Buckingham Research Lowers Ferro (NYSE:FOE) to Neutral

Buckingham Research cut shares of Ferro (NYSE:FOE) from a buy rating to a neutral rating in a report issued on Thursday morning, BenzingaRatingsTable reports. The firm currently has $16.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $21.00.

FOE has been the subject of a number of other reports. TheStreet lowered Ferro from a b- rating to a c+ rating in a report on Wednesday, May 29th. Zacks Investment Research raised Ferro from a sell rating to a hold rating in a report on Monday, July 29th. Finally, Deutsche Bank decreased their price objective on Ferro from $23.00 to $21.00 and set a buy rating for the company in a report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $19.37.

FOE stock traded down $0.54 on Thursday, reaching $12.50. The company’s stock had a trading volume of 894,454 shares, compared to its average volume of 780,467. Ferro has a 52 week low of $12.10 and a 52 week high of $23.88. The company has a market capitalization of $1.07 billion, a P/E ratio of 8.33, a P/E/G ratio of 1.15 and a beta of 1.92. The business has a fifty day simple moving average of $15.06. The company has a debt-to-equity ratio of 2.25, a current ratio of 2.58 and a quick ratio of 1.47.

Ferro (NYSE:FOE) last issued its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Ferro had a return on equity of 27.77% and a net margin of 3.28%. The business had revenue of $393.90 million during the quarter, compared to analyst estimates of $415.39 million. During the same period in the prior year, the company posted $0.44 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. Research analysts anticipate that Ferro will post 1.21 earnings per share for the current fiscal year.

In other news, Director Allen A. Spizzo purchased 2,500 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was purchased at an average cost of $15.33 per share, with a total value of $38,325.00. Following the purchase, the director now owns 5,000 shares in the company, valued at approximately $76,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter T. Thomas purchased 17,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were purchased at an average cost of $15.92 per share, with a total value of $270,640.00. Following the completion of the purchase, the chief executive officer now owns 677,956 shares in the company, valued at approximately $10,793,059.52. The disclosure for this purchase can be found here. Insiders purchased a total of 24,500 shares of company stock valued at $387,490 over the last three months. Corporate insiders own 2.71% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Ferro by 11.2% during the 1st quarter. JPMorgan Chase & Co. now owns 2,270,676 shares of the specialty chemicals company’s stock valued at $42,985,000 after purchasing an additional 228,960 shares in the last quarter. Teton Advisors Inc. boosted its stake in Ferro by 1.1% during the 2nd quarter. Teton Advisors Inc. now owns 1,155,493 shares of the specialty chemicals company’s stock valued at $18,257,000 after purchasing an additional 12,015 shares in the last quarter. Geode Capital Management LLC boosted its stake in Ferro by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 877,998 shares of the specialty chemicals company’s stock valued at $13,767,000 after purchasing an additional 56,465 shares in the last quarter. Norges Bank bought a new position in Ferro during the 4th quarter valued at $11,016,000. Finally, Boston Partners boosted its stake in Ferro by 2.8% during the 1st quarter. Boston Partners now owns 664,755 shares of the specialty chemicals company’s stock valued at $12,584,000 after purchasing an additional 18,361 shares in the last quarter. 98.24% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Ferro (NYSE:FOE)

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