Massachusetts Financial Services Co. MA Purchases 319,710 Shares of Ferro Co. (NYSE:FOE)

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.

Ferro (NYSE:FOE) last released its quarterly earnings data on Wednesday, July 25th. The specialty chemicals company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Ferro had a return on equity of 32.63% and a net margin of 4.34%. The business had revenue of $416.20 million for the quarter, compared to analyst estimates of $418.06 million. During the same period last year, the firm posted $0.37 earnings per share. Ferro’s revenue was up 19.4% compared to the same quarter last year. equities research analysts forecast that Ferro Co. will post 1.59 earnings per share for the current year.

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 Profile

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.

Featured Article: Outstanding Shares

Institutional Ownership by Quarter for Ferro (NYSE:FOE)

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