Zacks Investment Research Downgrades L.B. Foster Co. (FSTR) to Strong Sell
L.B. Foster Co. (NASDAQ:FSTR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday.
According to Zacks, “L.B. Foster reported weak third-quarter 2016 results. Quarterly adjusted earnings and revenues both missed the respective Zacks Consensus Estimates and even fell short of the year-ago tallies. Quarterly results were largely hurt due to weak segmental performance. Factors like weaker rail pricing, reduced capital expenditure, low steel prices and lower demand of certain major products are even likely to depress top- and bottom lines in the quarters ahead. Moreover, hostile alterations in government spending pattern, dependence of few input suppliers, stiff industry rivalry and a stronger U.S. dollar also remain major causes of worry for the company.”
Shares of L.B. Foster (NASDAQ:FSTR) opened at 11.20 on Thursday. The firm’s 50-day moving average price is $12.18 and its 200-day moving average price is $11.91. L.B. Foster has a 12 month low of $8.80 and a 12 month high of $20.77. The firm’s market capitalization is $116.29 million.
L.B. Foster (NASDAQ:FSTR) last posted its quarterly earnings data on Tuesday, August 9th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.19 by $0.30. The business earned $136 million during the quarter, compared to analyst estimates of $152.65 million. L.B. Foster had a negative return on equity of 0.83% and a negative net margin of 19.43%. L.B. Foster’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS. On average, equities analysts anticipate that L.B. Foster will post ($0.81) earnings per share for the current year.
In other news, Director Robert S. Purgason purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, August 17th. The shares were acquired at an average price of $11.24 per share, with a total value of $112,400.00. Following the completion of the purchase, the director now directly owns 27,915 shares of the company’s stock, valued at approximately $313,764.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bradley Vizi purchased 57,452 shares of the business’s stock in a transaction dated Thursday, August 18th. The shares were purchased at an average cost of $11.07 per share, for a total transaction of $635,993.64. The disclosure for this purchase can be found here. 15.20% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Springbok Capital Management LLC raised its position in shares of L.B. Foster by 21.2% in the first quarter. Springbok Capital Management LLC now owns 10,300 shares of the company’s stock valued at $187,000 after buying an additional 1,800 shares during the period. Bank of New York Mellon Corp raised its position in shares of L.B. Foster by 4.8% in the third quarter. Bank of New York Mellon Corp now owns 57,337 shares of the company’s stock valued at $689,000 after buying an additional 2,648 shares during the period. Van ECK Associates Corp raised its position in shares of L.B. Foster by 53.4% in the second quarter. Van ECK Associates Corp now owns 14,689 shares of the company’s stock valued at $160,000 after buying an additional 5,113 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of L.B. Foster by 2.8% in the second quarter. Parametric Portfolio Associates LLC now owns 308,097 shares of the company’s stock valued at $3,355,000 after buying an additional 8,270 shares during the period. Finally, ClariVest Asset Management LLC raised its position in shares of L.B. Foster by 134.6% in the second quarter. ClariVest Asset Management LLC now owns 14,491 shares of the company’s stock valued at $158,000 after buying an additional 8,314 shares during the period. 58.71% of the stock is currently owned by institutional investors and hedge funds.
L.B. Foster Company Profile
L.B. Foster Company is a manufacturer, fabricator and distributor of products and services for the rail, construction, energy and utility markets. The Company’s segments include Rail Products and Services, Construction Products, and Tubular and Energy Services. Its Rail Products segment provides a range of new and used rail, trackwork and accessories to railroads, mines and industry.
Receive News & Stock Ratings for L.B. Foster Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L.B. Foster Co. and related stocks with our FREE daily email newsletter.