Zacks Investment Research Upgrades Ferro (FOE) to “Buy”
Ferro (NYSE:FOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $27.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.69% 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. “
Several other equities research analysts have also recently commented on the stock. KeyCorp reiterated an “overweight” rating on shares of Ferro in a research report on Friday, November 10th. ValuEngine cut shares of Ferro from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ferro presently has a consensus rating of “Buy” and an average price target of $23.80.
Ferro (NYSE:FOE) last issued its quarterly earnings results on Wednesday, November 1st. The specialty chemicals company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. Ferro had a net margin of 3.44% and a return on equity of 35.77%. The company had revenue of $350.01 million during the quarter, compared to analysts’ expectations of $332.28 million. During the same quarter in the previous year, the company earned $0.27 EPS. Ferro’s revenue was up 21.3% on a year-over-year basis. sell-side analysts expect that Ferro will post 1.29 EPS for the current fiscal year.
In related news, Director Ronald P. Vargo sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $24.13, for a total transaction of $289,560.00. Following the completion of the transaction, the director now owns 43,450 shares in the company, valued at $1,048,448.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Benjamin Schlater sold 12,663 shares of the business’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $23.50, for a total transaction of $297,580.50. Following the transaction, the chief financial officer now owns 6,495 shares of the company’s stock, valued at approximately $152,632.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 160,428 shares of company stock valued at $3,771,952. 2.02% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank grew its holdings in Ferro by 5.5% during the second quarter. Amalgamated Bank now owns 10,767 shares of the specialty chemicals company’s stock valued at $197,000 after purchasing an additional 564 shares during the period. Intrust Bank NA acquired a new position in Ferro during the third quarter valued at approximately $210,000. Principal Financial Group Inc. grew its holdings in Ferro by 1.0% during the second quarter. Principal Financial Group Inc. now owns 11,652 shares of the specialty chemicals company’s stock valued at $213,000 after purchasing an additional 120 shares during the period. Airain ltd acquired a new position in Ferro during the second quarter valued at approximately $214,000. Finally, Prudential Financial Inc. acquired a new position in Ferro during the third quarter valued at approximately $217,000. Hedge funds and other institutional investors own 97.26% of the company’s stock.
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Ferro Company Profile
Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel.
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