Forterra (NASDAQ:FRTA) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Forterra (NASDAQ:FRTA) from a buy rating to a hold rating in a report released on Monday morning, Zacks.com reports.

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 equities research analysts also recently weighed in on the stock. SunTrust Banks upped their price objective on shares of Forterra from $5.00 to $10.00 and gave the stock a hold rating in a report on Tuesday, November 5th. ValuEngine downgraded shares of Forterra from a hold rating to a sell rating in a report on Tuesday, November 5th. BidaskClub raised shares of Forterra from a buy rating to a strong-buy rating in a report on Friday, December 20th. Finally, Royal Bank of Canada reissued a hold rating and issued a $12.00 price target on shares of Forterra in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $11.21.

FRTA stock opened at $14.05 on Monday. The company has a market capitalization of $909.39 million, a P/E ratio of -31.93 and a beta of 2.39. The company has a 50-day simple moving average of $11.36 and a 200 day simple moving average of $8.38. Forterra has a fifty-two week low of $3.40 and a fifty-two week high of $14.23. The company has a quick ratio of 1.34, a current ratio of 2.32 and a debt-to-equity ratio of 11.46.

Forterra (NASDAQ:FRTA) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.23. The business had revenue of $464.50 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 earnings per share. Equities analysts anticipate that Forterra will post -0.1 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of FRTA. Brigade Capital Management LP lifted its holdings 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 acquiring an additional 537,000 shares during the last quarter. Water Asset Management LLC lifted its holdings 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 acquiring an additional 310,089 shares during the last quarter. Vanguard Group Inc. lifted its holdings 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 acquiring an additional 159,888 shares during the last quarter. Citadel Advisors LLC lifted its holdings in Forterra by 206.2% in the 2nd quarter. Citadel Advisors LLC now owns 107,027 shares of the construction company’s stock valued at $532,000 after acquiring an additional 72,071 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Forterra in the 2nd quarter valued at about $346,000. 98.27% of the stock is owned by 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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