Foundation Building Materials Inc (NYSE:FBM) Receives Average Rating of “Buy” from Brokerages

Shares of Foundation Building Materials Inc (NYSE:FBM) have earned an average recommendation of “Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.40.

A number of research firms have commented on FBM. Bank of America began coverage on Foundation Building Materials in a report on Friday, October 11th. They set a “buy” rating and a $20.00 target price on the stock. Evercore ISI raised Foundation Building Materials from an “in-line” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Wednesday, October 16th. ValuEngine raised Foundation Building Materials from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. Zacks Investment Research raised Foundation Building Materials from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Friday. Finally, Barclays reissued a “buy” rating and issued a $24.00 price target on shares of Foundation Building Materials in a report on Wednesday.

In related news, major shareholder John P. Grayken sold 712,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $18.13, for a total value of $12,917,625.00. Also, major shareholder John P. Grayken sold 4,750,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $16.28, for a total value of $77,330,000.00. Company insiders own 0.84% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in FBM. Acadian Asset Management LLC increased its position in Foundation Building Materials by 42.5% in the 2nd quarter. Acadian Asset Management LLC now owns 399,638 shares of the company’s stock valued at $7,106,000 after acquiring an additional 119,156 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Foundation Building Materials by 13.3% in the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 197,234 shares of the company’s stock valued at $3,507,000 after acquiring an additional 23,150 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Foundation Building Materials in the 2nd quarter valued at approximately $26,000. Citadel Advisors LLC increased its position in Foundation Building Materials by 59.2% in the 2nd quarter. Citadel Advisors LLC now owns 98,513 shares of the company’s stock valued at $1,751,000 after acquiring an additional 36,647 shares during the period. Finally, Prudential Financial Inc. increased its position in Foundation Building Materials by 35.7% in the 2nd quarter. Prudential Financial Inc. now owns 87,632 shares of the company’s stock valued at $1,558,000 after acquiring an additional 23,064 shares during the period. 89.85% of the stock is currently owned by institutional investors and hedge funds.

NYSE:FBM traded up $0.42 during trading hours on Tuesday, reaching $21.26. 323,667 shares of the stock were exchanged, compared to its average volume of 254,609. The company has a quick ratio of 1.38, a current ratio of 1.98 and a debt-to-equity ratio of 1.74. The firm has a 50 day simple moving average of $17.59 and a 200-day simple moving average of $16.73. Foundation Building Materials has a 52 week low of $7.62 and a 52 week high of $22.14. The stock has a market capitalization of $889.89 million, a P/E ratio of 60.74, a P/E/G ratio of 0.44 and a beta of 1.49.

Foundation Building Materials (NYSE:FBM) last released its earnings results on Monday, November 4th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.06. Foundation Building Materials had a return on equity of 10.48% and a net margin of 2.28%. The company had revenue of $564.90 million for the quarter, compared to the consensus estimate of $576.12 million. During the same quarter last year, the business posted $0.19 EPS. Foundation Building Materials’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, analysts expect that Foundation Building Materials will post 0.85 earnings per share for the current year.

Foundation Building Materials Company Profile

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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