L.B. Foster (NASDAQ:FSTR) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of L.B. Foster (NASDAQ:FSTR) from a hold rating to a buy rating in a research report released on Wednesday, Zacks.com reports. The brokerage currently has $30.00 price objective on the basic materials company’s stock.

According to Zacks, “L. B. Foster Company is engaged in the manufacture, fabrication and distribution of rail and trackwork, piling, highway products and tubular products. For rail markets, Foster provides a full line of new and used rail, trackwork and accessories to railroads, mines and industry. Foster also sells and rents steel sheet piling and H-bearing pile for foundation and earth retention requirements for the construction industry. For tubular markets, foster supplies pipe and pipe coatings for pipelines and produces pipe-related products for special markets. “

A number of other brokerages have also weighed in on FSTR. ValuEngine upgraded L.B. Foster from a hold rating to a buy rating in a research note on Friday, June 28th. BidaskClub lowered L.B. Foster from a buy rating to a hold rating in a research note on Thursday, July 4th. Finally, B. Riley set a $30.00 target price on L.B. Foster and gave the stock a buy rating in a research note on Friday, June 14th.

FSTR traded down $0.89 during trading on Wednesday, reaching $23.97. 47,734 shares of the company were exchanged, compared to its average volume of 50,339. The company has a 50-day simple moving average of $25.58. The stock has a market cap of $263.20 million, a P/E ratio of 12.88 and a beta of 1.79. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.85 and a current ratio of 2.04. L.B. Foster has a 12-month low of $13.91 and a 12-month high of $27.80.

L.B. Foster (NASDAQ:FSTR) last issued its quarterly earnings data on Tuesday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.39. The business had revenue of $200.93 million for the quarter, compared to analysts’ expectations of $178.85 million. L.B. Foster had a positive return on equity of 15.15% and a negative net margin of 3.36%. Equities analysts predict that L.B. Foster will post 2.18 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA increased its stake in L.B. Foster by 676.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,113 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 1,841 shares during the last quarter. Bailard Inc. bought a new position in shares of L.B. Foster during the 2nd quarter valued at about $216,000. Systematic Financial Management LP bought a new position in shares of L.B. Foster during the 1st quarter valued at about $152,000. Dupont Capital Management Corp bought a new position in shares of L.B. Foster during the 2nd quarter valued at about $352,000. Finally, Wedge Capital Management L L P NC bought a new position in shares of L.B. Foster during the 2nd quarter valued at about $373,000. Institutional investors and hedge funds own 69.69% of the company’s stock.

About L.B. Foster

L.B. Foster Company manufactures and distributes products and services for the transportation and energy infrastructure worldwide. Its Rail Products and Services segment offers new rail to passenger and short line freight railroads, industrial companies, and rail contractors; used rails; rail accessories, including track spikes, bolts, angle bars, and other products; power rail, direct fixation fasteners, coverboards, and other accessories; and trackwork products, as well as engineers and fabricates insulated rail joints and related accessories.

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