L.B. Foster (NASDAQ:FSTR) Now Covered by Analysts at B. Riley

B. Riley initiated coverage on shares of L.B. Foster (NASDAQ:FSTR) in a research note published on Thursday morning. The firm issued a neutral rating and a $25.00 target price on the basic materials company’s stock.

Separately, StockNews.com cut L.B. Foster from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 6th.

L.B. Foster Stock Down 1.2 %

Shares of FSTR stock opened at $20.58 on Thursday. The company has a current ratio of 2.27, a quick ratio of 1.30 and a debt-to-equity ratio of 0.37. L.B. Foster has a 12 month low of $14.23 and a 12 month high of $30.77. The stock has a market cap of $221.30 million, a P/E ratio of 5.29 and a beta of 0.97. The company has a 50 day simple moving average of $25.14 and a two-hundred day simple moving average of $24.16.

L.B. Foster announced that its board has approved a share repurchase program on Tuesday, March 4th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 16.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On L.B. Foster

Several large investors have recently added to or reduced their stakes in the company. MetLife Investment Management LLC increased its stake in shares of L.B. Foster by 129.1% in the third quarter. MetLife Investment Management LLC now owns 5,329 shares of the basic materials company’s stock worth $109,000 after purchasing an additional 3,003 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in L.B. Foster by 197.2% in the 4th quarter. BNP Paribas Financial Markets now owns 6,368 shares of the basic materials company’s stock worth $171,000 after buying an additional 4,225 shares during the period. Lazard Asset Management LLC purchased a new stake in L.B. Foster in the 4th quarter worth $349,000. De Lisle Partners LLP raised its holdings in L.B. Foster by 11.9% during the third quarter. De Lisle Partners LLP now owns 46,944 shares of the basic materials company’s stock valued at $961,000 after acquiring an additional 5,000 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new stake in L.B. Foster during the fourth quarter valued at about $1,784,000. Hedge funds and other institutional investors own 80.63% of the company’s stock.

L.B. Foster Company Profile

L.B. Foster Company provides engineered and manufactured products and services for the building and infrastructure projects in the United States, Canada, the United Kingdom, and internationally. It operates through two segments: Rail, Technologies, and Services; and Infrastructure Solutions. The Rail, Technologies, and Services segment offers new rail to passenger and short line freight railroads, industrial companies, and rail contractors, as well as used rails; rail accessories, such as rack spikes, bolts, angle bars, tie plates, and other products; insulated rail joints and related accessories; fixation fasteners, coverboards, and special accessories; and trackwork products.