Gabelli Funds LLC reduced its stake in Ferro Co. (NYSE:FOE) by 2.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,555,000 shares of the specialty chemicals company’s stock after selling 81,000 shares during the quarter. Gabelli Funds LLC’s holdings in Ferro were worth $82,547,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Stone Ridge Asset Management LLC purchased a new position in shares of Ferro in the 4th quarter valued at approximately $207,000. SG Americas Securities LLC purchased a new position in shares of Ferro in the 4th quarter valued at approximately $211,000. Xact Kapitalforvaltning AB purchased a new position in shares of Ferro in the 4th quarter valued at approximately $237,000. Brown Advisory Inc. purchased a new position in shares of Ferro in the 4th quarter valued at approximately $270,000. Finally, Intrust Bank NA raised its position in shares of Ferro by 39.3% in the 4th quarter. Intrust Bank NA now owns 13,104 shares of the specialty chemicals company’s stock valued at $309,000 after purchasing an additional 3,696 shares during the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.
Ferro opened at $21.45 on Tuesday, according to MarketBeat Ratings. Ferro Co. has a 12-month low of $16.48 and a 12-month high of $25.50. The company has a quick ratio of 1.49, a current ratio of 2.51 and a debt-to-equity ratio of 1.98. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 0.80 and a beta of 1.54.
Ferro (NYSE:FOE) last posted its quarterly earnings results on Tuesday, May 1st. The specialty chemicals company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $380.56 million. During the same period last year, the firm posted $0.31 EPS. Ferro’s revenue for the quarter was up 26.5% compared to the same quarter last year. analysts expect that Ferro Co. will post 1.59 EPS for the current year.
FOE has been the subject of several research analyst reports. Zacks Investment Research raised shares of Ferro from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Monday, May 7th. ValuEngine lowered shares of Ferro from a “buy” rating to a “hold” rating in a research report on Saturday, May 12th. BMO Capital Markets started coverage on shares of Ferro in a research report on Tuesday, March 27th. They set an “outperform” rating and a $29.00 price target for the company. Northcoast Research reissued a “buy” rating and set a $28.00 price target on shares of Ferro in a research report on Tuesday, March 6th. Finally, Seaport Global Securities reissued a “buy” rating on shares of Ferro in a research report on Tuesday, March 6th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $25.67.
In other news, General Counsel Mark Hugo Duesenberg sold 12,000 shares of Ferro stock in a transaction that occurred on 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 directly owns 180,631 shares of the company’s stock, valued at approximately $4,349,594.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.26% of the stock is owned by insiders.
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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