Forterra (NASDAQ:FRTA) Lifted to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Forterra (NASDAQ:FRTA) from a buy rating to a strong-buy rating in a research report report published on Wednesday, BidAskClub reports.

A number of other equities research analysts also recently issued reports on FRTA. Goldman Sachs Group raised shares of Forterra from a sell rating to a buy rating and boosted their price objective for the company from $4.25 to $8.00 in a research report on Wednesday, August 7th. ValuEngine raised shares of Forterra from a hold rating to a buy rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research downgraded shares of Forterra from a buy rating to a hold rating in a research report on Wednesday, July 10th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $7.17.

Shares of FRTA stock opened at $7.27 on Wednesday. Forterra has a 1 year low of $3.25 and a 1 year high of $8.18. The firm has a fifty day moving average price of $6.53 and a 200-day moving average price of $5.38. The company has a debt-to-equity ratio of 14.94, a current ratio of 2.47 and a quick ratio of 1.26.

Forterra (NASDAQ:FRTA) last issued its quarterly earnings data 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 quarter in the previous year, the firm posted $0.11 EPS. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. Sell-side analysts forecast that Forterra will post -0.42 EPS for the current year.

In other news, insider Vikrant Bhatia bought 17,175 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average price of $6.56 per share, for a total transaction of $112,668.00. Following the purchase, the insider now owns 62,467 shares in the company, valued at $409,783.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karl Watson bought 8,465 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average price of $6.24 per share, for a total transaction of $52,821.60. Following the purchase, the chief executive officer now owns 237,265 shares in the company, valued at approximately $1,480,533.60. The disclosure for this purchase can be found here. In the last three months, insiders have bought 110,840 shares of company stock valued at $745,778. Insiders own 0.84% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brigade Capital Management LP lifted its stake in shares of Forterra by 24.3% during the 2nd quarter. Brigade Capital Management LP now owns 2,743,000 shares of the construction company’s stock valued at $13,633,000 after buying an additional 537,000 shares in the last quarter. Royce & Associates LP lifted its stake in shares of Forterra by 4.1% during the 1st quarter. Royce & Associates LP now owns 2,293,718 shares of the construction company’s stock valued at $9,679,000 after buying an additional 91,351 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Forterra by 19.2% during the 2nd quarter. Vanguard Group Inc. now owns 993,321 shares of the construction company’s stock valued at $4,937,000 after buying an additional 159,888 shares in the last quarter. Water Asset Management LLC lifted its stake in shares of Forterra by 196.2% during the 2nd quarter. Water Asset Management LLC now owns 468,121 shares of the construction company’s stock valued at $2,327,000 after buying an additional 310,089 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Forterra by 4.0% during the 2nd quarter. Northern Trust Corp now owns 219,132 shares of the construction company’s stock valued at $1,089,000 after buying an additional 8,466 shares in the last quarter. Institutional investors own 96.06% 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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Analyst Recommendations for Forterra (NASDAQ:FRTA)

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