Macquarie Group Ltd. reduced its position in shares of Ferro Co. (NYSE:FOE) by 72.7% in the 4th quarter, Holdings Channel reports. The firm owned 6,300 shares of the specialty chemicals company’s stock after selling 16,800 shares during the quarter. Macquarie Group Ltd.’s holdings in Ferro were worth $149,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Stone Ridge Asset Management LLC acquired a new stake in Ferro during the fourth quarter worth about $207,000. SG Americas Securities LLC acquired a new stake in Ferro during the fourth quarter worth about $211,000. Brown Advisory Inc. acquired a new stake in Ferro during the fourth quarter worth about $270,000. Intrust Bank NA increased its position in Ferro by 39.3% during the fourth quarter. Intrust Bank NA now owns 13,104 shares of the specialty chemicals company’s stock worth $309,000 after purchasing an additional 3,696 shares during the last quarter. Finally, Ramsey Quantitative Systems acquired a new stake in Ferro during the fourth quarter worth about $312,000. Hedge funds and other institutional investors own 95.87% of the company’s stock.
Shares of FOE stock opened at $24.40 on Wednesday. The company has a quick ratio of 1.41, a current ratio of 2.32 and a debt-to-equity ratio of 2.04. The stock has a market cap of $1,996.28, a price-to-earnings ratio of 18.91 and a beta of 1.53. Ferro Co. has a 1-year low of $14.85 and a 1-year high of $25.50.
Ferro (NYSE:FOE) last announced its earnings results on Wednesday, February 28th. The specialty chemicals company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The company had revenue of $377.54 million during the quarter, compared to analyst estimates of $336.94 million. Ferro had a net margin of 4.08% and a return on equity of 33.58%. Ferro’s revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. equities research analysts anticipate that Ferro Co. will post 1.59 earnings per share for the current fiscal year.
Several equities research analysts recently issued reports on the stock. Seaport Global Securities restated a “buy” rating on shares of Ferro in a research report on Tuesday, March 6th. Northcoast Research restated a “buy” rating and set a $28.00 price objective on shares of Ferro in a research report on Tuesday, March 6th. Zacks Investment Research cut shares of Ferro from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. ValuEngine cut shares of Ferro from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Finally, BMO Capital Markets assumed coverage on shares of Ferro in a research report on Tuesday, March 27th. They set an “outperform” rating and a $29.00 price objective for the company. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Ferro presently has an average rating of “Buy” and a consensus price target of $25.14.
In other Ferro news, General Counsel Mark Hugo Duesenberg sold 12,000 shares of the stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $24.08, for a total transaction of $288,960.00. Following the completion of the transaction, the general counsel now owns 180,631 shares of the company’s stock, valued at $4,349,594.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.26% of the company’s stock.
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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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