Karl Watson Purchases 65,200 Shares of Forterra Inc (NASDAQ:FRTA) Stock

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Forterra Inc (NASDAQ:FRTA) CEO Karl Watson acquired 65,200 shares of Forterra stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average price of $6.94 per share, with a total value of $452,488.00. Following the completion of the acquisition, the chief executive officer now directly owns 65,200 shares in the company, valued at approximately $452,488. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Forterra stock opened at $6.75 on Friday. The business has a 50-day simple moving average of $6.02 and a two-hundred day simple moving average of $5.17. Forterra Inc has a 52-week low of $3.25 and a 52-week high of $9.71. The company has a debt-to-equity ratio of 14.94, a quick ratio of 1.26 and a current ratio of 2.47.

Forterra (NASDAQ:FRTA) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02. The business had revenue of $410.20 million during the quarter, compared to the consensus estimate of $422.54 million. Forterra had a negative return on equity of 31.23% and a negative net margin of 2.27%. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 EPS.

FRTA has been the subject of several research analyst reports. BidaskClub upgraded Forterra from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Zacks Investment Research downgraded Forterra from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. ValuEngine upgraded Forterra from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Barclays set a $6.00 price objective on Forterra and gave the stock a “hold” rating in a report on Wednesday, May 8th. Finally, Goldman Sachs Group upgraded Forterra from a “sell” rating to a “buy” rating and lifted their price objective for the stock from $4.25 to $8.00 in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $7.17.

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in shares of Forterra by 22.6% during the 4th quarter. Principal Financial Group Inc. now owns 17,102 shares of the construction company’s stock valued at $64,000 after purchasing an additional 3,152 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Forterra by 77.6% during the 4th quarter. Bank of New York Mellon Corp now owns 100,921 shares of the construction company’s stock valued at $380,000 after purchasing an additional 44,084 shares during the period. Bank of America Corp DE grew its stake in shares of Forterra by 1,606.2% during the 4th quarter. Bank of America Corp DE now owns 148,879 shares of the construction company’s stock valued at $559,000 after purchasing an additional 140,153 shares during the period. Royce & Associates LP grew its stake in shares of Forterra by 4.1% during the 1st quarter. Royce & Associates LP now owns 2,293,718 shares of the construction company’s stock valued at $9,679,000 after purchasing an additional 91,351 shares during the period. Finally, Spark Investment Management LLC grew its stake in shares of Forterra by 41.1% during the 1st quarter. Spark Investment Management LLC now owns 113,700 shares of the construction company’s stock valued at $479,000 after purchasing an additional 33,100 shares during the period. Institutional investors and hedge funds own 97.11% of the company’s stock.

Forterra Company Profile

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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