Ferro Co. (NYSE:FOE) Sees Large Increase in Short Interest

Ferro Co. (NYSE:FOE) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 5,560,000 shares, an increase of 6.7% from the December 15th total of 5,210,000 shares. Approximately 6.9% of the company’s stock are sold short. Based on an average daily trading volume, of 732,400 shares, the days-to-cover ratio is currently 7.6 days.

Shares of NYSE FOE traded up $0.07 during midday trading on Thursday, reaching $14.95. The company’s stock had a trading volume of 38,202 shares, compared to its average volume of 756,519. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 9.92, a PEG ratio of 3.21 and a beta of 2.18. Ferro has a fifty-two week low of $9.73 and a fifty-two week high of $21.28. The stock has a 50 day simple moving average of $14.59 and a 200-day simple moving average of $12.99. The company has a current ratio of 2.62, a quick ratio of 1.50 and a debt-to-equity ratio of 2.18.

Ferro (NYSE:FOE) last issued its earnings results on Monday, November 11th. The specialty chemicals company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.06. The business had revenue of $365.73 million for the quarter, compared to the consensus estimate of $371.34 million. Ferro had a net margin of 3.13% and a return on equity of 27.03%. As a group, equities analysts anticipate that Ferro will post 1.18 EPS for the current year.

FOE has been the topic of a number of recent research reports. Wells Fargo & Co initiated coverage on shares of Ferro in a report on Tuesday, October 15th. They issued a “market perform” rating and a $12.00 price objective on the stock. Deutsche Bank lifted their price objective on shares of Ferro from $16.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. ValuEngine upgraded shares of Ferro from a “sell” rating to a “hold” rating in a report on Monday, November 25th. Zacks Investment Research downgraded shares of Ferro from a “hold” rating to a “sell” rating in a report on Saturday, January 4th. Finally, Gabelli downgraded shares of Ferro to a “sell” rating in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $15.80.

In other Ferro news, CEO Peter T. Thomas sold 15,000 shares of Ferro stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $14.36, for a total value of $215,400.00. Insiders own 2.71% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC increased its holdings in Ferro by 7.5% during the second quarter. Jane Street Group LLC now owns 14,349 shares of the specialty chemicals company’s stock worth $227,000 after buying an additional 1,001 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Ferro by 68.9% during the third quarter. Public Employees Retirement System of Ohio now owns 2,687 shares of the specialty chemicals company’s stock worth $32,000 after purchasing an additional 1,096 shares during the period. California State Teachers Retirement System boosted its position in Ferro by 1.3% during the third quarter. California State Teachers Retirement System now owns 127,304 shares of the specialty chemicals company’s stock worth $1,510,000 after purchasing an additional 1,630 shares during the period. Comerica Bank boosted its position in Ferro by 3.0% during the third quarter. Comerica Bank now owns 79,117 shares of the specialty chemicals company’s stock worth $877,000 after purchasing an additional 2,274 shares during the period. Finally, Wiley BROS. Aintree Capital LLC boosted its position in Ferro by 25.0% during the third quarter. Wiley BROS. Aintree Capital LLC now owns 19,480 shares of the specialty chemicals company’s stock worth $452,000 after purchasing an additional 3,900 shares during the period. Institutional investors and hedge funds own 98.27% of the company’s stock.

Ferro Company Profile

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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