Ferro (NYSE:FOE) Cut to Neutral at Seaport Global Securities

Ferro (NYSE:FOE) was downgraded by analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, The Fly reports.

Several other research firms have also recently weighed in on FOE. Gabelli cut shares of Ferro from a “buy” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Ferro from a “hold” rating to a “sell” rating in a research note on Monday, March 1st. Deutsche Bank Aktiengesellschaft downgraded shares of Ferro from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut shares of Ferro from a “neutral” rating to an “underweight” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.67.

FOE stock traded down $0.28 during trading on Wednesday, hitting $21.50. The company had a trading volume of 492,295 shares, compared to its average volume of 566,975. The company has a quick ratio of 1.80, a current ratio of 2.64 and a debt-to-equity ratio of 2.04. The firm has a 50-day moving average price of $17.12 and a 200-day moving average price of $15.53. Ferro has a 12 month low of $9.50 and a 12 month high of $22.00. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -358.27, a PEG ratio of 1.81 and a beta of 1.65.

Ferro (NYSE:FOE) last released its earnings results on Tuesday, May 11th. The specialty chemicals company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.14. Ferro had a negative net margin of 0.66% and a positive return on equity of 16.41%. The firm had revenue of $288.40 million during the quarter, compared to analyst estimates of $259.87 million. During the same quarter in the previous year, the business earned $0.26 EPS. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. Equities analysts expect that Ferro will post 0.76 EPS for the current year.

In other Ferro news, General Counsel Mark Hugo Duesenberg sold 15,854 shares of Ferro stock in a transaction dated Tuesday, February 23rd. The shares were sold at an average price of $15.36, for a total value of $243,517.44. Following the sale, the general counsel now owns 243,379 shares of the company’s stock, valued at $3,738,301.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter T. Thomas sold 11,313 shares of Ferro stock in a transaction dated Tuesday, February 23rd. The stock was sold at an average price of $15.47, for a total transaction of $175,012.11. Following the completion of the sale, the chief executive officer now directly owns 858,118 shares in the company, valued at approximately $13,275,085.46. The disclosure for this sale can be found here. 2.95% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of FOE. Norges Bank bought a new stake in shares of Ferro in the fourth quarter valued at approximately $17,955,000. BlackRock Inc. raised its position in shares of Ferro by 3.4% in the fourth quarter. BlackRock Inc. now owns 12,498,850 shares of the specialty chemicals company’s stock valued at $182,858,000 after purchasing an additional 412,936 shares during the period. Phocas Financial Corp. purchased a new position in Ferro during the fourth quarter valued at approximately $5,366,000. Luminus Management LLC grew its stake in Ferro by 56.7% during the fourth quarter. Luminus Management LLC now owns 818,287 shares of the specialty chemicals company’s stock valued at $11,972,000 after acquiring an additional 295,953 shares in the last quarter. Finally, Royce & Associates LP grew its stake in Ferro by 36.5% during the fourth quarter. Royce & Associates LP now owns 970,585 shares of the specialty chemicals company’s stock valued at $14,200,000 after acquiring an additional 259,503 shares in the last quarter.

Ferro Company Profile

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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