Vanguard Group Inc. increased its stake in Forterra Inc (NASDAQ:FRTA) by 10.6% during the first quarter, Holdings Channel reports. The fund owned 1,473,404 shares of the construction company’s stock after buying an additional 141,793 shares during the period. Vanguard Group Inc.’s holdings in Forterra were worth $28,731,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Menta Capital LLC bought a new position in shares of Forterra during the first quarter valued at approximately $434,000. Stephens Investment Management Group LLC increased its position in shares of Forterra by 8.3% in the first quarter. Stephens Investment Management Group LLC now owns 1,037,354 shares of the construction company’s stock valued at $20,228,000 after buying an additional 79,499 shares during the last quarter. FMR LLC bought a new position in shares of Forterra during the first quarter valued at approximately $31,062,000. Credit Agricole S A bought a new position in shares of Forterra during the first quarter valued at approximately $139,000. Finally, American International Group Inc. bought a new position in shares of Forterra during the first quarter valued at approximately $217,000. 98.56% of the stock is currently owned by hedge funds and other institutional investors.
Forterra Inc (NASDAQ FRTA) traded down 2.41% on Friday, hitting $4.46. The stock had a trading volume of 1,012,617 shares. The stock’s 50-day moving average is $7.77 and its 200-day moving average is $13.60. Forterra Inc has a 52-week low of $3.19 and a 52-week high of $22.76. The company’s market cap is $286.35 million.
Forterra (NASDAQ:FRTA) last issued its quarterly earnings data on Thursday, August 10th. The construction company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.11. Forterra had a negative return on equity of 45.03% and a negative net margin of 4.72%. The company had revenue of $436.69 million during the quarter, compared to analysts’ expectations of $449.68 million. Analysts expect that Forterra Inc will post ($0.50) earnings per share for the current year.
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FRTA has been the subject of several research analyst reports. Zacks Investment Research lowered Forterra from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Citigroup Inc. lowered their price objective on Forterra from $8.50 to $4.00 and set a “buy” rating for the company in a research report on Monday, August 14th. Barclays PLC lowered Forterra from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock 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. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $10.00 price objective on shares of Forterra in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $15.56.
In related news, CFO William Matthew Brown acquired 22,200 shares of the stock in a transaction on Monday, August 14th. The stock was acquired at an average cost of $4.80 per share, for a total transaction of $106,560.00. Following the completion of the acquisition, the chief financial officer now directly owns 47,501 shares of the company’s stock, valued at approximately $228,004.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.33% of the company’s stock.
About Forterra
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