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.
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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