California Public Employees Retirement System cut its stake in shares of Ferro Co. (NYSE:FOE) by 8.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,884 shares of the specialty chemicals company’s stock after selling 11,792 shares during the quarter. California Public Employees Retirement System owned 0.16% of Ferro worth $2,572,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Chartwell Investment Partners LLC raised its position in shares of Ferro by 0.6% during the 1st quarter. Chartwell Investment Partners LLC now owns 109,860 shares of the specialty chemicals company’s stock valued at $2,080,000 after acquiring an additional 670 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Ferro by 8.1% during the fourth quarter. Prudential Financial Inc. now owns 10,480 shares of the specialty chemicals company’s stock worth $164,000 after purchasing an additional 785 shares during the last quarter. Bank of Montreal Can boosted its holdings in Ferro by 1.5% during the first quarter. Bank of Montreal Can now owns 78,527 shares of the specialty chemicals company’s stock worth $1,487,000 after purchasing an additional 1,165 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in Ferro by 3.6% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 39,370 shares of the specialty chemicals company’s stock worth $617,000 after acquiring an additional 1,351 shares during the period. Finally, LS Investment Advisors LLC bought a new stake in Ferro in the first quarter worth about $47,000. 98.24% of the stock is owned by institutional investors and hedge funds.
In related news, Director David A. Lorber acquired 2,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $15.51 per share, for a total transaction of $38,775.00. Following the completion of the acquisition, the director now directly owns 22,000 shares in the company, valued at approximately $341,220. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Peter T. Thomas acquired 17,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were bought at an average price of $15.92 per share, for a total transaction of $270,640.00. Following the acquisition, the chief executive officer now owns 677,956 shares of the company’s stock, valued at $10,793,059.52. The disclosure for this purchase can be found here. Insiders have bought 24,500 shares of company stock valued at $387,490 over the last three months. Insiders own 2.71% of the company’s stock.
Ferro (NYSE:FOE) last released its quarterly earnings data on Wednesday, May 1st. The specialty chemicals company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. The firm had revenue of $387.50 million for the quarter, compared to analysts’ expectations of $396.60 million. Ferro had a net margin of 4.41% and a return on equity of 30.06%. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 earnings per share. As a group, research analysts expect that Ferro Co. will post 1.39 earnings per share for the current year.
Several research analysts recently issued reports on FOE shares. ValuEngine upgraded shares of Ferro from a “sell” rating to a “hold” rating in a research note on Wednesday, March 20th. Deutsche Bank cut their price objective on shares of Ferro from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, April 3rd. KeyCorp cut their price objective on shares of Ferro from $26.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Northcoast Research downgraded shares of Ferro from a “buy” rating to a “neutral” rating in a research report on Monday, April 1st. Finally, TheStreet downgraded shares of Ferro from a “b-” rating to a “c+” rating in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Ferro currently has a consensus rating of “Hold” and an average target price of $20.17.
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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