Brant Point Investment Management LLC Lowers Stake in Ferro Co. (FOE)

Brant Point Investment Management LLC decreased its stake in shares of Ferro Co. (NYSE:FOE) by 42.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 222,135 shares of the specialty chemicals company’s stock after selling 161,246 shares during the period. Brant Point Investment Management LLC owned approximately 0.27% of Ferro worth $5,158,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. First Hawaiian Bank bought a new stake in shares of Ferro during the third quarter worth $276,000. Brown Advisory Inc. bought a new stake in shares of Ferro during the third quarter worth $278,000. UBS Group AG increased its position in shares of Ferro by 46.0% during the first quarter. UBS Group AG now owns 16,846 shares of the specialty chemicals company’s stock worth $391,000 after acquiring an additional 5,309 shares in the last quarter. Affinity Investment Advisors LLC increased its position in shares of Ferro by 26.3% during the third quarter. Affinity Investment Advisors LLC now owns 20,859 shares of the specialty chemicals company’s stock worth $484,000 after acquiring an additional 4,339 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in shares of Ferro during the second quarter worth $745,000. 98.00% of the stock is owned by institutional investors.

Shares of FOE stock opened at $19.30 on Friday. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 0.80 and a beta of 1.70. The company has a quick ratio of 1.76, a current ratio of 2.85 and a debt-to-equity ratio of 2.38. Ferro Co. has a one year low of $15.59 and a one year high of $25.50.

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

In other Ferro news, CFO Benjamin Schlater sold 5,426 shares of Ferro stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $19.53, for a total value of $105,969.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Barna sold 7,500 shares of Ferro 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 disclosure for this sale can be found here. Company insiders own 2.02% of the company’s stock.

A number of research firms recently weighed in on FOE. ValuEngine downgraded shares of Ferro from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. Deutsche Bank decreased their target price on shares of Ferro from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, November 20th. Finally, Zacks Investment Research raised shares of Ferro from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $26.00.

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Ferro Company Profile

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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Institutional Ownership by Quarter for Ferro (NYSE:FOE)

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