Brokers Issue Forecasts for Ferro Corporation’s FY2018 Earnings (FOE)
Ferro Corporation (NYSE:FOE) – Research analysts at KeyCorp increased their FY2018 earnings estimates for shares of Ferro Corporation in a research note issued to investors on Thursday. KeyCorp analyst M. Sison now expects that the specialty chemicals company will earn $1.50 per share for the year, up from their previous forecast of $1.35. KeyCorp has a “Overweight” rating and a $27.00 price target on the stock.
FOE has been the topic of a number of other research reports. Zacks Investment Research raised Ferro Corporation from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Tuesday, September 5th. BidaskClub raised Ferro Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Longbow Research reissued a “buy” rating and issued a $24.00 price objective (up previously from $22.00) on shares of Ferro Corporation in a research note on Wednesday, August 23rd. Six analysts have rated the stock with a buy rating, Ferro Corporation currently has an average rating of “Buy” and an average price target of $23.20.
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Ferro Corporation (NYSE:FOE) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $336.14 million. During the same period last year, the business posted $0.34 earnings per share. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year.
A number of large investors have recently added to or reduced their stakes in FOE. JPMorgan Chase & Co. lifted its stake in Ferro Corporation by 2,372.0% in the second quarter. JPMorgan Chase & Co. now owns 1,512,327 shares of the specialty chemicals company’s stock valued at $27,661,000 after buying an additional 1,451,149 shares during the period. Victory Capital Management Inc. acquired a new position in Ferro Corporation in the second quarter valued at about $26,285,000. Paradice Investment Management LLC lifted its stake in Ferro Corporation by 124.5% in the second quarter. Paradice Investment Management LLC now owns 2,266,259 shares of the specialty chemicals company’s stock valued at $27,082,000 after buying an additional 1,256,703 shares during the period. Wellington Management Group LLP lifted its stake in Ferro Corporation by 88.9% in the first quarter. Wellington Management Group LLP now owns 1,960,691 shares of the specialty chemicals company’s stock valued at $29,782,000 after buying an additional 922,893 shares during the period. Finally, Scopus Asset Management L.P. lifted its stake in Ferro Corporation by 243.0% in the first quarter. Scopus Asset Management L.P. now owns 781,038 shares of the specialty chemicals company’s stock valued at $11,864,000 after buying an additional 553,338 shares during the period. 96.56% of the stock is currently owned by hedge funds and other institutional investors.
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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