B. Riley Initiates Coverage on L.B. Foster (NASDAQ:FSTR)

Equities research analysts at B. Riley initiated coverage on shares of L.B. Foster (NASDAQ:FSTR) in a research note issued on Thursday. The firm set a “neutral” rating and a $25.00 price target on the basic materials company’s stock. B. Riley’s price objective would suggest a potential upside of 20.08% from the stock’s previous close.

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

L.B. Foster Stock Performance

NASDAQ:FSTR opened at $20.82 on Thursday. The company has a quick ratio of 1.30, a current ratio of 2.27 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average price is $25.28 and its 200-day moving average price is $24.18. L.B. Foster has a 52 week low of $14.23 and a 52 week high of $30.77. The stock has a market cap of $223.88 million, a price-to-earnings ratio of 5.35 and a beta of 0.97.

L.B. Foster announced that its Board of Directors has authorized a stock buyback plan on Tuesday, March 4th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 16.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. MetLife Investment Management LLC lifted its stake in shares of L.B. Foster by 129.1% during the 3rd 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 during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of L.B. Foster by 197.2% during the fourth quarter. BNP Paribas Financial Markets now owns 6,368 shares of the basic materials company’s stock valued at $171,000 after buying an additional 4,225 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of L.B. Foster in the fourth quarter valued at about $349,000. De Lisle Partners LLP increased its holdings in L.B. Foster by 11.9% in the 3rd quarter. De Lisle Partners LLP now owns 46,944 shares of the basic materials company’s stock worth $961,000 after buying an additional 5,000 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of L.B. Foster in the fourth quarter worth $1,784,000. 80.63% of the stock is currently owned by institutional investors.

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.