First Trust Advisors LP lessened its stake in shares of Ferro Co. (NYSE:FOE) by 49.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 95,902 shares of the specialty chemicals company’s stock after selling 94,394 shares during the quarter. First Trust Advisors LP’s holdings in Ferro were worth $2,227,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. First Hawaiian Bank purchased a new stake in shares of Ferro during the third quarter valued at approximately $276,000. UBS Group AG boosted its stake 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 valued at $391,000 after purchasing an additional 5,309 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Ferro during the second quarter valued at approximately $745,000. MetLife Investment Advisors LLC boosted its stake in shares of Ferro by 7.6% during the second quarter. MetLife Investment Advisors LLC now owns 38,898 shares of the specialty chemicals company’s stock valued at $811,000 after purchasing an additional 2,753 shares during the period. Finally, Thompson Siegel & Walmsley LLC lifted its stake in Ferro by 20.2% in the second quarter. Thompson Siegel & Walmsley LLC now owns 41,600 shares of the specialty chemicals company’s stock worth $867,000 after acquiring an additional 7,000 shares during the period. 98.00% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Benjamin Schlater sold 5,426 shares of the firm’s stock in a transaction on Friday, November 16th. The stock was sold at an average price of $19.53, for a total transaction of $105,969.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Barna sold 7,500 shares of the firm’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $19.08, for a total value of $143,100.00. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.
Ferro (NYSE:FOE) last issued its quarterly earnings results on Thursday, November 8th. The specialty chemicals company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03). Ferro had a net margin of 3.79% and a return on equity of 32.74%. The company had revenue of $395.16 million for the quarter, compared to the consensus estimate of $400.74 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. Ferro’s revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that Ferro Co. will post 1.55 EPS for the current fiscal year.
FOE has been the subject of a number of research analyst reports. Deutsche Bank dropped their price target on Ferro from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, November 20th. Zacks Investment Research raised Ferro from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Tuesday, August 14th. Finally, ValuEngine lowered Ferro from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Ferro has a consensus rating of “Buy” and an average target price of $26.00.
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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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