Zacks Investment Research upgraded shares of Foundation Building Materials (NYSE:FBM) from a hold rating to a buy rating in a research note issued to investors on Saturday morning, Zacks.com reports. The firm currently has $22.00 target price on the stock.
According to Zacks, “Foundation Building Materials, Inc. is a specialty distributor of wallboard and suspended ceiling systems primarily in U.S. and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. Specialty building products segment distributes wallboard and accessories, metal framing, suspended ceiling systems and other products. Mechanical insulation segment includes insulation solutions for pipes and mechanical systems. Foundation Building Materials, Inc. is based in Tustin, California. “
Separately, TheStreet upgraded shares of Foundation Building Materials from a d+ rating to a c rating in a report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $14.33.
Foundation Building Materials (NYSE:FBM) last announced its earnings results on Monday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.12. The firm had revenue of $559.91 million for the quarter, compared to analysts’ expectations of $574.68 million. Foundation Building Materials had a net margin of 0.08% and a return on equity of 9.30%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 EPS. On average, equities analysts forecast that Foundation Building Materials will post 0.85 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of FBM. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Foundation Building Materials in the 2nd quarter worth about $26,000. Quantamental Technologies LLC bought a new position in Foundation Building Materials in the 2nd quarter worth about $36,000. Aperio Group LLC bought a new position in Foundation Building Materials in the 2nd quarter worth about $38,000. BNP Paribas Arbitrage SA grew its stake in Foundation Building Materials by 680.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,081 shares of the company’s stock worth $30,000 after acquiring an additional 2,686 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its stake in Foundation Building Materials by 2,986.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 9,907 shares of the company’s stock worth $177,000 after acquiring an additional 9,586 shares in the last quarter. Institutional investors own 90.66% of the company’s stock.
About Foundation Building Materials
Foundation Building Materials, Inc distributes building products in the United States and Canada. It offers wallboard, suspended ceiling system, and metal framing products. The company also provides complementary and other products, tools, and accessories, such as wallboard accessories, stucco and finishing systems, safety accessories, fasteners, insulations, doors, and roofing products.
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