Ferro Corporation (FOE) Upgraded to “Buy” by Zacks Investment Research
Ferro Corporation (NYSE:FOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $24.00 price target on the specialty chemicals company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.78% from the company’s previous close.
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 subject of a number of other reports. KeyCorp restated a “buy” rating and set a $23.00 price target on shares of Ferro Corporation in a research note on Friday, September 1st. Deutsche Bank AG restated a “buy” rating and set a $22.00 price target (up from $20.00) on shares of Ferro Corporation in a research note on Monday, July 31st. BidaskClub downgraded Ferro Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Longbow Research upgraded Ferro Corporation from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Monday, June 5th. Six equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $22.40.
Ferro Corporation (NYSE:FOE) last released its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.04. The business had revenue of $348.60 million during the quarter, compared to the consensus estimate of $336.14 million. Ferro Corporation had a return on equity of 35.05% and a net margin of 1.06%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 EPS.
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Several large investors have recently made changes to their positions in FOE. JPMorgan Chase & Co. grew its stake in shares of Ferro Corporation by 2,372.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,512,327 shares of the specialty chemicals company’s stock valued at $27,661,000 after acquiring an additional 1,451,149 shares during the period. Victory Capital Management Inc. bought a new position in shares of Ferro Corporation during the 2nd quarter valued at approximately $26,285,000. Paradice Investment Management LLC grew its stake in shares of Ferro Corporation by 124.5% during the 2nd quarter. Paradice Investment Management LLC now owns 2,266,259 shares of the specialty chemicals company’s stock valued at $27,082,000 after acquiring an additional 1,256,703 shares during the period. Wellington Management Group LLP grew its stake in shares of Ferro Corporation by 88.9% during the 1st quarter. Wellington Management Group LLP now owns 1,960,691 shares of the specialty chemicals company’s stock valued at $29,782,000 after acquiring an additional 922,893 shares during the period. Finally, Scopus Asset Management L.P. grew its stake in shares of Ferro Corporation by 243.0% during the 1st quarter. Scopus Asset Management L.P. now owns 781,038 shares of the specialty chemicals company’s stock valued at $11,864,000 after acquiring an additional 553,338 shares during the period. Institutional investors own 96.56% of the company’s stock.
Ferro Corporation Company Profile
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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