Ferro (NYSE:FOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $24.00 target price on the specialty chemicals company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.80% from the stock’s previous close.
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. “
FOE has been the topic of several other research reports. Gabelli downgraded Ferro from a “buy” rating to a “sell” rating in a research note on Wednesday. Seaport Global Securities downgraded Ferro from a “buy” rating to a “neutral” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft downgraded Ferro from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. downgraded Ferro from a “neutral” rating to an “underweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $18.67.
Ferro (NYSE:FOE) last posted its earnings results on Tuesday, May 11th. The specialty chemicals company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.14. Ferro had a positive return on equity of 16.41% and a negative net margin of 0.66%. The company had revenue of $288.40 million for the quarter, compared to the consensus estimate of $259.87 million. During the same quarter in the prior year, the company earned $0.26 earnings per share. Ferro’s revenue was up 14.3% on a year-over-year basis. On average, research analysts anticipate that Ferro will post 0.76 EPS for the current year.
In related news, General Counsel Mark Hugo Duesenberg sold 15,854 shares of the stock in a transaction dated Tuesday, February 23rd. The stock was sold at an average price of $15.36, for a total transaction of $243,517.44. Following the completion of the sale, the general counsel now owns 243,379 shares in the company, valued at $3,738,301.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter T. Thomas sold 11,313 shares of the stock in a transaction dated Tuesday, February 23rd. The stock was sold at an average price of $15.47, for a total value of $175,012.11. Following the sale, the chief executive officer now owns 858,118 shares of the company’s stock, valued at approximately $13,275,085.46. The disclosure for this sale can be found here. Company insiders own 2.95% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in shares of Ferro by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 742,258 shares of the specialty chemicals company’s stock worth $10,860,000 after purchasing an additional 9,533 shares in the last quarter. Ingalls & Snyder LLC grew its holdings in Ferro by 11.3% during the 1st quarter. Ingalls & Snyder LLC now owns 87,749 shares of the specialty chemicals company’s stock valued at $1,479,000 after buying an additional 8,943 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Ferro by 11.9% during the 4th quarter. Victory Capital Management Inc. now owns 11,856 shares of the specialty chemicals company’s stock valued at $173,000 after buying an additional 1,265 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Ferro by 10.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 14,205 shares of the specialty chemicals company’s stock valued at $208,000 after buying an additional 1,400 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in Ferro by 1.6% during the 4th quarter. Verdence Capital Advisors LLC now owns 161,833 shares of the specialty chemicals company’s stock valued at $2,368,000 after buying an additional 2,582 shares in the last quarter.
Ferro Corporation produces and markets specialty materials in the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It operates through two segments, Functional Coatings 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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