ELCO Management Co. LLC Boosts Stake in Forterra Inc (NASDAQ:FRTA)

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ELCO Management Co. LLC lifted its stake in Forterra Inc (NASDAQ:FRTA) by 131.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,727 shares of the construction company’s stock after purchasing an additional 23,154 shares during the period. ELCO Management Co. LLC owned 0.06% of Forterra worth $202,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Royce & Associates LP increased its stake in shares of Forterra by 4.1% in the 1st quarter. Royce & Associates LP now owns 2,293,718 shares of the construction company’s stock worth $9,679,000 after purchasing an additional 91,351 shares in the last quarter. Geode Capital Management LLC increased its stake in Forterra by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 190,968 shares of the construction company’s stock worth $718,000 after buying an additional 9,319 shares in the last quarter. Bank of America Corp DE increased its stake in Forterra by 1,606.2% in the 4th quarter. Bank of America Corp DE now owns 148,879 shares of the construction company’s stock worth $559,000 after buying an additional 140,153 shares in the last quarter. Spark Investment Management LLC increased its stake in Forterra by 41.1% in the 1st quarter. Spark Investment Management LLC now owns 113,700 shares of the construction company’s stock worth $479,000 after buying an additional 33,100 shares in the last quarter. Finally, Paradigm Capital Management Inc. NY increased its stake in Forterra by 225.8% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 101,000 shares of the construction company’s stock worth $426,000 after buying an additional 70,000 shares in the last quarter. Hedge funds and other institutional investors own 97.11% of the company’s stock.

In related news, insider Vikrant Bhatia acquired 17,175 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $6.56 per share, with a total value of $112,668.00. Following the acquisition, the insider now directly owns 62,467 shares of the company’s stock, valued at $409,783.52. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Karl Watson acquired 65,200 shares of the company’s stock in a transaction on Friday, August 9th. The shares were bought at an average cost of $6.94 per share, with a total value of $452,488.00. Following the acquisition, the chief executive officer now directly owns 65,200 shares in the company, valued at $452,488. The disclosure for this purchase can be found here. Insiders have acquired a total of 92,375 shares of company stock valued at $633,556 in the last three months. Insiders own 0.84% of the company’s stock.

A number of equities research analysts have issued reports on FRTA shares. Goldman Sachs Group upgraded Forterra from a “sell” rating to a “buy” rating and increased their price target for the stock from $4.25 to $8.00 in a research note on Wednesday, August 7th. Zacks Investment Research lowered Forterra from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. ValuEngine upgraded Forterra from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Barclays set a $6.00 price target on Forterra and gave the stock a “hold” rating in a research note on Wednesday, May 8th. Finally, BidaskClub upgraded Forterra from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $7.17.

Shares of FRTA traded down $0.13 during midday trading on Thursday, hitting $6.72. 1,352 shares of the company traded hands, compared to its average volume of 267,692. The firm has a 50 day simple moving average of $5.97. Forterra Inc has a 52 week low of $3.25 and a 52 week high of $9.71. The stock has a market cap of $436.59 million, a PE ratio of -15.23 and a beta of 2.18. 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 (NASDAQ:FRTA) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.05 EPS for the quarter, beating 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 business had revenue of $410.20 million during the quarter, compared to the consensus estimate of $422.54 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The business’s revenue was down 1.4% on a year-over-year basis.

About Forterra

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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Institutional Ownership by Quarter for Forterra (NASDAQ:FRTA)

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