Forterra (NASDAQ:FRTA) Lifted to “Buy” at SunTrust Banks

Forterra (NASDAQ:FRTA) was upgraded by investment analysts at SunTrust Banks from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $16.00 price target on the construction company’s stock, up from their previous price target of $10.00. SunTrust Banks’ price target points to a potential upside of 14.45% from the stock’s previous close. SunTrust Banks also issued estimates for Forterra’s Q3 2020 earnings at $0.45 EPS.

Several other research firms have also commented on FRTA. Royal Bank of Canada reissued a “hold” rating and set a $12.00 price target on shares of Forterra in a research report on Wednesday, December 18th. BidaskClub raised Forterra from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 20th. Berenberg Bank began coverage on Forterra in a research report on Tuesday. They set a “buy” rating and a $16.00 price target on the stock. Zacks Investment Research lowered Forterra from a “buy” rating to a “hold” rating in a research report on Monday. Finally, ValuEngine lowered Forterra from a “hold” rating to a “sell” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $11.21.

Forterra stock traded down $0.08 during midday trading on Tuesday, hitting $13.98. 6,954 shares of the company were exchanged, compared to its average volume of 308,051. The company’s fifty day moving average price is $11.30 and its 200-day moving average price is $8.34. The company has a market cap of $910.62 million, a PE ratio of -31.70 and a beta of 2.39. The company has a debt-to-equity ratio of 11.46, a current ratio of 2.32 and a quick ratio of 1.34. Forterra has a fifty-two week low of $3.40 and a fifty-two week high of $14.10.

Forterra (NASDAQ:FRTA) last released its quarterly earnings results on Monday, November 4th. The construction company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.12 by $0.23. The firm had revenue of $464.50 million for the quarter, compared to analyst estimates of $439.68 million. Forterra had a negative return on equity of 15.65% and a negative net margin of 1.10%. Forterra’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 EPS. On average, analysts expect that Forterra will post -0.1 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in FRTA. Charles Schwab Investment Management Inc. raised its position in shares of Forterra by 1.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 113,338 shares of the construction company’s stock valued at $564,000 after purchasing an additional 1,544 shares in the last quarter. Northern Trust Corp raised its position in shares of Forterra by 4.0% in the 2nd quarter. Northern Trust Corp now owns 219,132 shares of the construction company’s stock valued at $1,089,000 after purchasing an additional 8,466 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Forterra by 29.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 16,439 shares of the construction company’s stock valued at $82,000 after purchasing an additional 3,766 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in shares of Forterra in the 2nd quarter valued at approximately $137,000. Finally, Vanguard Group Inc. raised its position in shares of Forterra by 19.2% in the 2nd quarter. Vanguard Group Inc. now owns 993,321 shares of the construction company’s stock valued at $4,937,000 after purchasing an additional 159,888 shares in the last quarter. 98.27% of the stock is currently owned by institutional investors.

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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