Ferro Co. (FOE) Stake Maintained by Prudential Financial Inc
Prudential Financial Inc
recently disclosed that they own a 4.6% stake in Ferro Co. (NYSE:FOE) in a Schedule 13G/A disclosure that was filed with the Securities and Exchange Commission on Thursday, February 1st. The investor owns 3,826,846 shares of the stock worth approximately $89,395,123. The filing is available through EDGAR at this link.
provided the following explanation of their ownership:
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners boosted its stake in Ferro by 9.5% during the fourth quarter. Boston Partners now owns 898,196 shares of the specialty chemicals company’s stock worth $21,189,000 after acquiring an additional 77,734 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Ferro by 22.2% during the fourth quarter. Victory Capital Management Inc. now owns 3,130,687 shares of the specialty chemicals company’s stock worth $73,854,000 after acquiring an additional 568,876 shares in the last quarter. Moody Aldrich Partners LLC bought a new stake in Ferro during the fourth quarter worth about $884,000. Mesirow Financial Investment Management Equity Management boosted its stake in Ferro by 2.1% during the fourth quarter. Mesirow Financial Investment Management Equity Management now owns 744,445 shares of the specialty chemicals company’s stock worth $17,560,000 after acquiring an additional 15,067 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. boosted its stake in Ferro by 22.2% during the fourth quarter. Campbell Newman Asset Management Inc. now owns 13,962 shares of the specialty chemicals company’s stock worth $329,000 after acquiring an additional 2,539 shares in the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of Ferro from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. KeyCorp reissued an “overweight” rating and set a $27.00 price objective (up previously from $23.00) on shares of Ferro in a research note on Friday, October 13th. Finally, ValuEngine lowered shares of Ferro from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $23.80.
In other news, CFO Benjamin Schlater sold 12,663 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $23.50, for a total value of $297,580.50. Following the transaction, the chief financial officer now owns 6,495 shares in the company, valued at $152,632.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter T. Thomas sold 22,182 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $22.83, for a total transaction of $506,415.06. Following the completion of the transaction, the chief executive officer now owns 374,158 shares in the company, valued at approximately $8,542,027.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,428 shares of company stock worth $4,192,872. Insiders own 2.02% of the company’s stock.
Shares of Ferro Co. (NYSE FOE) traded down $0.16 during midday trading on Thursday, hitting $23.36. 309,597 shares of the stock traded hands, compared to its average volume of 373,080. The company has a market capitalization of $1,960.00, a P/E ratio of 44.92 and a beta of 1.94. Ferro Co. has a 52-week low of $13.55 and a 52-week high of $25.50. The company has a current ratio of 2.48, a quick ratio of 1.53 and a debt-to-equity ratio of 1.94.
Ferro (NYSE:FOE) last issued its earnings results on Wednesday, November 1st. The specialty chemicals company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $350.01 million for the quarter, compared to the consensus estimate of $332.28 million. Ferro had a net margin of 3.44% and a return on equity of 35.77%. The business’s revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. equities research analysts forecast that Ferro Co. will post 1.29 earnings per share for the current year.
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Ferro Company Profile
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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