Massachusetts Financial Services Co. MA increased its stake in shares of Ferro Co. (NYSE:FOE) by 25.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,560,876 shares of the specialty chemicals company’s stock after buying an additional 319,710 shares during the period. Massachusetts Financial Services Co. MA owned 1.86% of Ferro worth $32,544,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Victory Capital Management Inc. increased its stake in Ferro by 5.4% during the 1st quarter. Victory Capital Management Inc. now owns 3,298,198 shares of the specialty chemicals company’s stock worth $76,584,000 after purchasing an additional 167,511 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ferro by 14.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,963,366 shares of the specialty chemicals company’s stock valued at $45,589,000 after buying an additional 244,770 shares during the last quarter. Scopus Asset Management L.P. boosted its holdings in shares of Ferro by 23.8% in the 1st quarter. Scopus Asset Management L.P. now owns 1,693,405 shares of the specialty chemicals company’s stock valued at $39,321,000 after buying an additional 325,600 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Ferro by 2.9% in the 1st quarter. Franklin Resources Inc. now owns 1,304,916 shares of the specialty chemicals company’s stock valued at $30,300,000 after buying an additional 36,500 shares during the last quarter. Finally, Foresters Investment Management Company Inc. boosted its holdings in shares of Ferro by 9.1% in the 1st quarter. Foresters Investment Management Company Inc. now owns 641,100 shares of the specialty chemicals company’s stock valued at $14,886,000 after buying an additional 53,300 shares during the last quarter. 96.87% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE FOE traded down $0.21 during mid-day trading on Friday, reaching $21.95. The company had a trading volume of 350,800 shares, compared to its average volume of 416,470. The stock has a market capitalization of $1.86 billion, a P/E ratio of 17.20, a PEG ratio of 0.89 and a beta of 1.68. The company has a debt-to-equity ratio of 2.12, a quick ratio of 1.56 and a current ratio of 2.67. Ferro Co. has a one year low of $18.99 and a one year high of $25.50.
Several equities research analysts have issued reports on the company. Gabelli reaffirmed a “buy” rating on shares of Ferro in a report on Friday, July 27th. Zacks Investment Research raised Ferro from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Tuesday, August 14th. Finally, ValuEngine cut Ferro from a “buy” rating to a “hold” rating in a research report on Saturday, May 12th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $27.00.
In other news, General Counsel Mark Hugo Duesenberg sold 11,000 shares of Ferro stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $22.49, for a total transaction of $247,390.00. Following the sale, the general counsel now directly owns 179,631 shares of the company’s stock, valued at $4,039,901.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.02% of the company’s stock.
Ferro Corporation produces specialty materials in the United States and internationally. It operates through four business units: Tile Coating Systems; Porcelain Enamel; 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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