Ferro Corp. (FOE) Stock Rating Lowered by Zacks Investment Research
Ferro Corp. (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. “
Other equities research analysts also recently issued reports about the company. 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 research report on Tuesday, July 19th.
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Ferro Corp. (NYSE:FOE) traded up 2.08% during midday trading on Monday, hitting $13.75. The company had a trading volume of 625,917 shares. The company has a market capitalization of $1.14 billion, a P/E ratio of 21.35 and a beta of 1.89. The stock has a 50 day moving average price of $13.23 and a 200 day moving average price of $13.21. Ferro Corp. has a 52 week low of $8.47 and a 52 week high of $14.88.
Ferro Corp. (NYSE:FOE) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates 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 earned $297.97 million during the quarter, compared to analyst estimates of $304 million. During the same period in the prior year, the company earned $0.20 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Ferro Corp. will post $1.05 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of FOE. Balter Liquid Alternatives LLC acquired a new stake in shares of Ferro Corp. during the first quarter valued at $1,083,000. Cutler Group LP increased its stake in shares of Ferro Corp. by 62.4% in the first quarter. Cutler Group LP now owns 12,151 shares of the company’s stock valued at $144,000 after buying an additional 4,669 shares during the last quarter. Skyline Asset Management LP increased its stake in shares of Ferro Corp. by 3.8% in the first quarter. Skyline Asset Management LP now owns 1,889,600 shares of the company’s stock valued at $22,430,000 after buying an additional 69,000 shares during the last quarter. Springbok Capital Management LLC increased its stake in shares of Ferro Corp. by 941.7% in the first quarter. Springbok Capital Management LLC now owns 19,000 shares of the company’s stock valued at $226,000 after buying an additional 17,176 shares during the last quarter. Finally, Brigade Capital Management LP increased its stake in shares of Ferro Corp. by 8.5% in the first quarter. Brigade Capital Management LP now owns 2,560,396 shares of the company’s stock valued at $30,392,000 after buying an additional 200,000 shares during the last quarter. Hedge funds and other institutional investors 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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