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

Equities researchers at B. Riley assumed coverage on shares of L.B. Foster (NASDAQ:FSTR) in a research note issued to investors 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 cut shares of L.B. Foster from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 6th.

L.B. Foster Stock Performance

NASDAQ FSTR opened at $20.82 on Thursday. The stock’s 50 day simple moving average is $25.28 and its 200-day simple moving average is $24.18. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.27 and a quick ratio of 1.30. The company has a market cap of $223.88 million, a PE ratio of 5.35 and a beta of 0.97. L.B. Foster has a 1-year low of $14.23 and a 1-year high of $30.77.

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

Institutional Investors Weigh In On L.B. Foster

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

About L.B. Foster

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.