Wall Street analysts expect Ferro Co. (NYSE:FOE) to post sales of $399.81 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Ferro’s earnings, with the lowest sales estimate coming in at $394.58 million and the highest estimate coming in at $409.16 million. Ferro reported sales of $350.01 million during the same quarter last year, which indicates a positive year over year growth rate of 14.2%. The firm is scheduled to announce its next earnings results after the market closes on Thursday, November 8th.
On average, analysts expect that Ferro will report full year sales of $1.63 billion for the current year, with estimates ranging from $1.61 billion to $1.64 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.70 billion, with estimates ranging from $1.66 billion to $1.75 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Ferro.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Ferro from a “buy” rating to a “hold” rating in a report on Monday, August 20th. ValuEngine downgraded shares of Ferro from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. Finally, Gabelli reiterated a “buy” rating on shares of Ferro in a research report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $27.00.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Moody Aldrich Partners LLC lifted its position in Ferro by 19.0% during the 3rd quarter. Moody Aldrich Partners LLC now owns 139,760 shares of the specialty chemicals company’s stock worth $3,245,000 after buying an additional 22,340 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Ferro by 42.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,216,520 shares of the specialty chemicals company’s stock worth $51,468,000 after buying an additional 655,644 shares in the last quarter. Essex Investment Management Co. LLC lifted its position in Ferro by 4.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 94,842 shares of the specialty chemicals company’s stock worth $2,202,000 after buying an additional 4,021 shares in the last quarter. First Hawaiian Bank acquired a new position in Ferro during the 3rd quarter worth about $276,000. Finally, Bank of Montreal Can lifted its position in Ferro by 24.5% during the 3rd quarter. Bank of Montreal Can now owns 83,849 shares of the specialty chemicals company’s stock worth $1,947,000 after buying an additional 16,514 shares in the last quarter. Institutional investors and hedge funds own 96.33% 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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