Brigade Capital Management Lp Lowers stake in Ferro Corporation (FOE)

Ferro Corporation (FOE) : Brigade Capital Management Lp reduced its stake in Ferro Corporation by 1.95% during the most recent quarter end. The investment management company now holds a total of 2,510,396 shares of Ferro Corporation which is valued at $33,538,891 after selling 50,000 shares in Ferro Corporation , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Ferro Corporation makes up approximately 13.79% of Brigade Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Price T Rowe Associates Inc Md reduced its stake in FOE by selling 9,700 shares or 17.88% in the most recent quarter. The Hedge Fund company now holds 44,560 shares of FOE which is valued at $595,322.Blackrock Group Ltd reduced its stake in FOE by selling 454 shares or 1.18% in the most recent quarter. The Hedge Fund company now holds 38,166 shares of FOE which is valued at $509,898. First New York Securities Ny sold out all of its stake in FOE during the most recent quarter. The investment firm sold 5,500 shares of FOE which is valued $67,155.

Ferro Corporation opened for trading at $13.35 and hit $13.43 on the upside on Thursday, eventually ending the session at $13.35, with a gain of 0.07% or 0.01 points. The heightened volatility saw the trading volume jump to 3,17,743 shares. Company has a market cap of $1,111 M.

On the company’s financial health, Ferro Corporation reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.27. The company had revenue of $297.97 million for the quarter, compared to analysts expectations of $304.00 million. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS.

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. It operates approximately 33 facilities around the world that manufacture performance materials and performance chemicals. The Company’s performance materials include frits porcelain and other glass enamels glazes stains decorating colors pigments inks polishing materials specialty dielectrics electronic glasses and other specialty coatings. Ferro operates through four segments: Tile Coating Systems Porcelain Enamel Performance Colors and Glass and Pigments Powders and Oxides. Ferro’s products are used in a variety of product applications in markets including appliances household furnishings automobiles industrial products building and renovation and packaging.

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