Deutsche Bank Trims Ferro (FOE) Target Price to $23.00

Ferro (NYSE:FOE) had its price target reduced by Deutsche Bank from $26.00 to $23.00 in a report issued on Tuesday. They currently have a buy rating on the specialty chemicals company’s stock.

FOE has been the subject of several other research reports. Gabelli restated a buy rating on shares of Ferro in a report on Friday, July 27th. Zacks Investment Research upgraded Ferro from a hold rating to a buy rating and set a $24.00 price target for the company in a report on Tuesday, August 14th. Finally, ValuEngine cut Ferro from a hold rating to a sell rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $26.00.

FOE opened at $19.02 on Tuesday. The company has a debt-to-equity ratio of 2.38, a current ratio of 2.85 and a quick ratio of 1.76. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 0.78 and a beta of 1.70. Ferro has a 12 month low of $15.59 and a 12 month high of $25.50.

Ferro (NYSE:FOE) last posted its quarterly earnings results on Thursday, November 8th. The specialty chemicals company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.03). The business had revenue of $395.16 million during the quarter, compared to analysts’ expectations of $400.74 million. Ferro had a net margin of 3.79% and a return on equity of 32.74%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. As a group, sell-side analysts forecast that Ferro will post 1.55 EPS for the current fiscal year.

In other news, insider James Barna sold 7,500 shares of the business’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $19.08, for a total transaction of $143,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Benjamin Schlater sold 5,426 shares of the business’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $19.53, for a total value of $105,969.78. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. Wakefield Asset Management LLLP purchased a new stake in shares of Ferro during the 3rd quarter worth about $248,000. Jefferies Group LLC grew its holdings in shares of Ferro by 212.8% during the 3rd quarter. Jefferies Group LLC now owns 11,277 shares of the specialty chemicals company’s stock worth $262,000 after purchasing an additional 21,277 shares during the period. First Hawaiian Bank purchased a new stake in shares of Ferro during the 3rd quarter worth about $276,000. Brown Advisory Inc. purchased a new stake in shares of Ferro during the 3rd quarter worth about $278,000. Finally, Sheets Smith Wealth Management purchased a new stake in shares of Ferro during the 2nd quarter worth about $287,000. Institutional investors and hedge funds own 98.00% of the company’s stock.

About Ferro

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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