Ferro Corporation (FOE) Lifted to “Buy” at Zacks Investment Research
Ferro Corporation (NYSE:FOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $23.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.38% from the company’s current price.
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. “
FOE has been the topic of several other reports. BidaskClub upgraded Ferro Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. KeyCorp reiterated a “buy” rating and issued a $23.00 price objective on shares of Ferro Corporation in a research note on Friday, September 1st. Longbow Research reiterated a “buy” rating and issued a $24.00 price objective (up from $22.00) on shares of Ferro Corporation in a research note on Wednesday, August 23rd. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $22.00 price objective (up from $20.00) on shares of Ferro Corporation in a research note on Monday, July 31st. Six analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus price target of $22.20.
Shares of Ferro Corporation (FOE) traded up 0.73% during mid-day trading on Thursday, hitting $20.65. The company had a trading volume of 914,364 shares. Ferro Corporation has a 12-month low of $12.35 and a 12-month high of $20.77. The firm has a market cap of $1.73 billion, a PE ratio of 146.45 and a beta of 2.02. The firm’s 50 day moving average is $19.30 and its 200-day moving average is $17.35.
Ferro Corporation (NYSE:FOE) last released its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.04. Ferro Corporation had a return on equity of 35.05% and a net margin of 1.06%. The company had revenue of $348.60 million for the quarter, compared to analyst estimates of $336.14 million. During the same period in the prior year, the company posted $0.34 EPS. The company’s revenue was up 17.0% compared to the same quarter last year. On average, equities analysts expect that Ferro Corporation will post $1.27 EPS for the current year.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC acquired a new position in shares of Ferro Corporation in the 1st quarter worth approximately $2,838,000. Kennedy Capital Management Inc. boosted its holdings in shares of Ferro Corporation by 19.8% in the 1st quarter. Kennedy Capital Management Inc. now owns 1,171,661 shares of the specialty chemicals company’s stock worth $17,798,000 after acquiring an additional 193,735 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Ferro Corporation in the 1st quarter worth approximately $2,201,000. Menta Capital LLC boosted its holdings in shares of Ferro Corporation by 70.8% in the 1st quarter. Menta Capital LLC now owns 255,636 shares of the specialty chemicals company’s stock worth $3,883,000 after acquiring an additional 105,993 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Ferro Corporation by 33.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 799,448 shares of the specialty chemicals company’s stock worth $12,144,000 after acquiring an additional 200,651 shares in the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.
About Ferro Corporation
Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel. Its manufacturers make products for various end-use markets.
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