Forterra (NASDAQ:FRTA) Cut to “Buy” at BidaskClub

BidaskClub cut shares of Forterra (NASDAQ:FRTA) from a strong-buy rating to a buy rating in a research note released on Thursday morning, BidAskClub reports.

A number of other research firms also recently issued reports on FRTA. ValuEngine upgraded shares of Forterra from a hold rating to a buy rating in a report on Thursday, August 1st. Barclays set a $6.00 target price on shares of Forterra and gave the company a hold rating in a report on Wednesday, May 8th. Goldman Sachs Group upgraded shares of Forterra from a sell rating to a buy rating and boosted their target price for the company from $4.25 to $8.00 in a report on Wednesday, August 7th. Finally, Zacks Investment Research downgraded shares of Forterra from a buy rating to a hold rating in a report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $7.17.

Shares of NASDAQ FRTA opened at $6.18 on Thursday. Forterra has a 12 month low of $3.25 and a 12 month high of $9.32. The company has a current ratio of 2.47, a quick ratio of 1.26 and a debt-to-equity ratio of 14.94. The company has a 50-day simple moving average of $6.29 and a 200-day simple moving average of $5.23.

Forterra (NASDAQ:FRTA) last released its earnings results on Monday, August 5th. The construction company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Forterra had a negative net margin of 2.27% and a negative return on equity of 31.23%. The firm had revenue of $410.20 million during the quarter, compared to the consensus estimate of $422.54 million. During the same period in the previous year, the firm earned $0.11 earnings per share. Forterra’s revenue was down 1.4% compared to the same quarter last year.

In other Forterra news, Director Clinton D. Mcdonnough purchased 10,000 shares of Forterra stock in a transaction on Wednesday, August 14th. The shares were purchased at an average cost of $6.84 per share, with a total value of $68,400.00. Following the completion of the transaction, the director now directly owns 40,902 shares in the company, valued at approximately $279,769.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Vikrant Bhatia purchased 17,175 shares of Forterra stock in a transaction on Thursday, August 8th. The shares were acquired at an average cost of $6.56 per share, for a total transaction of $112,668.00. Following the completion of the transaction, the insider now owns 62,467 shares of the company’s stock, valued at $409,783.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 92,375 shares of company stock worth $633,556. 0.84% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parametric Portfolio Associates LLC lifted its position in shares of Forterra by 29.7% during the second quarter. Parametric Portfolio Associates LLC now owns 16,439 shares of the construction company’s stock worth $82,000 after purchasing an additional 3,766 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Forterra by 22.6% during the fourth quarter. Principal Financial Group Inc. now owns 17,102 shares of the construction company’s stock worth $64,000 after purchasing an additional 3,152 shares in the last quarter. ELCO Management Co. LLC acquired a new position in shares of Forterra during the first quarter worth $74,000. A.R.T. Advisors LLC acquired a new position in shares of Forterra during the second quarter worth $137,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Forterra during the second quarter worth $346,000. 96.76% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Forterra (NASDAQ:FRTA)

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