Ferro Corporation (FOE) Stock Rating Upgraded by Zacks Investment Research

Ferro Corporation (NYSE:FOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $23.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.79% 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. “

Several other equities research analysts have also recently weighed in on FOE. BidaskClub upgraded Ferro Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. KeyCorp reiterated a “buy” rating and issued a $23.00 target price on shares of Ferro Corporation in a report on Friday, September 1st. Longbow Research reiterated a “buy” rating and issued a $24.00 target price (up from $22.00) on shares of Ferro Corporation in a report on Wednesday, August 23rd. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $22.00 target price (up from $20.00) on shares of Ferro Corporation in a report on Monday, July 31st. Six analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $22.20.

Ferro Corporation (NYSE FOE) opened at 20.95 on Thursday. Ferro Corporation has a 12-month low of $12.46 and a 12-month high of $21.05. The company has a market cap of $1.75 billion, a P/E ratio of 148.58 and a beta of 2.02. The firm has a 50-day moving average price of $19.36 and a 200-day moving average price of $17.40.

Ferro Corporation (NYSE:FOE) last posted its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $348.60 million during the quarter, compared to analysts’ expectations of $336.14 million. During the same quarter in the previous year, the business earned $0.34 EPS. Ferro Corporation’s revenue was up 17.0% compared to the same quarter last year. On average, equities research analysts forecast that Ferro Corporation will post $1.27 earnings per share for the current fiscal year.

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Several hedge funds have recently modified their holdings of the business. Phocas Financial Corp. lifted its holdings in shares of Ferro Corporation by 4.7% in the 2nd quarter. Phocas Financial Corp. now owns 617,866 shares of the specialty chemicals company’s stock worth $11,301,000 after buying an additional 27,586 shares during the period. Strategic Wealth Advisors Group LLC purchased a new stake in shares of Ferro Corporation in the 2nd quarter worth $518,000. Highlander Capital Management LLC lifted its holdings in shares of Ferro Corporation by 0.4% in the 2nd quarter. Highlander Capital Management LLC now owns 56,200 shares of the specialty chemicals company’s stock worth $1,028,000 after buying an additional 200 shares during the period. Argent Capital Management LLC lifted its holdings in shares of Ferro Corporation by 48.3% in the 2nd quarter. Argent Capital Management LLC now owns 173,095 shares of the specialty chemicals company’s stock worth $3,166,000 after buying an additional 56,375 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Ferro Corporation by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,370 shares of the specialty chemicals company’s stock worth $1,178,000 after buying an additional 519 shares during the period. Institutional investors and hedge funds own 96.64% of the company’s stock.

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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