Ferro (FOE) Downgraded by BMO Capital Markets

BMO Capital Markets cut shares of Ferro (NYSE:FOE) from an outperform rating to a market perform rating in a research report released on Monday, Benzinga reports. The brokerage currently has $18.83 price objective on the specialty chemicals company’s stock.

Other analysts have also recently issued research reports about the company. Buckingham Research initiated coverage on Ferro in a report on Friday, January 4th. They issued a buy rating and a $20.00 price target on the stock. Zacks Investment Research cut Ferro from a strong-buy rating to a hold rating in a report on Monday, January 21st. Finally, ValuEngine raised Ferro from a sell rating to a hold rating in a report on Wednesday, March 20th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $19.96.

Shares of FOE opened at $17.99 on Monday. The stock has a market cap of $1.57 billion, a P/E ratio of 11.99, a P/E/G ratio of 1.06 and a beta of 1.79. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.37 and a current ratio of 2.30. Ferro has a 52-week low of $14.59 and a 52-week high of $24.72.

Ferro (NYSE:FOE) last issued its quarterly earnings data on Wednesday, February 27th. The specialty chemicals company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.03. The business had revenue of $395.50 million for the quarter, compared to analysts’ expectations of $389.36 million. Ferro had a return on equity of 32.99% and a net margin of 4.97%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 EPS. As a group, research analysts expect that Ferro will post 1.6 EPS for the current year.

In other Ferro news, CFO Benjamin Schlater sold 7,419 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $20.83, for a total value of $154,537.77. Following the sale, the chief financial officer now owns 33,107 shares of the company’s stock, valued at approximately $689,618.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.71% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the business. Deutsche Bank AG raised its holdings in shares of Ferro by 8.0% in the 4th quarter. Deutsche Bank AG now owns 257,046 shares of the specialty chemicals company’s stock valued at $4,028,000 after acquiring an additional 19,093 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Ferro by 6.1% during the 4th quarter. American Century Companies Inc. now owns 324,501 shares of the specialty chemicals company’s stock valued at $5,088,000 after buying an additional 18,518 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Ferro by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 877,998 shares of the specialty chemicals company’s stock valued at $13,767,000 after buying an additional 56,465 shares in the last quarter. Norges Bank purchased a new position in shares of Ferro during the 4th quarter valued at about $11,016,000. Finally, Amalgamated Bank purchased a new position in shares of Ferro during the 4th quarter valued at about $192,000. 98.89% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Ferro (NYSE:FOE)

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