TIAA CREF Investment Management LLC Decreases Stake in Forterra Inc (FRTA)

TIAA CREF Investment Management LLC reduced its stake in Forterra Inc (NASDAQ:FRTA) by 3.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 44,543 shares of the construction company’s stock after selling 1,601 shares during the period. TIAA CREF Investment Management LLC owned 0.07% of Forterra worth $869,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp purchased a new position in shares of Forterra during the fourth quarter valued at about $4,959,000. Teachers Advisors LLC purchased a new position in shares of Forterra during the fourth quarter valued at about $656,000. Macquarie Group Ltd. purchased a new position in shares of Forterra during the fourth quarter valued at about $1,892,000. Manchester Capital Management LLC purchased a new position in shares of Forterra during the first quarter valued at about $133,000. Finally, Rubric Capital Management LP boosted its position in shares of Forterra by 102.7% in the first quarter. Rubric Capital Management LP now owns 405,484 shares of the construction company’s stock valued at $7,907,000 after buying an additional 205,484 shares during the last quarter. 98.56% of the stock is currently owned by institutional investors and hedge funds.

Forterra Inc (NASDAQ:FRTA) traded down 1.12% on Monday, hitting $4.41. The stock had a trading volume of 78,409 shares. Forterra Inc has a 12 month low of $3.19 and a 12 month high of $22.76. The stock’s market cap is $283.14 million. The company’s 50 day moving average is $7.77 and its 200-day moving average is $13.60.

Forterra (NASDAQ:FRTA) last released its earnings results on Thursday, August 10th. The construction company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.09 by $0.11. The firm had revenue of $436.69 million during the quarter, compared to analysts’ expectations of $449.68 million. Forterra had a negative net margin of 4.72% and a negative return on equity of 45.03%. Analysts forecast that Forterra Inc will post ($0.50) EPS for the current year.

A number of research firms have recently weighed in on FRTA. Seaport Global Securities reaffirmed a “buy” rating and set a $23.00 price objective on shares of Forterra in a research report on Friday, April 28th. Zacks Investment Research raised Forterra from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $16.00 price objective (down from $23.00) on shares of Forterra in a research report on Friday, May 12th. SunTrust Banks, Inc. cut Forterra from a “buy” rating to a “hold” rating and set a $14.00 price objective on the stock. in a research report on Tuesday, May 16th. Finally, Citigroup Inc. cut Forterra from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $23.00 to $17.00 in a research report on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $15.56.

In other news, CFO William Matthew Brown bought 22,200 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were acquired at an average price of $4.80 per share, for a total transaction of $106,560.00. Following the completion of the transaction, the chief financial officer now directly owns 47,501 shares in the company, valued at approximately $228,004.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.

Forterra Company Profile

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