Zacks Investment Research Upgrades Ferro (FOE) to Buy

Zacks Investment Research upgraded shares of Ferro (NYSE:FOE) from a hold rating to a buy rating in a research note issued to investors on Thursday. They currently have $24.00 price target on the specialty chemicals company’s stock.

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. “

Several other brokerages have also recently issued reports on FOE. Seaport Global Securities reaffirmed a buy rating on shares of Ferro in a research note on Tuesday, March 6th. Northcoast Research reaffirmed a buy rating and set a $28.00 target price on shares of Ferro in a research note on Tuesday, March 6th. BMO Capital Markets began coverage on shares of Ferro in a research note on Tuesday, March 27th. They set an outperform rating and a $29.00 target price on the stock. Finally, ValuEngine raised shares of Ferro from a hold rating to a buy rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $25.67.

Shares of FOE opened at $21.39 on Thursday. Ferro has a 52-week low of $16.48 and a 52-week high of $25.50. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.49 and a current ratio of 2.51. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 0.80 and a beta of 1.54.

Ferro (NYSE:FOE) last announced its earnings results on Tuesday, May 1st. The specialty chemicals company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. Ferro had a net margin of 3.95% and a return on equity of 32.32%. The company had revenue of $405.50 million for the quarter, compared to analysts’ expectations of $380.56 million. During the same quarter in the previous year, the company posted $0.31 EPS. The firm’s quarterly revenue was up 26.5% on a year-over-year basis. analysts forecast that Ferro will post 1.59 earnings per share for the current fiscal year.

In other news, General Counsel Mark Hugo Duesenberg sold 12,000 shares of Ferro stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $21.84, for a total transaction of $262,080.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.26% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Stone Ridge Asset Management LLC purchased a new position in shares of Ferro during the 4th quarter worth $207,000. SG Americas Securities LLC purchased a new position in shares of Ferro during the 4th quarter worth $211,000. Xact Kapitalforvaltning AB purchased a new position in shares of Ferro during the 4th quarter worth $237,000. Brown Advisory Inc. purchased a new position in shares of Ferro during the 4th quarter worth $270,000. Finally, Intrust Bank NA raised its holdings in shares of Ferro by 39.3% during the 4th quarter. Intrust Bank NA now owns 13,104 shares of the specialty chemicals company’s stock worth $309,000 after acquiring an additional 3,696 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

Ferro Company Profile

Ferro Corporation produces specialty materials in the United States and internationally. It operates through four business units: Tile Coating Systems; Porcelain Enamel; 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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