Ferro Corp. (FOE) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Ferro Corp. (NYSE:FOE) from a buy rating to a hold rating in a research note released on Monday morning.

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. “

Other research analysts also recently issued reports about the stock. TheStreet raised shares of Ferro Corp. from a hold rating to a buy rating in a report on Monday, August 8th. Deutsche Bank AG reissued a buy rating on shares of Ferro Corp. in a report on Tuesday, July 19th.

Ferro Corp. (NYSE:FOE) opened at 12.97 on Monday. The stock’s 50 day moving average is $13.23 and its 200 day moving average is $13.21. The firm has a market capitalization of $1.08 billion, a P/E ratio of 20.14 and a beta of 1.89. Ferro Corp. has a one year low of $8.47 and a one year high of $14.88.

Ferro Corp. (NYSE:FOE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.07. The company earned $297.97 million during the quarter, compared to the consensus estimate of $304 million. Ferro Corp. had a net margin of 4.96% and a return on equity of 26.92%. Ferro Corp.’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $0.20 EPS. On average, equities research analysts predict that Ferro Corp. will post $1.05 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Balter Liquid Alternatives LLC purchased a new position in shares of Ferro Corp. during the first quarter valued at approximately $1,083,000. Cutler Group LP boosted its stake in Ferro Corp. by 62.4% in the first quarter. Cutler Group LP now owns 12,151 shares of the company’s stock valued at $144,000 after buying an additional 4,669 shares during the period. Skyline Asset Management LP boosted its stake in Ferro Corp. by 3.8% in the first quarter. Skyline Asset Management LP now owns 1,889,600 shares of the company’s stock valued at $22,430,000 after buying an additional 69,000 shares during the period. Springbok Capital Management LLC boosted its stake in Ferro Corp. by 941.7% in the first quarter. Springbok Capital Management LLC now owns 19,000 shares of the company’s stock valued at $226,000 after buying an additional 17,176 shares during the period. Finally, Brigade Capital Management LP boosted its stake in Ferro Corp. by 8.5% in the first quarter. Brigade Capital Management LP now owns 2,560,396 shares of the company’s stock valued at $30,392,000 after buying an additional 200,000 shares during the period. 90.09% of the stock is owned by hedge funds and other institutional investors.

About Ferro Corp.

Ferro Corporation (Ferro) produces performance materials for a range of manufacturers in diversified industries throughout the world. The Company uses inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides.

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