Forterra Inc (FRTA) Cut to “Equal Weight” at Barclays PLC
Forterra Inc (NASDAQ:FRTA) was downgraded by equities research analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a report issued on Friday, Marketbeat.com reports. They presently have a $4.00 price target on the construction company’s stock, down from their previous price target of $15.00. Barclays PLC’s target price suggests a potential upside of 13.96% from the company’s current price.
Several other brokerages have also recently issued reports on FRTA. Zacks Investment Research raised shares of Forterra from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Royal Bank Of Canada reissued a “sector perform” rating and set a $16.00 price target (down previously from $23.00) on shares of Forterra in a research report on Friday, May 12th. Seaport Global Securities reissued a “buy” rating and set a $23.00 price target on shares of Forterra in a research report on Friday, April 28th. Citigroup Inc. cut shares of Forterra from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, May 16th. Finally, SunTrust Banks, Inc. cut shares of 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. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $17.28.
Shares of Forterra (NASDAQ FRTA) traded up 21.94% during midday trading on Friday, reaching $4.28. 4,194,329 shares of the company were exchanged. The firm’s market capitalization is $274.51 million. Forterra has a 52 week low of $3.19 and a 52 week high of $22.76. The firm has a 50-day moving average of $8.38 and a 200 day moving average of $14.23.
Forterra (NASDAQ:FRTA) last issued its quarterly earnings results on Thursday, August 10th. The construction company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.11. The firm had revenue of $436.69 million for the quarter, compared to analyst estimates of $449.68 million. On average, equities research analysts expect that Forterra will post $0.27 EPS for the current year.
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Several hedge funds have recently added to or reduced their stakes in the company. Alambic Investment Management L.P. purchased a new stake in Forterra during the first quarter worth $460,000. TD Asset Management Inc. purchased a new stake in Forterra during the first quarter worth $285,000. First Dallas Securities Inc. raised its stake in Forterra by 25.6% in the first quarter. First Dallas Securities Inc. now owns 49,725 shares of the construction company’s stock worth $970,000 after buying an additional 10,150 shares during the last quarter. Pictet Asset Management Ltd. raised its stake in Forterra by 6.2% in the first quarter. Pictet Asset Management Ltd. now owns 1,817,218 shares of the construction company’s stock worth $35,436,000 after buying an additional 105,743 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Forterra by 16.2% in the first quarter. Bank of New York Mellon Corp now owns 59,939 shares of the construction company’s stock worth $1,169,000 after buying an additional 8,373 shares during the last quarter. Hedge funds and other institutional investors own 98.30% of the company’s stock.
Forterra Company Profile
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