Zacks Investment Research Downgrades Ferro Corp. (FOE) to Hold
Ferro Corp. (NYSE:FOE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Separately, TheStreet upgraded shares of Ferro Corp. from a “hold” rating to a “buy” rating in a report on Monday, August 8th.
Shares of Ferro Corp. (NYSE:FOE) traded down 1.48% during mid-day trading on Tuesday, reaching $14.60. The company had a trading volume of 412,830 shares. The stock has a 50 day moving average of $13.81 and a 200-day moving average of $13.56. Ferro Corp. has a one year low of $8.47 and a one year high of $15.35. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 24.58 and a beta of 2.20.
Ferro Corp. (NYSE:FOE) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Ferro Corp. had a net margin of 4.49% and a return on equity of 27.35%. The business earned $288.53 million during the quarter, compared to the consensus estimate of $284.08 million. During the same period in the previous year, the business earned $0.24 earnings per share. The company’s revenue was up 3.3% on a year-over-year basis. Equities analysts predict that Ferro Corp. will post $1.04 EPS for the current year.
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Several hedge funds have recently modified their holdings of the company. Boston Partners acquired a new stake in shares of Ferro Corp. during the second quarter valued at $22,691,000. Scopus Asset Management L.P. acquired a new stake in shares of Ferro Corp. during the third quarter valued at $7,967,000. Lombardia Capital Partners LLC boosted its stake in shares of Ferro Corp. by 138.9% in the third quarter. Lombardia Capital Partners LLC now owns 791,679 shares of the company’s stock valued at $10,933,000 after buying an additional 460,312 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of Ferro Corp. during the second quarter valued at $5,005,000. Finally, Smith Graham & Co. Investment Advisors LP acquired a new stake in shares of Ferro Corp. during the third quarter valued at $4,836,000. 93.77% of the stock is currently owned by institutional investors.
About Ferro Corp.
Ferro Corporation (Ferro) produces performance materials for a range of manufacturers in diversified industries throughout the world. The Company uses inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides.
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