Ferro Co. (NYSE:FOE) Short Interest Down 12.6% in July

Ferro Co. (NYSE:FOE) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totalling 3,503,800 shares, a drop of 12.6% from the June 30th total of 4,008,100 shares. Approximately 4.3% of the company’s shares are short sold. Based on an average daily trading volume, of 650,100 shares, the days-to-cover ratio is presently 5.4 days.

In related news, CFO Benjamin Schlater sold 7,500 shares of Ferro stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $12.23, for a total transaction of $91,725.00. Following the transaction, the chief financial officer now owns 30,055 shares in the company, valued at $367,572.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Allen A. Spizzo acquired 2,500 shares of Ferro stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average price of $15.33 per share, for a total transaction of $38,325.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $76,650. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 12,500 shares of company stock worth $151,450. 2.71% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Nuveen Asset Management LLC lifted its holdings in shares of Ferro by 386.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 658,438 shares of the specialty chemicals company’s stock valued at $10,403,000 after purchasing an additional 523,047 shares during the last quarter. Jane Street Group LLC increased its position in Ferro by 7.5% in the 2nd quarter. Jane Street Group LLC now owns 14,349 shares of the specialty chemicals company’s stock valued at $227,000 after acquiring an additional 1,001 shares during the period. Morgan Stanley increased its position in Ferro by 940.7% in the 2nd quarter. Morgan Stanley now owns 367,745 shares of the specialty chemicals company’s stock valued at $5,810,000 after acquiring an additional 332,410 shares during the period. Paloma Partners Management Co increased its position in Ferro by 44.6% in the 2nd quarter. Paloma Partners Management Co now owns 26,956 shares of the specialty chemicals company’s stock valued at $426,000 after acquiring an additional 8,312 shares during the period. Finally, Bank of America Corp DE increased its position in Ferro by 19.3% in the 2nd quarter. Bank of America Corp DE now owns 378,144 shares of the specialty chemicals company’s stock valued at $5,975,000 after acquiring an additional 61,205 shares during the period. 98.24% of the stock is owned by institutional investors.



FOE has been the topic of a number of analyst reports. Zacks Investment Research upgraded Ferro from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. BMO Capital Markets reduced their price objective on Ferro to $15.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. ValuEngine cut Ferro from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Buckingham Research cut Ferro from a “buy” rating to a “neutral” rating and cut their target price for the stock from $21.00 to $16.00 in a research note on Thursday, August 1st. Finally, TheStreet cut Ferro from a “b-” rating to a “c+” rating in a research note on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $18.60.

FOE stock traded down $0.38 during midday trading on Thursday, hitting $10.78. 742,597 shares of the company’s stock were exchanged, compared to its average volume of 867,318. The business has a 50-day simple moving average of $14.24 and a two-hundred day simple moving average of $16.27. The company has a current ratio of 2.58, a quick ratio of 1.49 and a debt-to-equity ratio of 2.25. The stock has a market capitalization of $955.33 million, a PE ratio of 7.19, a P/E/G ratio of 1.03 and a beta of 1.92. Ferro has a 1-year low of $10.68 and a 1-year high of $23.88.

Ferro (NYSE:FOE) last posted its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $393.90 million during the quarter, compared to analysts’ expectations of $415.39 million. Ferro had a return on equity of 27.77% and a net margin of 3.28%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. As a group, research analysts expect that Ferro will post 1.21 EPS for the current fiscal year.

About Ferro

Ferro Corporation produces specialty materials in the United States and internationally. It operates through three segments: Performance Coatings, Performance Colors and Glass, and Color Solutions. The company offers frits, porcelain and other glass enamels, glazes, stains, decorating colors, pigments, inks, polishing materials, dielectrics, electronic glasses, and other specialty coatings.

Read More: Price to Earnings Ratio (PE) Basics

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