D. E. Shaw & Co. Inc. decreased its position in shares of Ferro Corporation (NYSE:FOE) by 26.2% during the third quarter, Holdings Channel reports. The fund owned 579,326 shares of the company’s stock after selling 205,430 shares during the period. D. E. Shaw & Co. Inc. owned approximately 0.69% of Ferro Corporation worth $8,000,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its stake in Ferro Corporation by 9.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 386,664 shares of the company’s stock worth $5,174,000 after buying an additional 34,274 shares during the last quarter. Legal & General Group Plc raised its stake in Ferro Corporation by 15.0% in the second quarter. Legal & General Group Plc now owns 22,263 shares of the company’s stock worth $296,000 after buying an additional 2,903 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Ferro Corporation by 16.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 60,157 shares of the company’s stock worth $805,000 after buying an additional 8,546 shares during the last quarter. Pentwater Capital Management LP bought a new stake in Ferro Corporation during the second quarter worth approximately $1,338,000. Finally, Water Island Capital LLC bought a new stake in Ferro Corporation during the second quarter worth approximately $511,000. 95.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of Ferro Corporation (NYSE:FOE) traded up 1.00% during mid-day trading on Friday, reaching $14.11. The company’s stock had a trading volume of 194,069 shares. The firm’s 50 day moving average is $14.40 and its 200-day moving average is $13.86. The company has a market capitalization of $1.18 billion, a PE ratio of 23.75 and a beta of 2.00. Ferro Corporation has a 52-week low of $8.51 and a 52-week high of $16.17.
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Separately, Zacks Investment Research raised Ferro Corporation from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, January 4th.
Ferro Corporation Company Profile
Ferro Corporation (Ferro) produces performance materials for a range of manufacturers in diversified industries throughout the world. The Company uses inorganic and organic chemical processes, polymer science and materials science to develop and produce these performance materials. The Company’s segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides.
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