Zacks Investment Research upgraded shares of Ferro (NYSE:FOE) from a hold rating to a buy rating in a research note released on Thursday morning. Zacks Investment Research currently has $27.00 target price on the specialty chemicals company’s stock.
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. “
FOE has been the topic of several other reports. KeyCorp reissued an overweight rating and issued a $27.00 price target (up from $23.00) on shares of Ferro in a research note on Friday, October 13th. ValuEngine downgraded shares of Ferro from a strong-buy rating to a buy rating in a research note on Friday, December 1st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ferro presently has a consensus rating of Buy and an average target price of $23.80.
Ferro (NYSE:FOE) traded up $0.11 during trading hours on Thursday, hitting $23.96. 261,000 shares of the stock traded hands, compared to its average volume of 370,467. The company has a current ratio of 2.48, a quick ratio of 1.53 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $2,010.00, a P/E ratio of 46.08 and a beta of 1.94. Ferro has a 12-month low of $13.55 and a 12-month high of $25.50.
Ferro (NYSE:FOE) last posted its quarterly earnings results on Wednesday, November 1st. The specialty chemicals company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ 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 company’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. analysts expect that Ferro will post 1.29 earnings per share for the current year.
In related news, Director Ronald P. Vargo sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $24.13, for a total transaction of $289,560.00. Following the completion of the sale, the director now directly owns 43,450 shares in the company, valued at $1,048,448.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Peter T. Thomas sold 73,583 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.51, for a total transaction of $1,729,936.33. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 160,428 shares of company stock valued at $3,771,952. 2.02% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Ferro by 1.0% during the second quarter. Principal Financial Group Inc. now owns 11,652 shares of the specialty chemicals company’s stock worth $213,000 after purchasing an additional 120 shares during the last quarter. Highlander Capital Management LLC increased its position in shares of Ferro by 0.4% during the second quarter. Highlander Capital Management LLC now owns 56,200 shares of the specialty chemicals company’s stock valued at $1,028,000 after acquiring an additional 200 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Ferro by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 64,370 shares of the specialty chemicals company’s stock valued at $1,178,000 after acquiring an additional 519 shares during the last quarter. Amalgamated Bank increased its position in shares of Ferro 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 during the last quarter. Finally, Cipher Capital LP increased its position in shares of Ferro by 2.6% during the third quarter. Cipher Capital LP now owns 100,712 shares of the specialty chemicals company’s stock valued at $2,246,000 after acquiring an additional 2,505 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.
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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