Skyline Asset Management LP reduced its stake in shares of Ferro Co. (NYSE:FOE) by 9.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 642,500 shares of the specialty chemicals company’s stock after selling 67,900 shares during the period. Ferro makes up approximately 1.8% of Skyline Asset Management LP’s holdings, making the stock its 21st biggest holding. Skyline Asset Management LP’s holdings in Ferro were worth $10,152,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Chartwell Investment Partners LLC grew its stake in shares of Ferro by 0.6% during the 1st quarter. Chartwell Investment Partners LLC now owns 109,860 shares of the specialty chemicals company’s stock worth $2,080,000 after acquiring an additional 670 shares in the last quarter. White Pine Capital LLC grew its stake in shares of Ferro by 1.7% during the 1st quarter. White Pine Capital LLC now owns 44,035 shares of the specialty chemicals company’s stock worth $834,000 after acquiring an additional 750 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Ferro by 8.1% during the 4th quarter. Prudential Financial Inc. now owns 10,480 shares of the specialty chemicals company’s stock worth $164,000 after acquiring an additional 785 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Ferro by 1.5% during the 1st quarter. Bank of Montreal Can now owns 78,527 shares of the specialty chemicals company’s stock worth $1,487,000 after acquiring an additional 1,165 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its stake in shares of Ferro by 3.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 39,370 shares of the specialty chemicals company’s stock worth $617,000 after acquiring an additional 1,351 shares in the last quarter. Hedge funds and other institutional investors own 98.24% of the company’s stock.
In other news, Director David A. Lorber bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $15.51 per share, with a total value of $38,775.00. Following the completion of the purchase, the director now owns 22,000 shares of the company’s stock, valued at $341,220. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter T. Thomas bought 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was purchased at an average cost of $15.92 per share, with a total value of $270,640.00. Following the completion of the purchase, the chief executive officer now directly owns 677,956 shares of the company’s stock, valued at approximately $10,793,059.52. The disclosure for this purchase can be found here. Insiders purchased 24,500 shares of company stock valued at $387,490 over the last three months. 2.71% of the stock is owned by company insiders.
Shares of NYSE:FOE traded up $0.41 during midday trading on Friday, hitting $15.00. The stock had a trading volume of 25,357 shares, compared to its average volume of 637,998. Ferro Co. has a 12 month low of $13.52 and a 12 month high of $23.88. The company has a current ratio of 2.55, a quick ratio of 1.47 and a debt-to-equity ratio of 2.34. The business has a 50-day moving average of $15.11. The firm has a market capitalization of $1.24 billion, a P/E ratio of 9.89, a P/E/G ratio of 1.16 and a beta of 1.92.
Ferro (NYSE:FOE) last released its earnings results on Wednesday, May 1st. The specialty chemicals company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. Ferro had a net margin of 4.41% and a return on equity of 30.06%. The business had revenue of $387.50 million during the quarter, compared to analysts’ expectations of $396.60 million. During the same period last year, the business earned $0.36 earnings per share. The firm’s revenue was down 4.4% on a year-over-year basis. On average, research analysts predict that Ferro Co. will post 1.39 EPS for the current year.
Several brokerages have recently weighed in on FOE. Northcoast Research cut shares of Ferro from a “buy” rating to a “neutral” rating in a research note on Monday, April 1st. KeyCorp decreased their price target on shares of Ferro from $26.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. BMO Capital Markets cut shares of Stornoway Diamond from a “market perform” rating to an “underperform” rating in a research note on Monday, April 1st. Deutsche Bank decreased their price target on shares of Trinseo from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, April 3rd. Finally, Zacks Investment Research cut shares of Phoenix New Media from a “hold” rating to a “sell” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $20.17.
Ferro Company Profile
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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