David A. Lorber Boosts His Stake at Ferro Corporation (FOE)
David A. Lorber, one of the managers of the Frontfour Capital Group, has significantly increased its position in Ferro Corporation (NYSE:FOE), after acquiring around 1.22 million shares. The securities have been bought at a price of $13.27 apiece and following the acquisition Mr. Lorber holds some 5.31 million shares. The securities have been acquired under the Deferred Compensation Plan for Non-Employee Directors.
Ferro Corporation (NYSE:FOE) is engaged in production of specialty chemicals that are acquired by manufacturers, which use them for products delivered for different end-use markets. The company reported an EPS of $0.14 per share for the third quarter of 2013, while for the end of the year, analysts expect the company to post earnings of $0.07 per share. The average rating for the stock is "hold" and the price is at around $13.30 per share, slightly above the current share price.
Frontfour Capital Group, in its latest 13F disclosed holding around 2.38 million shares of Ferro Corporation (NYSE:FOE). Aside from it, Gamco Investors, managed by Mario Gabelli reported the largest stake out of the funds we track, which amasses 8.57 million shares. In addition, Don Morgan's Brigade Capital, at the end of September, held 3.70 million shares of the company, among several other funds.
A couple of days ago, David Lorber also disclosed receiving some 1,130 shares of Gencorp Inc (NYSE:GY), where he is also a director. The securities have been received under the Director Compensation Program which allows directors to receive GenCorp common stock in lieu of their cash compensation. Following the addition of shares, Mr. Lorber directly holds in aggregate approximately 208,600 units of common stock.