Forterra (FRTA) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Forterra (NASDAQ:FRTA) from a sell rating to a hold rating in a research report released 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. “
A number of other equities analysts have also commented on the stock. BidaskClub lowered shares of Forterra from a buy rating to a hold rating in a research report on Tuesday, August 21st. Barclays raised their price objective on shares of Forterra from $8.00 to $9.00 and gave the company an equal weight rating in a research report on Monday, August 13th. Citigroup raised their price objective on shares of Forterra from $9.50 to $10.50 and gave the company a neutral rating in a research report on Thursday, August 9th. ValuEngine lowered shares of Forterra from a buy rating to a hold rating in a research report on Tuesday, June 26th. Finally, Deutsche Bank raised their price objective on shares of Forterra from $7.00 to $8.00 and gave the company a hold rating in a research report on Monday, June 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Forterra currently has a consensus rating of Hold and an average price target of $10.47.
Forterra (NASDAQ:FRTA) last released its quarterly earnings data on Wednesday, August 8th. The construction company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Forterra had a net margin of 1.24% and a negative return on equity of 37.94%. The company had revenue of $416.10 million during the quarter, compared to analyst estimates of $421.81 million. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. equities research analysts predict that Forterra will post -0.3 EPS for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. BlueMountain Capital Management LLC purchased a new stake in Forterra in the second quarter valued at approximately $102,000. Jane Street Group LLC purchased a new stake in Forterra in the first quarter valued at approximately $100,000. Koch Industries Inc. purchased a new stake in Forterra in the first quarter valued at approximately $114,000. Barclays PLC raised its stake in Forterra by 415.1% in the first quarter. Barclays PLC now owns 15,252 shares of the construction company’s stock valued at $128,000 after purchasing an additional 12,291 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in Forterra in the first quarter valued at approximately $133,000.
Forterra, Inc manufactures and sells water and drainage pipe and products in the United States and Eastern Canada. It also manufactures structural and specialty precast products, and precast concrete bridge girders; and pressure, prestressed concrete, and bar-wrapped concrete pipes. The company serves water-related infrastructure applications, including water transmission, distribution, and drainage; and contractors, distributors, municipalities, and utilities waterworks.
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