Forterra Inc (FRTA) Upgraded to Hold by Zacks Investment Research
Forterra Inc (NASDAQ:FRTA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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 analysts have also recently commented on FRTA. Royal Bank Of Canada reissued a “sector perform” rating and set a $16.00 price target (down from $23.00) on shares of Forterra in a research report on Friday, May 12th. SunTrust Banks, Inc. cut Forterra from a “buy” rating to a “hold” rating and set a $14.00 price target for the company. in a research report on Tuesday, May 16th. Citigroup Inc. cut Forterra from a “buy” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $17.00 in a research report on Tuesday, May 16th. Barclays PLC reissued an “overweight” rating and set a $18.00 price target (down from $23.00) on shares of Forterra in a research report on Wednesday, May 17th. Finally, ValuEngine raised Forterra from a “hold” rating to a “buy” rating in a research report on Thursday, June 1st. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Forterra has a consensus rating of “Hold” and an average price target of $15.56.
Shares of Forterra (NASDAQ:FRTA) traded up 25.80% during midday trading on Thursday, hitting $3.95. The stock had a trading volume of 4,087,458 shares. Forterra has a one year low of $3.02 and a one year high of $22.76. The company’s market capitalization is $253.60 million. The firm’s 50-day moving average is $6.21 and its 200 day moving average is $12.19.
Forterra (NASDAQ:FRTA) last issued its quarterly earnings results on Thursday, August 10th. The construction company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.09 by $0.11. Forterra had a negative net margin of 4.72% and a negative return on equity of 45.03%. The company had revenue of $436.69 million for the quarter, compared to analyst estimates of $449.68 million. Equities analysts expect that Forterra will post ($0.50) earnings per share for the current fiscal year.
In other Forterra news, CFO William Matthew Brown acquired 22,200 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was bought at an average cost of $4.80 per share, with a total value of $106,560.00. Following the completion of the transaction, the chief financial officer now directly owns 47,501 shares in the company, valued at approximately $228,004.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.33% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FRTA. Voya Investment Management LLC acquired a new stake in shares of Forterra in the second quarter valued at approximately $104,000. Credit Agricole S A acquired a new stake in shares of Forterra in the first quarter valued at approximately $139,000. Rhumbline Advisers lifted its position in shares of Forterra by 28.7% in the second quarter. Rhumbline Advisers now owns 19,598 shares of the construction company’s stock valued at $161,000 after buying an additional 4,365 shares during the last quarter. American International Group Inc. acquired a new stake in shares of Forterra in the first quarter valued at approximately $217,000. Finally, Taylor Asset Management Inc. acquired a new stake in shares of Forterra in the second quarter valued at approximately $240,000.
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