Ferro Corp. (FOE) Downgraded to “Hold” at Zacks Investment Research
Ferro Corp. (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 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. “
Several other equities analysts have also recently issued reports on FOE. TheStreet upgraded Ferro Corp. from a “hold” rating to a “buy” rating in a research report on Monday, August 8th. Deutsche Bank AG restated a “buy” rating on shares of Ferro Corp. in a report on Tuesday, July 19th.
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Ferro Corp. (NYSE:FOE) traded up 2.08% during midday trading on Monday, reaching $13.75. The company had a trading volume of 625,917 shares. The firm has a 50-day moving average of $13.23 and a 200 day moving average of $13.21. The company has a market capitalization of $1.14 billion, a P/E ratio of 21.35 and a beta of 1.89. Ferro Corp. has a 1-year low of $8.47 and a 1-year high of $14.88.
Ferro Corp. (NYSE:FOE) last released its earnings results on Thursday, July 28th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.07. Ferro Corp. had a return on equity of 26.92% and a net margin of 4.96%. The company had revenue of $297.97 million for the quarter, compared to analysts’ expectations of $304 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Ferro Corp. will post $1.05 EPS for the current year.
Several large investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its stake in shares of Ferro Corp. by 11.3% in the second quarter. Teacher Retirement System of Texas now owns 10,648 shares of the company’s stock worth $142,000 after buying an additional 1,083 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Ferro Corp. by 3.4% in the second quarter. Parametric Portfolio Associates LLC now owns 42,671 shares of the company’s stock worth $571,000 after buying an additional 1,420 shares during the period. Legal & General Group Plc boosted its stake in shares of Ferro Corp. by 15.0% in the second quarter. Legal & General Group Plc now owns 22,263 shares of the company’s stock worth $296,000 after buying an additional 2,903 shares during the period. Highlander Capital Management LLC boosted its stake in shares of Ferro Corp. by 6.9% in the second quarter. Highlander Capital Management LLC now owns 50,850 shares of the company’s stock worth $680,000 after buying an additional 3,300 shares during the period. Finally, Quantum Capital Management boosted its stake in shares of Ferro Corp. by 23.3% in the second quarter. Quantum Capital Management now owns 18,019 shares of the company’s stock worth $241,000 after buying an additional 3,409 shares during the period. Institutional investors and hedge funds own 90.09% of the company’s stock.
Ferro Corp. Company Profile
Ferro Corporation (Ferro) produces performance materials for a range of manufacturers in diversified industries throughout the world. The Company uses inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides.
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