Forterra (NASDAQ:FRTA) Raised to “Buy” at Goldman Sachs Group

Goldman Sachs Group upgraded shares of Forterra (NASDAQ:FRTA) from a sell rating to a buy rating in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm currently has $8.00 price target on the construction company’s stock, up from their previous price target of $4.25.

A number of other brokerages also recently issued reports on FRTA. Zacks Investment Research downgraded shares of Forterra from a buy rating to a hold rating in a research report on Wednesday, July 10th. ValuEngine raised shares of Forterra from a hold rating to a buy rating in a research report on Thursday, August 1st. BidaskClub downgraded shares of Forterra from a strong-buy rating to a buy rating in a research report on Wednesday. Finally, Barclays set a $6.00 price objective on shares of Forterra and gave the stock a hold rating in a research report on Wednesday, May 8th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Forterra has a consensus rating of Buy and an average target price of $7.17.

FRTA stock traded up $0.06 during trading on Wednesday, reaching $6.94. The stock had a trading volume of 316,387 shares, compared to its average volume of 233,991. Forterra has a one year low of $3.25 and a one year high of $9.93. The company has a debt-to-equity ratio of 14.94, a current ratio of 2.47 and a quick ratio of 1.14. The stock has a 50 day moving average price of $5.73. The stock has a market cap of $374.22 million, a P/E ratio of -15.77 and a beta of 2.18.

Forterra (NASDAQ:FRTA) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ 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 period in the prior year, the firm posted $0.11 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year.

Several institutional investors have recently added to or reduced their stakes in FRTA. Bank of America Corp DE grew its position in shares of Forterra by 1,606.2% during the 4th quarter. Bank of America Corp DE now owns 148,879 shares of the construction company’s stock valued at $559,000 after acquiring an additional 140,153 shares during the period. Paradigm Capital Management Inc. NY grew its position in shares of Forterra by 99.0% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 201,000 shares of the construction company’s stock valued at $999,000 after acquiring an additional 100,000 shares during the period. Royce & Associates LP grew its position in shares of Forterra by 4.1% during the 1st quarter. Royce & Associates LP now owns 2,293,718 shares of the construction company’s stock valued at $9,679,000 after acquiring an additional 91,351 shares during the period. Bank of New York Mellon Corp grew its position in shares of Forterra by 77.6% during the 4th quarter. Bank of New York Mellon Corp now owns 100,921 shares of the construction company’s stock valued at $380,000 after acquiring an additional 44,084 shares during the period. Finally, Spark Investment Management LLC grew its position in shares of Forterra by 41.1% during the 1st quarter. Spark Investment Management LLC now owns 113,700 shares of the construction company’s stock valued at $479,000 after acquiring an additional 33,100 shares during the period. 97.15% of the stock is owned by hedge funds and other institutional investors.

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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