American International Group Inc. lifted its holdings in shares of Ferro Co. (NYSE:FOE) by 3.1% during the second quarter, HoldingsChannel.com reports. The fund owned 57,942 shares of the specialty chemicals company’s stock after purchasing an additional 1,766 shares during the quarter. American International Group Inc.’s holdings in Ferro were worth $692,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Algert Global LLC purchased a new position in shares of Ferro during the second quarter worth approximately $233,000. Magnus Financial Group LLC grew its position in Ferro by 41.1% in the 2nd quarter. Magnus Financial Group LLC now owns 23,485 shares of the specialty chemicals company’s stock valued at $280,000 after buying an additional 6,844 shares during the last quarter. Synovus Financial Corp grew its position in Ferro by 29.1% in the 2nd quarter. Synovus Financial Corp now owns 19,432 shares of the specialty chemicals company’s stock valued at $232,000 after buying an additional 4,383 shares during the last quarter. Mutual of America Capital Management LLC grew its position in Ferro by 6,703.4% in the 2nd quarter. Mutual of America Capital Management LLC now owns 238,799 shares of the specialty chemicals company’s stock valued at $2,851,000 after buying an additional 235,289 shares during the last quarter. Finally, Mesirow Financial Investment Management Equity Management purchased a new position in Ferro in the 2nd quarter valued at $2,059,000.
Shares of FOE stock opened at $12.55 on Wednesday. The firm has a 50-day moving average price of $12.79 and a 200 day moving average price of $11.27. Ferro Co. has a twelve month low of $7.52 and a twelve month high of $15.20. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -179.29, a PEG ratio of 2.05 and a beta of 1.82. The company has a current ratio of 2.47, a quick ratio of 1.63 and a debt-to-equity ratio of 2.25.
Ferro (NYSE:FOE) last announced its earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.01. Ferro had a negative net margin of 0.73% and a positive return on equity of 19.96%. The firm had revenue of $204.80 million during the quarter, compared to the consensus estimate of $211.90 million. During the same quarter in the previous year, the company posted $0.35 EPS. The firm’s revenue for the quarter was down 21.5% on a year-over-year basis. As a group, research analysts predict that Ferro Co. will post 0.71 earnings per share for the current year.
A number of research firms recently weighed in on FOE. ValuEngine upgraded shares of Ferro from a “sell” rating to a “hold” rating in a research report on Thursday, June 4th. Wells Fargo & Company lifted their price target on Ferro from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. Finally, Zacks Investment Research downgraded Ferro from a “buy” rating to a “hold” rating in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $13.67.
Ferro Corporation produces specialty materials in the United States and internationally. It operates through three segments: Performance Coatings, 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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