Forterra Inc (FRTA) Raised to Hold at Zacks Investment Research
Forterra Inc (NASDAQ:FRTA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Forterra, Inc. is a manufacturer of concrete and clay building products. It operates primarily in the United States, Canada and the United Kingdom. Forterra, Inc. is headquartered in Irving, Texas. “
Several other research firms also recently commented on FRTA. ValuEngine raised Forterra from a “hold” rating to a “buy” rating in a research note on Friday, August 11th. Royal Bank Of Canada reduced their price objective on Forterra from $16.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, June 27th. Citigroup Inc. reduced their price objective on Forterra from $17.00 to $8.50 and set a “neutral” rating for the company in a research note on Thursday, June 22nd. Finally, Barclays PLC reaffirmed a “buy” rating and set a $15.00 price objective (down from $18.00) on shares of Forterra in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $14.06.
Shares of Forterra (NASDAQ:FRTA) traded down 5.63% on Monday, reaching $5.03. The company had a trading volume of 931,077 shares. Forterra has a 52 week low of $3.02 and a 52 week high of $22.76. The company’s 50-day moving average price is $4.63 and its 200 day moving average price is $4.63. The firm’s market capitalization is $322.94 million.
Forterra (NASDAQ:FRTA) last posted its quarterly earnings data on Thursday, August 10th. The construction company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.11). The company had revenue of $436.69 million for the quarter, compared to analysts’ expectations of $449.68 million. Forterra had a negative net margin of 4.72% and a negative return on equity of 45.03%. On average, analysts expect that Forterra will post ($0.53) EPS for the current year.
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In other Forterra news, CFO William Matthew Brown bought 22,200 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was acquired at an average cost of $4.80 per share, with a total value of $106,560.00. Following the purchase, the chief financial officer now owns 47,501 shares in the company, valued at approximately $228,004.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jeff Bradley bought 25,000 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were acquired at an average cost of $3.97 per share, with a total value of $99,250.00. Following the completion of the purchase, the chief executive officer now owns 109,336 shares in the company, valued at approximately $434,063.92. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 173,774 shares of company stock valued at $739,476. Company insiders own 0.33% of the company’s stock.
Several hedge funds have recently modified their holdings of FRTA. Capital World Investors purchased a new position in shares of Forterra during the 2nd quarter worth approximately $25,249,000. FMR LLC purchased a new position in shares of Forterra during the 1st quarter worth approximately $31,062,000. Redwood Capital Management LLC purchased a new position in shares of Forterra during the 2nd quarter worth approximately $7,700,000. Pictet Asset Management Ltd. raised its stake in shares of Forterra by 45.1% during the 2nd quarter. Pictet Asset Management Ltd. now owns 2,636,865 shares of the construction company’s stock worth $18,960,000 after buying an additional 819,647 shares in the last quarter. Finally, Rubric Capital Management LP raised its stake in shares of Forterra by 134.9% during the 2nd quarter. Rubric Capital Management LP now owns 952,600 shares of the construction company’s stock worth $7,840,000 after buying an additional 547,116 shares in the last quarter. 99.70% of the stock is owned by institutional investors and hedge funds.
Forterra Company Profile
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