Barclays PLC Lowers Foundation Building Materials, Inc. (FBM) Price Target to $17.00
Foundation Building Materials, Inc. (NYSE:FBM) had its price objective decreased by equities researchers at Barclays PLC from $19.00 to $17.00 in a research report issued to clients and investors on Friday. The firm currently has an “overweight” rating on the stock. Barclays PLC’s price target indicates a potential upside of 43.34% from the stock’s previous close.
A number of other brokerages have also recently weighed in on FBM. Royal Bank Of Canada dropped their target price on shares of Foundation Building Materials from $20.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday. Zacks Investment Research cut shares of Foundation Building Materials from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $18.86.
Foundation Building Materials (NYSE FBM) traded up 0.08% on Friday, reaching $11.87. 274,317 shares of the company’s stock were exchanged. Foundation Building Materials has a 1-year low of $11.22 and a 1-year high of $17.91. The stock’s 50 day moving average price is $12.76 and its 200 day moving average price is $14.77. The firm’s market capitalization is $508.81 million.
Foundation Building Materials (NYSE:FBM) last issued its earnings results on Thursday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.11. The business had revenue of $529.20 million for the quarter, compared to the consensus estimate of $536.72 million. The business’s revenue was up 95.9% compared to the same quarter last year. On average, analysts expect that Foundation Building Materials will post $0.41 earnings per share for the current year.
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In other news, CFO John Gorey acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The shares were acquired at an average price of $14.49 per share, with a total value of $144,900.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ruben Mendoza acquired 32,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average cost of $15.56 per share, for a total transaction of $497,920.00. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 56,528 shares of company stock worth $846,016.
Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new stake in Foundation Building Materials during the first quarter worth $133,000. Bank of New York Mellon Corp boosted its stake in Foundation Building Materials by 40.6% in the second quarter. Bank of New York Mellon Corp now owns 45,653 shares of the company’s stock worth $587,000 after buying an additional 13,191 shares during the period. Rhumbline Advisers purchased a new stake in Foundation Building Materials during the second quarter worth $175,000. Bank of America Corp DE purchased a new stake in Foundation Building Materials during the first quarter worth $258,000. Finally, Wells Fargo & Company MN purchased a new stake in Foundation Building Materials during the first quarter worth $261,000. 91.01% of the stock is currently owned by institutional investors and hedge funds.
Foundation Building Materials Company Profile
Foundation Building Materials, Inc is a specialty distributor of wallboard and suspended ceiling systems in the United States and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. The Company fabricates and distributes its products for specialty contractors seeking to improve or maintain energy efficiency in a range of commercial and industrial buildings.
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