Forterra Inc (NASDAQ:FRTA) was the target of a large drop in short interest in July. As of July 31st, there was short interest totalling 4,079,400 shares, a drop of 5.3% from the June 30th total of 4,307,300 shares. Approximately 22.1% of the company’s stock are short sold. Based on an average trading volume of 184,400 shares, the short-interest ratio is currently 22.1 days.
In other news, insider Vikrant Bhatia purchased 17,175 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were bought at an average price of $6.56 per share, with a total value of $112,668.00. Following the completion of the transaction, the insider now directly owns 62,467 shares in the company, valued at approximately $409,783.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Clinton D. Mcdonnough purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were purchased at an average cost of $6.84 per share, for a total transaction of $68,400.00. Following the transaction, the director now owns 40,902 shares of the company’s stock, valued at $279,769.68. The disclosure for this purchase can be found here. Insiders have bought a total of 92,375 shares of company stock worth $633,556 in the last three months. Corporate insiders own 0.84% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Water Asset Management LLC boosted 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 worth $2,327,000 after acquiring an additional 310,089 shares in the last quarter. Citadel Advisors LLC boosted its stake in shares of Forterra by 206.2% during the 2nd quarter. Citadel Advisors LLC now owns 107,027 shares of the construction company’s stock worth $532,000 after acquiring an additional 72,071 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Forterra in the second quarter worth $346,000. Brigade Capital Management LP boosted its position in shares of Forterra by 24.3% in the second quarter. Brigade Capital Management LP now owns 2,743,000 shares of the construction company’s stock worth $13,633,000 after buying an additional 537,000 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Forterra by 19.2% in the second quarter. Vanguard Group Inc. now owns 993,321 shares of the construction company’s stock worth $4,937,000 after buying an additional 159,888 shares during the period. Institutional investors own 97.11% of the company’s stock.
Forterra (NASDAQ:FRTA) last announced its earnings results on Monday, August 5th. The construction company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.02. Forterra had a negative return on equity of 31.23% and a negative net margin of 2.27%. The company had revenue of $410.20 million for the quarter, compared to the consensus estimate of $422.54 million. During the same period last year, the business posted $0.11 EPS. The company’s revenue was down 1.4% on a year-over-year basis.
Several research analysts have commented on FRTA shares. Barclays set a $6.00 price target on Forterra and gave the stock a “hold” rating in a research report on Wednesday, May 8th. ValuEngine raised Forterra from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Goldman Sachs Group raised Forterra from a “sell” rating to a “buy” rating and lifted their price target for the stock from $4.25 to $8.00 in a research report on Wednesday, August 7th. Zacks Investment Research lowered Forterra from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Finally, BidaskClub raised Forterra from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $7.17.
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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