Short Interest in Ferro Co. (NYSE:FOE) Decreases By 12.6%

Ferro Co. (NYSE:FOE) was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 3,503,800 shares, a decrease of 12.6% from the June 30th total of 4,008,100 shares. Currently, 4.3% of the shares of the company are sold short. Based on an average daily trading volume, of 650,100 shares, the short-interest ratio is currently 5.4 days.

NYSE:FOE traded up $0.21 during trading hours on Friday, reaching $10.99. The company had a trading volume of 639,775 shares, compared to its average volume of 865,878. Ferro has a 1-year low of $10.68 and a 1-year high of $23.88. The firm has a market cap of $979.09 million, a PE ratio of 7.33, a price-to-earnings-growth ratio of 1.06 and a beta of 1.92. The business’s 50 day moving average price is $14.15 and its 200-day moving average price is $16.24. The company has a debt-to-equity ratio of 2.25, a current ratio of 2.58 and a quick ratio of 1.49.

Ferro (NYSE:FOE) last announced its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $393.90 million during the quarter, compared to the consensus estimate of $415.39 million. During the same period in the previous year, the company posted $0.44 earnings per share. Ferro’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts expect that Ferro will post 1.21 earnings per share for the current fiscal year.

In related news, CFO Benjamin Schlater sold 7,500 shares of the company’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 owns 30,055 shares in the company, valued at $367,572.65. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 12,500 shares of company stock worth $151,450. 2.71% of the stock is owned by insiders.

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

A number of brokerages have issued reports on FOE. TheStreet downgraded Ferro from a “b-” rating to a “c+” rating in a report on Wednesday, May 29th. Buckingham Research downgraded Ferro from a “buy” rating to a “neutral” rating and decreased their price target for the company from $21.00 to $16.00 in a report on Thursday, August 1st. ValuEngine downgraded Ferro from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Zacks Investment Research raised Ferro from a “sell” rating to a “hold” rating in a report on Monday, July 29th. Finally, BMO Capital Markets decreased their price target on Ferro to $15.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $18.60.

Ferro Company Profile

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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