Ferro Corporation (FOE) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Ferro Corporation (NYSE:FOE) from a buy rating to a hold rating in a research note published on Monday.

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. “

A number of other brokerages have also recently weighed in on FOE. KeyCorp reiterated a buy rating and issued a $23.00 target price on shares of Ferro Corporation in a report on Friday, September 1st. Longbow Research reiterated a buy rating and issued a $24.00 target price (up previously from $22.00) on shares of Ferro Corporation in a report on Wednesday, August 23rd. BidaskClub upgraded Ferro Corporation from a hold rating to a buy rating in a report on Thursday, August 3rd. Finally, Deutsche Bank AG reiterated a buy rating and issued a $22.00 target price (up previously from $20.00) on shares of Ferro Corporation in a report on Monday, July 31st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $22.00.

Ferro Corporation (FOE) opened at 20.05 on Monday. The firm’s 50-day moving average price is $19.11 and its 200-day moving average price is $17.24. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 142.20 and a beta of 2.02. Ferro Corporation has a 1-year low of $12.35 and a 1-year high of $20.34.

Ferro Corporation (NYSE:FOE) last posted its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.04. Ferro Corporation had a return on equity of 35.05% and a net margin of 1.06%. The business had revenue of $348.60 million for the quarter, compared to analysts’ expectations of $336.14 million. During the same quarter last year, the firm earned $0.34 earnings per share. The business’s revenue was up 17.0% on a year-over-year basis. On average, equities research analysts anticipate that Ferro Corporation will post $1.27 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Ferro Corporation by 1.0% during the second quarter. Principal Financial Group Inc. now owns 11,652 shares of the specialty chemicals company’s stock worth $213,000 after acquiring an additional 120 shares during the last quarter. Highlander Capital Management LLC increased its position in shares of Ferro Corporation by 0.4% during the second quarter. Highlander Capital Management LLC now owns 56,200 shares of the specialty chemicals company’s stock worth $1,028,000 after acquiring an additional 200 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Ferro Corporation by 0.8% during the second quarter. The Manufacturers Life Insurance Company now owns 64,370 shares of the specialty chemicals company’s stock worth $1,178,000 after acquiring an additional 519 shares during the last quarter. Amalgamated Bank increased its position in shares of Ferro Corporation by 5.5% during the second quarter. Amalgamated Bank now owns 10,767 shares of the specialty chemicals company’s stock worth $197,000 after acquiring an additional 564 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Ferro Corporation by 1.9% during the first quarter. Metropolitan Life Insurance Co. NY now owns 58,315 shares of the specialty chemicals company’s stock worth $886,000 after acquiring an additional 1,064 shares during the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.

Ferro Corporation Company Profile

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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