Ferro (NYSE:FOE) Upgraded at Zacks Investment Research

Ferro (NYSE:FOE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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 weighed in on the company. ValuEngine raised Ferro from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Buckingham Research decreased their price target on Ferro from $16.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. BMO Capital Markets decreased their price target on Ferro to $15.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Finally, Wells Fargo & Co began coverage on Ferro in a research report on Tuesday, October 15th. They set a “market perform” rating and a $12.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $16.83.

FOE traded down $0.09 on Wednesday, reaching $11.18. The stock had a trading volume of 519,388 shares, compared to its average volume of 863,685. Ferro has a fifty-two week low of $9.73 and a fifty-two week high of $21.28. The firm has a 50-day moving average of $11.46 and a 200-day moving average of $13.92. 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 company has a market capitalization of $924.20 million, a price-to-earnings ratio of 7.45, a price-to-earnings-growth ratio of 1.01 and a beta of 2.07.

Ferro (NYSE:FOE) last issued its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Ferro had a return on equity of 27.77% and a net margin of 3.28%. The business had revenue of $393.90 million during the quarter, compared to analysts’ expectations of $415.39 million. During the same quarter in the prior year, the firm earned $0.44 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. Sell-side analysts anticipate that Ferro will post 1.19 EPS for the current fiscal year.

In related news, CFO Benjamin Schlater sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $12.36, for a total transaction of $30,900.00. Following the completion of the sale, the chief financial officer now directly owns 30,055 shares of the company’s stock, valued at $371,479.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Mark Hugo Duesenberg sold 35,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $10.69, for a total value of $374,150.00. Following the sale, the general counsel now directly owns 232,863 shares of the company’s stock, valued at $2,489,305.47. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,500 shares of company stock valued at $525,600. Company insiders own 2.71% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Quantamental Technologies LLC boosted its holdings in shares of Ferro by 22.3% in the second quarter. Quantamental Technologies LLC now owns 8,500 shares of the specialty chemicals company’s stock worth $134,000 after acquiring an additional 1,550 shares during the period. Jane Street Group LLC boosted its holdings in shares of Ferro by 7.5% in the second quarter. Jane Street Group LLC now owns 14,349 shares of the specialty chemicals company’s stock worth $227,000 after acquiring an additional 1,001 shares during the period. Campbell Newman Asset Management Inc. boosted its holdings in shares of Ferro by 7.0% in the second quarter. Campbell Newman Asset Management Inc. now owns 19,694 shares of the specialty chemicals company’s stock worth $311,000 after acquiring an additional 1,286 shares during the period. Municipal Employees Retirement System of Michigan bought a new stake in Ferro during the second quarter valued at $392,000. Finally, Paloma Partners Management Co boosted its stake in Ferro by 44.6% during the second quarter. Paloma Partners Management Co now owns 26,956 shares of the specialty chemicals company’s stock valued at $426,000 after buying an additional 8,312 shares during the period. 99.81% of the stock is owned by institutional investors and hedge funds.

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.

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