Ferro Co. (FOE) Short Interest Up 57.8% in January

Ferro Co. (NYSE:FOE) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 1,623,050 shares, a growth of 57.8% from the January 12th total of 1,028,781 shares. Based on an average daily volume of 370,824 shares, the short-interest ratio is currently 4.4 days. Approximately 2.0% of the company’s shares are short sold.

In other Ferro news, General Counsel Mark Hugo Duesenberg sold 17,000 shares of Ferro stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $24.76, for a total value of $420,920.00. Following the transaction, the general counsel now directly owns 137,545 shares of the company’s stock, valued at approximately $3,405,614.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Benjamin Schlater sold 12,663 shares of Ferro stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $23.50, for a total value of $297,580.50. Following the completion of the transaction, the chief financial officer now directly owns 6,495 shares in the company, valued at $152,632.50. The disclosure for this sale can be found here. Insiders sold a total of 143,246 shares of company stock worth $3,396,897 over the last ninety days. Insiders own 2.02% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FOE. Victory Capital Management Inc. increased its stake in shares of Ferro by 78.3% during the third quarter. Victory Capital Management Inc. now owns 2,561,811 shares of the specialty chemicals company’s stock valued at $57,128,000 after buying an additional 1,124,721 shares during the period. Paradice Investment Management LLC grew its stake in Ferro by 46.4% in the third quarter. Paradice Investment Management LLC now owns 3,318,174 shares of the specialty chemicals company’s stock worth $43,667,000 after purchasing an additional 1,051,915 shares during the period. Mesirow Financial Investment Management Equity Management purchased a new stake in Ferro in the third quarter worth $16,262,000. Goldman Sachs Group Inc. grew its stake in Ferro by 193.5% in the second quarter. Goldman Sachs Group Inc. now owns 465,098 shares of the specialty chemicals company’s stock worth $8,506,000 after purchasing an additional 306,607 shares during the period. Finally, Luminus Management LLC grew its stake in Ferro by 73.3% in the fourth quarter. Luminus Management LLC now owns 479,202 shares of the specialty chemicals company’s stock worth $11,304,000 after purchasing an additional 202,629 shares during the period. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have recently issued reports on FOE. Zacks Investment Research raised Ferro from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Thursday, January 11th. KeyCorp reissued an “overweight” rating on shares of Ferro in a research note on Friday, November 10th. Finally, ValuEngine cut Ferro from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. One investment 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 a consensus price target of $23.80.

Ferro (NYSE:FOE) opened at $21.26 on Thursday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.53 and a current ratio of 2.48. Ferro has a 12 month low of $13.56 and a 12 month high of $25.50. The stock has a market capitalization of $1,790.35, a P/E ratio of 40.11 and a beta of 1.72.

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About Ferro

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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