Ferro (FOE) Cut to “Hold” at Zacks Investment Research

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Ferro (NYSE:FOE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

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. “

A number of other research analysts have also weighed in on FOE. Gabelli reissued a “buy” rating on shares of Ferro in a research note on Friday, July 27th. ValuEngine lowered shares of Ferro from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ferro has a consensus rating of “Buy” and a consensus target price of $26.40.

FOE traded down $0.10 during trading on Monday, reaching $21.19. The company’s stock had a trading volume of 277,900 shares, compared to its average volume of 422,859. The company has a debt-to-equity ratio of 2.12, a current ratio of 2.67 and a quick ratio of 1.56. Ferro has a 1 year low of $18.58 and a 1 year high of $25.50. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 0.91 and a beta of 1.68.

Ferro (NYSE:FOE) last released its earnings results on Wednesday, July 25th. The specialty chemicals company reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.01. Ferro had a net margin of 4.34% and a return on equity of 32.63%. The business had revenue of $416.20 million for the quarter, compared to analyst estimates of $418.06 million. During the same period last year, the company posted $0.37 EPS. The business’s revenue was up 19.4% on a year-over-year basis. equities analysts anticipate that Ferro will post 1.59 earnings per share for the current fiscal year.

In other news, General Counsel Mark Hugo Duesenberg sold 11,000 shares of Ferro stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $22.49, for a total transaction of $247,390.00. Following the sale, the general counsel now owns 179,631 shares of the company’s stock, valued at approximately $4,039,901.19. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.26% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC purchased a new stake in shares of Ferro during the 1st quarter valued at approximately $100,000. SG Americas Securities LLC raised its position in shares of Ferro by 36.6% during the 1st quarter. SG Americas Securities LLC now owns 12,241 shares of the specialty chemicals company’s stock valued at $284,000 after buying an additional 3,281 shares during the period. Pitcairn Co. raised its position in shares of Ferro by 39.2% during the 1st quarter. Pitcairn Co. now owns 13,120 shares of the specialty chemicals company’s stock valued at $304,000 after buying an additional 3,692 shares during the period. Sheets Smith Wealth Management purchased a new stake in Ferro in the second quarter valued at approximately $287,000. Finally, Xact Kapitalforvaltning AB raised its position in Ferro by 56.7% in the first quarter. Xact Kapitalforvaltning AB now owns 15,760 shares of the specialty chemicals company’s stock valued at $366,000 after purchasing an additional 5,700 shares during the period. 95.69% of the stock is currently owned by hedge funds and other institutional investors.

Ferro Company Profile

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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