Wilen Investment Management CORP. cut its position in Ferro Co. (NYSE:FOE) by 1.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 212,096 shares of the specialty chemicals company’s stock after selling 3,400 shares during the period. Ferro accounts for 3.3% of Wilen Investment Management CORP.’s holdings, making the stock its 10th largest position. Wilen Investment Management CORP. owned about 0.25% of Ferro worth $4,878,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of FOE. Broadview Advisors LLC grew its stake in Ferro by 3.9% during the 3rd quarter. Broadview Advisors LLC now owns 604,353 shares of the specialty chemicals company’s stock worth $14,033,000 after purchasing an additional 22,950 shares in the last quarter. FMR LLC grew its stake in Ferro by 19.6% during the 3rd quarter. FMR LLC now owns 2,122,620 shares of the specialty chemicals company’s stock worth $49,287,000 after purchasing an additional 347,555 shares in the last quarter. Affinity Investment Advisors LLC grew its stake in Ferro by 26.3% during the 3rd quarter. Affinity Investment Advisors LLC now owns 20,859 shares of the specialty chemicals company’s stock worth $484,000 after purchasing an additional 4,339 shares in the last quarter. Polaris Capital Management LLC grew its stake in Ferro by 41.3% during the 3rd quarter. Polaris Capital Management LLC now owns 146,835 shares of the specialty chemicals company’s stock worth $3,410,000 after purchasing an additional 42,900 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Ferro by 0.3% during the 3rd quarter. BlackRock Inc. now owns 5,740,439 shares of the specialty chemicals company’s stock worth $133,293,000 after purchasing an additional 16,055 shares in the last quarter. 98.00% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:FOE opened at $19.02 on Monday. Ferro Co. has a 1 year low of $15.59 and a 1 year high of $25.50. The company has a quick ratio of 1.76, a current ratio of 2.85 and a debt-to-equity ratio of 2.38. The stock has a market cap of $1.58 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.70.
Ferro (NYSE:FOE) last released its quarterly earnings results on Thursday, November 8th. The specialty chemicals company reported $0.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.03). Ferro had a net margin of 3.79% and a return on equity of 32.74%. The company had revenue of $395.16 million for the quarter, compared to the consensus estimate of $400.74 million. During the same period last year, the company earned $0.33 earnings per share. Ferro’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, research analysts forecast that Ferro Co. will post 1.55 earnings per share for the current year.
FOE has been the subject of several analyst reports. Zacks Investment Research raised Ferro from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. ValuEngine cut Ferro from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Finally, Deutsche Bank lowered their target price on Ferro from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, November 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $26.00.
In related news, insider James Barna sold 7,500 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $19.08, for a total value of $143,100.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Benjamin Schlater sold 5,426 shares of the stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $19.53, for a total transaction of $105,969.78. The disclosure for this sale can be found here. Corporate insiders own 2.26% of the company’s stock.
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Ferro Corporation produces specialty materials in the United States and internationally. It operates through four business units: Tile Coating Systems; Porcelain Enamel; Performance Colors and Glass; and Color Solutions. The company offers frits, porcelain and other glass enamels, glazes, stains, decorating colors, pigments, inks, polishing materials, dielectrics, electronic glasses, and other specialty coatings.
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