Ellington Management Group LLC Buys Shares of 14,500 Forterra Inc (FRTA)
Ellington Management Group LLC bought a new position in Forterra Inc (NASDAQ:FRTA) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 14,500 shares of the construction company’s stock, valued at approximately $161,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Balter Liquid Alternatives LLC acquired a new position in shares of Forterra in the 4th quarter worth approximately $432,000. Brightline Capital Management LLC acquired a new position in shares of Forterra in the 4th quarter worth approximately $2,331,000. Northern Trust Corp raised its holdings in shares of Forterra by 6.7% in the 2nd quarter. Northern Trust Corp now owns 215,838 shares of the construction company’s stock worth $1,777,000 after buying an additional 13,575 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Forterra in the 4th quarter worth approximately $879,000. Finally, Bank of Montreal Can raised its holdings in shares of Forterra by 379.5% in the 4th quarter. Bank of Montreal Can now owns 9,590 shares of the construction company’s stock worth $107,000 after buying an additional 7,590 shares in the last quarter.
A number of equities analysts have recently issued reports on FRTA shares. Goldman Sachs cut Forterra from a “neutral” rating to a “sell” rating and set a $21.00 target price for the company. in a report on Tuesday, January 30th. Zacks Investment Research lowered Forterra from a “buy” rating to a “hold” rating in a research report on Monday, January 1st. Barclays set a $8.00 price target on Forterra and gave the stock a “hold” rating in a research report on Monday, January 8th. BidaskClub lowered Forterra from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. Finally, ValuEngine lowered Forterra from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $11.81.
Forterra (NASDAQ:FRTA) last released its quarterly earnings results on Wednesday, March 7th. The construction company reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.05). The business had revenue of $361.17 million for the quarter, compared to the consensus estimate of $327.91 million. Forterra had a negative return on equity of 44.06% and a negative net margin of 0.13%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.81) earnings per share. sell-side analysts predict that Forterra Inc will post -0.18 earnings per share for the current year.
Forterra, Inc is a manufacturer of pipe and precast products. The Company offers products for a range of water-related infrastructure applications, including water transmission, distribution and drainage. The Company operates approximately 95 facilities. Its products are available in the United States and Eastern Canada.
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