Seaport Global Securities Analysts Lower Earnings Estimates for Ferro Co. (NYSE:FOE)
Ferro Co. (NYSE:FOE) – Equities researchers at Seaport Global Securities decreased their FY2018 earnings per share (EPS) estimates for Ferro in a research note issued to investors on Monday, November 12th, Zacks Investment Research reports. Seaport Global Securities analyst M. Harrison now anticipates that the specialty chemicals company will post earnings of $1.56 per share for the year, down from their previous forecast of $1.58. Seaport Global Securities also issued estimates for Ferro’s FY2020 earnings at $2.23 EPS.
A number of other research analysts have also weighed in on the stock. ValuEngine lowered shares of Ferro from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Zacks Investment Research lowered shares of Ferro from a “buy” rating to a “hold” rating in a research note on Monday, August 20th. Finally, Deutsche Bank decreased their price target on shares of Ferro from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Tuesday, November 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $26.00.
Ferro (NYSE:FOE) last posted its earnings results on Thursday, November 8th. The specialty chemicals company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.03). Ferro had a return on equity of 32.74% and a net margin of 3.79%. The firm had revenue of $395.16 million for the quarter, compared to analysts’ expectations of $400.74 million. During the same period in the previous year, the company earned $0.33 earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year.
In other Ferro news, CFO Benjamin Schlater sold 5,426 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Barna sold 7,500 shares of the stock in a transaction dated Thursday, November 15th. The shares were 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.
Hedge funds have recently added to or reduced their stakes in the business. Wakefield Asset Management LLLP acquired a new stake in Ferro in the 3rd quarter valued at about $248,000. Jefferies Group LLC raised its holdings in Ferro by 212.8% in the 3rd quarter. Jefferies Group LLC now owns 11,277 shares of the specialty chemicals company’s stock valued at $262,000 after acquiring an additional 21,277 shares during the last quarter. First Hawaiian Bank acquired a new stake in Ferro in the 3rd quarter valued at about $276,000. Brown Advisory Inc. acquired a new stake in shares of Ferro during the 3rd quarter worth approximately $278,000. Finally, Sheets Smith Wealth Management acquired a new stake in shares of Ferro during the 2nd quarter worth approximately $287,000. Institutional investors own 98.57% of the company’s stock.
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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