Forterra (FRTA) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Forterra (NASDAQ:FRTA) from a buy rating to a hold rating in a research note published 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 FRTA. Deutsche Bank cut their price objective on Forterra to $5.00 and set a hold rating on the stock in a research note on Sunday, November 25th. Barclays set a $5.00 price objective on Forterra and gave the stock a hold rating in a research note on Wednesday, December 12th. Exane BNP Paribas raised Forterra from a neutral rating to an outperform rating in a research note on Wednesday, January 23rd. BNP Paribas raised Forterra from a neutral rating to an outperform rating in a research note on Wednesday, January 23rd. Finally, BidaskClub raised Forterra from a strong sell rating to a sell rating in a research note on Wednesday, February 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $6.65.
Forterra (NASDAQ:FRTA) last posted its quarterly earnings data on Monday, March 11th. The construction company reported ($0.27) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.27). The company had revenue of $339.16 million for the quarter, compared to analyst estimates of $369.08 million. Forterra had a negative return on equity of 23.75% and a negative net margin of 1.65%. Equities analysts predict that Forterra will post -0.2 earnings per share for the current fiscal year.
In other Forterra news, VP Lori M. Browne bought 6,118 shares of the stock in a transaction on Thursday, March 14th. The stock was acquired at an average cost of $4.38 per share, for a total transaction of $26,796.84. Following the completion of the acquisition, the vice president now owns 41,486 shares in the company, valued at approximately $181,708.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Charles Rodney Brown bought 36,745 shares of the stock in a transaction on Friday, March 15th. The stock was acquired at an average price of $4.16 per share, with a total value of $152,859.20. Following the completion of the acquisition, the chief financial officer now owns 57,762 shares of the company’s stock, valued at approximately $240,289.92. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 82,863 shares of company stock valued at $331,656. 0.84% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Intrinsic Edge Capital Management LLC bought a new stake in shares of Forterra during the fourth quarter valued at approximately $1,446,000. Royce & Associates LP increased its holdings in shares of Forterra by 15.5% during the fourth quarter. Royce & Associates LP now owns 2,202,367 shares of the construction company’s stock valued at $8,281,000 after acquiring an additional 294,992 shares in the last quarter. Putnam Investments LLC bought a new stake in shares of Forterra during the third quarter valued at approximately $1,084,000. Bank of America Corp DE increased its holdings in shares of Forterra by 1,606.2% during the fourth quarter. Bank of America Corp DE now owns 148,879 shares of the construction company’s stock valued at $559,000 after acquiring an additional 140,153 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Forterra during the third quarter valued at approximately $555,000. Institutional investors and hedge funds own 98.41% of the company’s stock.
Forterra Company Profile
Forterra, Inc manufactures and sells pipe and precast products the United States, Canada, and Mexico. It operates through Drainage Pipe & Products; and Water Pipe & Products segments. It offers concrete drainage pipes used for storm water applications, residential and non-residential site developments, sanitary sewers, low-pressure sewer force mains, tunneled systems, treatment plant piping, and utility tunnels.
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