paradice Investment Management LLC now owns 3,318,174 shares of the specialty chemicals company’s stock valued at $43,667,000 after buying an additional 1,051,915 shares during the period. Finally, Victory Capital Management Inc. raised its position in Ferro by 78.3% during the third quarter. Victory Capital Management Inc. now owns 2,561,811 shares of the specialty chemicals company’s stock valued at $57,128,000 after buying an additional 1,124,721 shares during the period. 97.26% of the stock is currently owned by hedge funds and other institutional investors.
Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel.
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