Forterra (NASDAQ:FRTA) Downgraded by BidaskClub to Buy

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

Several other research firms have also recently commented on FRTA. SunTrust Banks boosted their price target on shares of Forterra from $5.00 to $10.00 and gave the company a hold rating in a report on Tuesday, November 5th. Zacks Investment Research raised shares of Forterra from a hold rating to a buy rating and set a $9.50 price target on the stock in a research note on Tuesday, November 5th. Finally, ValuEngine lowered Forterra from a hold rating to a sell rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $7.80.

FRTA stock opened at $10.54 on Friday. The firm has a 50 day simple moving average of $9.99 and a 200 day simple moving average of $7.04. Forterra has a 52 week low of $3.25 and a 52 week high of $11.75. The stock has a market cap of $707.60 million, a P/E ratio of -23.95 and a beta of 2.40. The company has a debt-to-equity ratio of 11.46, a quick ratio of 1.34 and a current ratio of 2.32.

Forterra (NASDAQ:FRTA) last released its quarterly earnings data on Monday, November 4th. The construction company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.23. Forterra had a negative net margin of 1.10% and a negative return on equity of 15.65%. The firm had revenue of $464.50 million for the quarter, compared to analyst estimates of $439.68 million. During the same quarter in the prior year, the business earned $0.09 EPS. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Forterra will post -0.1 EPS for the current year.

In other news, CEO Karl Watson purchased 8,465 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average price of $6.24 per share, with a total value 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.84% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Brigade Capital Management LP raised its holdings 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 purchasing an additional 537,000 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 159,888 shares in the last quarter. Water Asset Management LLC increased its position in Forterra by 196.2% during the second quarter. Water Asset Management LLC now owns 468,121 shares of the construction company’s stock worth $2,327,000 after buying an additional 310,089 shares during the last quarter. State Street Corp increased its position in Forterra by 2.0% during the third quarter. State Street Corp now owns 312,303 shares of the construction company’s stock worth $2,258,000 after buying an additional 6,224 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Forterra by 4.0% during the second 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 98.51% 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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