Ferro (NYSE:FOE) Shares Up 5.8%

Ferro Co. (NYSE:FOE) shares shot up 5.8% during mid-day trading on Wednesday . The company traded as high as $12.45 and last traded at $12.32, 877,722 shares were traded during mid-day trading. A decline of 2% from the average session volume of 898,635 shares. The stock had previously closed at $11.64.

A number of brokerages have issued reports on FOE. ValuEngine lowered Ferro from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Buckingham Research cut their target price on Ferro from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday. BMO Capital Markets cut their target price on Ferro to $15.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Zacks Investment Research raised Ferro from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Finally, TheStreet lowered Ferro from a “b-” rating to a “c+” rating in a research report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Ferro has an average rating of “Hold” and a consensus target price of $17.80.

The stock has a 50-day simple moving average of $11.72 and a 200-day simple moving average of $15.39. The company has a market capitalization of $953.70 million, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 1.02 and a beta of 2.01. The company has a current ratio of 2.58, a quick ratio of 1.49 and a debt-to-equity ratio of 2.25.

Ferro (NYSE:FOE) last posted its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The business had revenue of $393.90 million for the quarter, compared to analyst estimates of $415.39 million. Ferro had a return on equity of 27.77% and a net margin of 3.28%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 EPS. On average, research analysts forecast that Ferro Co. will post 1.22 EPS for the current year.

In related news, CFO Benjamin Schlater sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $12.36, for a total transaction of $30,900.00. Following the sale, the chief financial officer now directly owns 30,055 shares of the company’s stock, valued at approximately $371,479.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Mark Hugo Duesenberg sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $10.69, for a total value of $374,150.00. Following the sale, the general counsel now directly owns 232,863 shares in the company, valued at $2,489,305.47. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,500 shares of company stock worth $525,600. Corporate insiders own 2.71% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Quantamental Technologies LLC raised its position in shares of Ferro by 22.3% during the 2nd quarter. Quantamental Technologies LLC now owns 8,500 shares of the specialty chemicals company’s stock valued at $134,000 after acquiring an additional 1,550 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Ferro during the 1st quarter worth $259,000. Jane Street Group LLC grew its stake in Ferro by 7.5% during the 2nd quarter. Jane Street Group LLC now owns 14,349 shares of the specialty chemicals company’s stock worth $227,000 after buying an additional 1,001 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in Ferro during the 1st quarter worth $277,000. Finally, SG Americas Securities LLC bought a new position in Ferro during the 1st quarter worth $286,000. 99.73% of the stock is currently owned by institutional investors and hedge funds.

Ferro Company Profile (NYSE:FOE)

Ferro Corporation produces specialty materials in the United States and internationally. It operates through three segments: Performance Coatings, 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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