Berenberg Bank Begins Coverage on Forterra (NASDAQ:FRTA)

Analysts at Berenberg Bank started coverage on shares of Forterra (NASDAQ:FRTA) in a note issued to investors on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $16.00 price target on the construction company’s stock. Berenberg Bank’s price objective suggests a potential upside of 14.45% from the stock’s current price.

A number of other equities analysts have also issued reports on FRTA. SunTrust Banks raised their target price on shares of Forterra from $5.00 to $10.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th. Royal Bank of Canada restated a “hold” rating and set a $12.00 target price on shares of Forterra in a research report on Wednesday, December 18th. Zacks Investment Research downgraded Forterra from a “buy” rating to a “hold” rating in a report on Monday. BidaskClub raised Forterra from a “buy” rating to a “strong-buy” rating in a report on Friday, December 20th. Finally, ValuEngine downgraded Forterra from a “hold” rating to a “sell” rating in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $11.21.

Shares of FRTA traded down $0.08 during mid-day trading on Tuesday, reaching $13.98. 6,954 shares of the company’s stock were exchanged, compared to its average volume of 308,051. The company has a debt-to-equity ratio of 11.46, a current ratio of 2.32 and a quick ratio of 1.34. The stock has a market capitalization of $910.62 million, a PE ratio of -31.70 and a beta of 2.39. The business’s fifty day simple moving average is $11.30 and its 200-day simple moving average is $8.34. Forterra has a 52-week low of $3.40 and a 52-week high of $14.10.

Forterra (NASDAQ:FRTA) last announced its earnings results on Monday, November 4th. The construction company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.23. The business had revenue of $464.50 million for the quarter, compared to analyst estimates of $439.68 million. Forterra had a negative net margin of 1.10% and a negative return on equity of 15.65%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. Equities research analysts predict that Forterra will post -0.1 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its holdings in shares of Forterra by 2,552.3% during the third quarter. Tower Research Capital LLC TRC now owns 4,005 shares of the construction company’s stock worth $29,000 after purchasing an additional 3,854 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in shares of Forterra by 29.7% during the second quarter. Parametric Portfolio Associates LLC now owns 16,439 shares of the construction company’s stock worth $82,000 after purchasing an additional 3,766 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Forterra during the third quarter worth $85,000. A.R.T. Advisors LLC acquired a new stake in shares of Forterra during the second quarter worth $137,000. Finally, Barclays PLC lifted its holdings in shares of Forterra by 60.7% during the third quarter. Barclays PLC now owns 19,286 shares of the construction company’s stock worth $139,000 after purchasing an additional 7,282 shares during the period. 98.27% 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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