Forterra Inc (FRTA) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Forterra Inc (NASDAQ:FRTA) from a sell rating to a hold rating in a report released on Thursday, September 7th.

According to Zacks, “Forterra, Inc. is a manufacturer of concrete and clay building products. It operates primarily in the United States, Canada and the United Kingdom. Forterra, Inc. is headquartered in Irving, Texas. “

Several other research firms have also recently weighed in on FRTA. Citigroup Inc. cut their price objective on Forterra from $8.50 to $4.00 and set a buy rating on the stock in a research report on Monday, August 14th. Barclays PLC cut Forterra from an overweight rating to an equal weight rating and cut their price objective for the company from $15.00 to $4.00 in a research report on Friday, August 11th. ValuEngine raised Forterra from a hold rating to a buy rating in a research report on Friday, August 11th. Royal Bank Of Canada reissued a hold rating and issued a $10.00 price target on shares of Forterra in a research report on Wednesday, August 9th. Finally, SunTrust Banks, Inc. cut Forterra from a buy rating to a hold rating and set a $14.00 price target on the stock. in a research report on Tuesday, May 16th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Forterra has a consensus rating of Hold and an average target price of $15.56.

Forterra (FRTA) opened at 4.175 on Thursday. The firm’s market capitalization is $268.05 million. The company has a 50 day moving average price of $4.28 and a 200-day moving average price of $4.28. Forterra has a 52 week low of $3.85 and a 52 week high of $22.76.

Forterra (NASDAQ:FRTA) last announced its quarterly earnings results on Thursday, August 10th. The construction company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.11). Forterra had a negative net margin of 4.72% and a negative return on equity of 45.03%. The business had revenue of $436.69 million for the quarter, compared to analysts’ expectations of $449.68 million. Equities analysts predict that Forterra will post ($0.50) earnings per share for the current year.

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In related news, Director Chris Meyer acquired 62,500 shares of Forterra stock in a transaction dated Monday, September 11th. The stock was purchased at an average cost of $4.03 per share, for a total transaction of $251,875.00. Following the purchase, the director now directly owns 62,500 shares of the company’s stock, valued at approximately $251,875. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William Matthew Brown purchased 22,200 shares of the business’s stock in a transaction on Monday, August 14th. The stock was acquired at an average price of $4.80 per share, with a total value of $106,560.00. Following the purchase, the chief financial officer now directly owns 47,501 shares in the company, valued at approximately $228,004.80. The disclosure for this purchase can be found here. Insiders bought a total of 173,774 shares of company stock valued at $739,476 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Greywolf Capital Management LP purchased a new stake in Forterra in the 2nd quarter worth $2,346,000. State Street Corp boosted its holdings in shares of Forterra by 6.7% during the 2nd quarter. State Street Corp now owns 290,531 shares of the construction company’s stock valued at $2,390,000 after purchasing an additional 18,161 shares during the last quarter. Capital World Investors bought a new position in shares of Forterra during the 2nd quarter valued at about $25,249,000. Goldman Sachs Group Inc. boosted its holdings in shares of Forterra by 88.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 425,456 shares of the construction company’s stock valued at $3,502,000 after purchasing an additional 199,520 shares during the last quarter. Finally, Redwood Capital Management LLC bought a new position in shares of Forterra during the 2nd quarter valued at about $7,700,000.

Forterra Company Profile

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Analyst Recommendations for Forterra (NASDAQ:FRTA)

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