Zacks Investment Research Downgrades Ferro (FOE) to Hold

Ferro (NYSE:FOE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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 brokerages have also recently issued reports on FOE. ValuEngine cut Ferro from a “buy” rating to a “hold” rating in a report on Wednesday. KeyCorp reaffirmed an “overweight” rating on shares of Ferro in a 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 an average price target of $23.80.

Ferro (NYSE FOE) traded up $0.11 during trading on Wednesday, hitting $23.96. The company’s stock had a trading volume of 261,000 shares, compared to its average volume of 370,467. The company has a market cap of $2,010.00, a P/E ratio of 46.08 and a beta of 1.94. 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 has a 1-year low of $13.55 and a 1-year 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. Ferro had a return on equity of 35.77% and a net margin of 3.44%. The business had revenue of $350.01 million during the quarter, compared to the consensus estimate of $332.28 million. During the same period in the prior year, the company posted $0.27 EPS. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. equities research analysts forecast that Ferro will post 1.29 EPS for the current fiscal year.

In related news, Director Marran H. Ogilvie purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were bought at an average price of $23.60 per share, for a total transaction of $47,200.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Benjamin Schlater sold 12,663 shares of the stock in a transaction 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 sale, the chief financial officer now owns 6,495 shares in the company, valued at approximately $152,632.50. The disclosure for this sale can be found here. Insiders have sold a total of 160,428 shares of company stock worth $3,771,952 over the last ninety days. Insiders own 2.02% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its holdings in Ferro by 1.0% during the 2nd quarter. Principal Financial Group Inc. now owns 11,652 shares of the specialty chemicals company’s stock valued at $213,000 after buying an additional 120 shares during the period. Highlander Capital Management LLC raised its holdings in Ferro by 0.4% during the 2nd quarter. Highlander Capital Management LLC now owns 56,200 shares of the specialty chemicals company’s stock valued at $1,028,000 after buying an additional 200 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Ferro by 0.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,370 shares of the specialty chemicals company’s stock valued at $1,178,000 after buying an additional 519 shares during the period. Amalgamated Bank raised its holdings in Ferro by 5.5% during the 2nd quarter. Amalgamated Bank now owns 10,767 shares of the specialty chemicals company’s stock valued at $197,000 after buying an additional 564 shares during the period. Finally, Cipher Capital LP raised its holdings in Ferro by 2.6% during the 3rd quarter. Cipher Capital LP now owns 100,712 shares of the specialty chemicals company’s stock valued at $2,246,000 after buying an additional 2,505 shares during the period. Institutional investors own 97.26% of the company’s stock.

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About Ferro

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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