Ferro (NYSE:FOE) Stock Price Down 6.6%

Ferro Co. (NYSE:FOE) shares were down 6.6% on Wednesday . The company traded as low as $11.13 and last traded at $11.16, approximately 600,748 shares changed hands during trading. A decline of 31% from the average daily volume of 868,058 shares. The stock had previously closed at $11.95.

A number of equities research analysts have recently weighed in on FOE shares. TheStreet cut 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. Buckingham Research cut Ferro from a “buy” rating to a “neutral” rating and cut their price target for the company from $21.00 to $16.00 in a report on Thursday, August 1st. BMO Capital Markets cut their price target on Ferro to $15.00 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Finally, ValuEngine cut Ferro from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. 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. Ferro presently has a consensus rating of “Hold” and a consensus target price of $18.60.

The stock has a market capitalization of $979.10 million, a PE ratio of 7.44, a P/E/G ratio of 1.06 and a beta of 1.92. The business has a fifty day moving average of $14.32. The company has a current ratio of 2.58, a quick ratio of 1.49 and a debt-to-equity ratio of 2.25.

Ferro (NYSE:FOE) last announced its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $415.39 million. During the same quarter in the previous year, the company earned $0.44 earnings per share. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Ferro Co. will post 1.21 EPS for the current fiscal year.

In other news, Director Allen A. Spizzo bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were purchased at an average price of $15.33 per share, with a total value of $38,325.00. Following the completion of the acquisition, the director now directly owns 5,000 shares in the company, valued at $76,650. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Benjamin Schlater sold 7,500 shares of the business’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 directly owns 30,055 shares in the company, valued at approximately $367,572.65. The disclosure for this sale can be found here. 2.71% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in the stock. LS Investment Advisors LLC acquired a new position in Ferro in the first quarter worth approximately $47,000. Quantamental Technologies LLC acquired a new position in Ferro in the first quarter worth approximately $132,000. Amalgamated Bank purchased a new position in Ferro during the 4th quarter worth approximately $192,000. Virtu Financial LLC purchased a new position in Ferro during the 1st quarter worth approximately $214,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ferro during the 1st quarter worth approximately $259,000. 98.24% of the stock is currently owned by hedge funds and other institutional investors.

About Ferro (NYSE:FOE)

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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