Ferro Corporation (FOE) Receives $22.00 Consensus Price Target from Brokerages

Shares of Ferro Corporation (NYSE:FOE) have been given a consensus recommendation of “Buy” by the seven analysts that are currently covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $22.20.

FOE has been the topic of a number of recent analyst reports. BidaskClub upgraded shares of Ferro Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of Ferro Corporation from a “sell” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Monday, July 31st. Deutsche Bank AG reaffirmed a “buy” rating and set a $22.00 target price (up from $20.00) on shares of Ferro Corporation in a report on Monday, July 31st. Longbow Research raised Ferro Corporation from a “neutral” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Monday, June 5th. Finally, KeyCorp reaffirmed a “buy” rating and set a $23.00 target price on shares of Ferro Corporation in a report on Friday, September 1st.

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Ferro Corporation (NYSE:FOE) traded up 1.40% during trading on Wednesday, hitting $20.95. 1,227,359 shares of the stock were exchanged. The stock’s 50 day moving average is $19.36 and its 200-day moving average is $17.40. Ferro Corporation has a one year low of $12.46 and a one year high of $21.05. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 148.58 and a beta of 2.02.

Ferro Corporation (NYSE:FOE) last issued its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. Ferro Corporation had a net margin of 1.06% and a return on equity of 35.05%. The business had revenue of $348.60 million for the quarter, compared to analysts’ expectations of $336.14 million. During the same period in the previous year, the business earned $0.34 earnings per share. The company’s revenue was up 17.0% on a year-over-year basis. On average, equities research analysts expect that Ferro Corporation will post $1.27 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Ferro Corporation by 0.8% during the second quarter. Vanguard Group Inc. now owns 6,756,554 shares of the specialty chemicals company’s stock worth $123,578,000 after acquiring an additional 53,420 shares during the period. BlackRock Inc. grew its holdings in Ferro Corporation by 0.8% during the second quarter. BlackRock Inc. now owns 5,361,227 shares of the specialty chemicals company’s stock worth $98,057,000 after acquiring an additional 41,297 shares during the period. Dimensional Fund Advisors LP grew its holdings in Ferro Corporation by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,332,686 shares of the specialty chemicals company’s stock worth $50,622,000 after acquiring an additional 42,094 shares during the period. Paradice Investment Management LLC grew its holdings in Ferro Corporation by 124.5% during the second quarter. Paradice Investment Management LLC now owns 2,266,259 shares of the specialty chemicals company’s stock worth $27,082,000 after acquiring an additional 1,256,703 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Ferro Corporation by 88.9% during the first quarter. Wellington Management Group LLP now owns 1,960,691 shares of the specialty chemicals company’s stock worth $29,782,000 after acquiring an additional 922,893 shares during the period. 96.64% of the stock is currently owned by hedge funds and other institutional investors.

About Ferro Corporation

Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel. Its manufacturers make products for various end-use markets.

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