Zacks Investment Research Upgrades L.B. Foster (NASDAQ:FSTR) to “Buy”
L.B. Foster (NASDAQ:FSTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage presently has a $21.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 8.81% from the company’s current price.
According to Zacks, “L. B. Foster Company is engaged in the manufacture, fabrication and distribution of rail and trackwork, piling, highway products and tubular products. For rail markets, Foster provides a full line of new and used rail, trackwork and accessories to railroads, mines and industry. Foster also sells and rents steel sheet piling and H-bearing pile for foundation and earth retention requirements for the construction industry. For tubular markets, foster supplies pipe and pipe coatings for pipelines and produces pipe-related products for special markets. “
Other equities research analysts have also issued reports about the company. B. Riley set a $30.00 price target on L.B. Foster and gave the stock a “buy” rating in a research note on Friday, June 14th. BidaskClub downgraded L.B. Foster from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Finally, ValuEngine downgraded L.B. Foster from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd.
L.B. Foster (NASDAQ:FSTR) last announced its quarterly earnings results on Tuesday, July 30th. The basic materials company reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.39. The company had revenue of $200.93 million during the quarter, compared to analyst estimates of $178.85 million. L.B. Foster had a positive return on equity of 15.15% and a negative net margin of 3.36%. As a group, analysts predict that L.B. Foster will post 2.18 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of L.B. Foster by 78.0% in the second quarter. Royal Bank of Canada now owns 7,853 shares of the basic materials company’s stock worth $215,000 after buying an additional 3,440 shares during the period. ClariVest Asset Management LLC boosted its position in shares of L.B. Foster by 3,775.5% in the second quarter. ClariVest Asset Management LLC now owns 26,586 shares of the basic materials company’s stock worth $727,000 after buying an additional 25,900 shares during the period. Zacks Investment Management purchased a new stake in shares of L.B. Foster in the second quarter worth about $797,000. Nuveen Asset Management LLC purchased a new stake in shares of L.B. Foster in the second quarter worth about $1,885,000. Finally, Bank of America Corp DE boosted its position in shares of L.B. Foster by 1.9% in the second quarter. Bank of America Corp DE now owns 27,340 shares of the basic materials company’s stock worth $747,000 after buying an additional 505 shares during the period. 74.05% of the stock is owned by institutional investors.
About L.B. Foster
L.B. Foster Company manufactures and distributes products and services for the transportation and energy infrastructure worldwide. Its Rail Products and Services segment offers new rail to passenger and short line freight railroads, industrial companies, and rail contractors; used rails; rail accessories, including track spikes, bolts, angle bars, and other products; power rail, direct fixation fasteners, coverboards, and other accessories; and trackwork products, as well as engineers and fabricates insulated rail joints and related accessories.
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