Several other research analysts have also issued reports on the stock. Goldman Sachs Group upgraded shares of Forterra from a sell rating to a buy rating and raised their price target for the stock from $4.25 to $8.00 in a report on Wednesday, August 7th. Zacks Investment Research downgraded shares of Forterra from a buy rating to a hold rating in a research report on Wednesday, July 10th. Finally, ValuEngine raised shares of Forterra from a hold rating to a buy rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Forterra has an average rating of Buy and a consensus price target of $7.17.
Forterra stock opened at $7.27 on Wednesday. The company has a debt-to-equity ratio of 14.94, a quick ratio of 1.26 and a current ratio of 2.47. Forterra has a 52-week low of $3.25 and a 52-week high of $8.18. The firm has a 50 day moving average price of $6.53 and a two-hundred day moving average price of $5.38. The firm has a market cap of $495.10 million, a price-to-earnings ratio of -16.52 and a beta of 2.20.
Forterra (NASDAQ:FRTA) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $422.54 million. During the same quarter last year, the business earned $0.11 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. As a group, equities research analysts predict that Forterra will post -0.42 EPS for the current fiscal year.
In related news, insider Vikrant Bhatia acquired 17,175 shares of Forterra stock in a transaction dated Thursday, August 8th. The stock was bought at an average price of $6.56 per share, with a total value of $112,668.00. Following 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 filing with the SEC, which is accessible through this link. Also, CEO Karl Watson acquired 8,465 shares of Forterra stock in a transaction dated Monday, September 9th. The shares were bought at an average cost of $6.24 per share, with a total value of $52,821.60. Following the transaction, the chief executive officer now owns 237,265 shares in the company, valued at $1,480,533.60. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 110,840 shares of company stock valued at $745,778. Insiders own 0.84% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Brigade Capital Management LP grew its position in Forterra by 24.3% in 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 during the period. Water Asset Management LLC grew its position in Forterra by 196.2% in the 2nd quarter. Water Asset Management LLC now owns 468,121 shares of the construction company’s stock valued at $2,327,000 after purchasing an additional 310,089 shares during the period. Vanguard Group Inc. grew its position in 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 during the period. Paradigm Capital Management Inc. NY grew its position in Forterra by 99.0% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 201,000 shares of the construction company’s stock valued at $999,000 after purchasing an additional 100,000 shares during the period. Finally, Royce & Associates LP grew its position in Forterra by 4.1% in the 1st quarter. Royce & Associates LP now owns 2,293,718 shares of the construction company’s stock valued at $9,679,000 after purchasing an additional 91,351 shares during the period. 96.06% of the stock is owned by institutional investors.
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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