Bank of America Corp DE Boosts Stake in Ferro Corporation (FOE)

Bank of America Corp DE raised its position in Ferro Corporation (NYSE:FOE) by 15.4% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 184,076 shares of the specialty chemicals company’s stock after buying an additional 24,552 shares during the period. Bank of America Corp DE owned approximately 0.22% of Ferro Corporation worth $2,796,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its position in Ferro Corporation by 9.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 479,525 shares of the specialty chemicals company’s stock worth $7,284,000 after buying an additional 42,108 shares during the last quarter. KCG Holdings Inc. acquired a new position in Ferro Corporation during the first quarter worth $181,000. Renaissance Technologies LLC boosted its position in Ferro Corporation by 114.3% in the first quarter. Renaissance Technologies LLC now owns 53,800 shares of the specialty chemicals company’s stock worth $817,000 after buying an additional 28,700 shares during the last quarter. Citadel Advisors LLC acquired a new position in Ferro Corporation during the first quarter worth $2,201,000. Finally, Balter Liquid Alternatives LLC boosted its position in Ferro Corporation by 1.8% in the first quarter. Balter Liquid Alternatives LLC now owns 196,052 shares of the specialty chemicals company’s stock worth $2,978,000 after buying an additional 3,410 shares during the last quarter. 96.39% of the stock is owned by institutional investors.

Ferro Corporation (NYSE:FOE) opened at 18.76 on Friday. The firm’s 50 day moving average price is $18.82 and its 200-day moving average price is $16.66. Ferro Corporation has a one year low of $12.35 and a one year high of $20.34. The firm has a market cap of $1.57 billion, a PE ratio of 133.05 and a beta of 2.02.

Ferro Corporation (NYSE:FOE) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.04. Ferro Corporation had a net margin of 1.06% and a return on equity of 35.05%. The company had revenue of $348.60 million during the quarter, compared to the consensus estimate of $336.14 million. During the same period last year, the firm earned $0.34 EPS. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. Equities analysts predict that Ferro Corporation will post $1.27 EPS for the current fiscal year.

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A number of research firms recently weighed in on FOE. Zacks Investment Research raised Ferro Corporation from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Friday. BidaskClub raised Ferro Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Deutsche Bank AG reissued a “buy” rating and set a $22.00 target price (up previously from $20.00) on shares of Ferro Corporation in a report on Monday, July 31st. Finally, Longbow Research raised Ferro Corporation from a “neutral” rating to a “buy” rating and set a $22.00 target price for the company in a report on Monday, June 5th. Six investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $20.40.

About Ferro Corporation

Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel. Its manufacturers make products for various end-use markets.

Institutional Ownership by Quarter for Ferro Corporation (NYSE:FOE)

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