Zacks Investment Research Downgrades Ferro Corp. (FOE) to Sell
Ferro Corp. (NYSE:FOE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
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 analysts also recently weighed in on FOE. Deutsche Bank AG restated a “buy” rating on shares of Ferro Corp. in a research note on Tuesday, July 19th. TheStreet upgraded Ferro Corp. from a “hold” rating to a “buy” rating in a research note on Monday, August 8th.
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Shares of Ferro Corp. (NYSE:FOE) traded down 1.50% on Tuesday, reaching $13.15. The company had a trading volume of 398,329 shares. Ferro Corp. has a 12 month low of $8.47 and a 12 month high of $14.88. The company’s 50-day moving average is $13.22 and its 200 day moving average is $13.25. The firm has a market capitalization of $1.09 billion, a PE ratio of 20.42 and a beta of 1.89.
Ferro Corp. (NYSE:FOE) last announced its earnings results on Thursday, July 28th. The company reported $0.34 earnings per share for the quarter, beating the 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 firm earned $297.97 million during the quarter, compared to the consensus estimate of $304 million. During the same quarter in the prior year, the company earned $0.20 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts forecast that Ferro Corp. will post $1.05 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in FOE. Franklin Resources Inc. increased its stake in shares of Ferro Corp. by 122.0% in the first quarter. Franklin Resources Inc. now owns 1,452,380 shares of the company’s stock worth $17,240,000 after buying an additional 798,270 shares in the last quarter. Spark Investment Management LLC increased its stake in shares of Ferro Corp. by 494.3% in the first quarter. Spark Investment Management LLC now owns 136,100 shares of the company’s stock worth $1,615,000 after buying an additional 113,200 shares in the last quarter. Credit Agricole S A increased its stake in shares of Ferro Corp. by 16.2% in the first quarter. Credit Agricole S A now owns 400,987 shares of the company’s stock worth $4,760,000 after buying an additional 55,860 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Ferro Corp. during the first quarter worth approximately $461,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Ferro Corp. during the first quarter worth approximately $313,000. Institutional investors own 90.07% of the company’s stock.
About Ferro Corp.
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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