Ferro Co. (NYSE:FOE) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 3,503,800 shares, a decrease of 12.6% from the June 30th total of 4,008,100 shares. Approximately 4.3% of the shares of the stock are short sold. Based on an average trading volume of 650,100 shares, the short-interest ratio is presently 5.4 days.
A number of equities research analysts recently weighed in on FOE shares. TheStreet cut Ferro from a “b-” rating to a “c+” rating in a report on Wednesday, May 29th. ValuEngine cut Ferro from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. BMO Capital Markets lowered their price target on Ferro to $15.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Buckingham Research cut Ferro from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $21.00 to $16.00 in a report on Thursday, August 1st. Finally, Zacks Investment Research raised Ferro from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Ferro has a consensus rating of “Hold” and a consensus price target of $18.60.
In related news, CFO Benjamin Schlater sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $12.23, for a total value of $91,725.00. Following the sale, the chief financial officer now owns 30,055 shares in the company, valued at approximately $367,572.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Allen A. Spizzo purchased 2,500 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was purchased at an average price of $15.33 per share, for a total transaction of $38,325.00. Following the acquisition, the director now owns 5,000 shares in the company, valued at $76,650. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 12,500 shares of company stock worth $151,450. Insiders own 2.71% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. American International Group Inc. lifted its stake in Ferro by 14.8% in the 1st quarter. American International Group Inc. now owns 62,871 shares of the specialty chemicals company’s stock valued at $1,190,000 after buying an additional 8,093 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Ferro during the 1st quarter worth $541,000. SG Americas Securities LLC purchased a new position in shares of Ferro during the 1st quarter worth $286,000. Norges Bank purchased a new position in shares of Ferro during the 4th quarter worth $11,016,000. Finally, Punch & Associates Investment Management Inc. lifted its stake in shares of Ferro by 1.8% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 644,836 shares of the specialty chemicals company’s stock worth $12,207,000 after purchasing an additional 11,332 shares during the period. 98.24% of the stock is currently owned by hedge funds and other institutional investors.
FOE stock traded down $0.38 on Thursday, reaching $10.78. The company had a trading volume of 742,597 shares, compared to its average volume of 867,318. Ferro has a 1 year low of $10.68 and a 1 year high of $23.88. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.49 and a current ratio of 2.58. The company’s fifty day moving average is $14.24 and its 200 day moving average is $16.27. The company has a market cap of $955.33 million, a P/E ratio of 7.19, a PEG ratio of 1.03 and a beta of 1.92.
Ferro (NYSE:FOE) last posted its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $393.90 million for the quarter, compared to analyst estimates of $415.39 million. During the same quarter in the prior year, the company earned $0.44 EPS. Ferro’s revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts predict that Ferro will post 1.21 earnings per share for the current year.
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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