Zacks Investment Research upgraded shares of Foundation Building Materials, Inc. (NYSE:FBM) from a sell rating to a hold rating in a research report released on Wednesday morning.

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. “

Several other research firms have also recently issued reports on FBM. Barclays PLC decreased their target price on shares of Foundation Building Materials from $19.00 to $17.00 and set an overweight rating on the stock in a research report on Friday, August 4th. Royal Bank Of Canada decreased 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 research report on Friday, August 4th. Finally, Deutsche Bank AG decreased their target price on shares of Foundation Building Materials from $19.00 to $16.00 and set a buy rating on the stock in a research report on Wednesday, August 9th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $18.43.

Foundation Building Materials (FBM) opened at 13.48 on Wednesday. The firm’s market capitalization is $577.82 million. The stock has a 50 day moving average of $12.01 and a 200 day moving average of $14.31. Foundation Building Materials has a one year low of $11.03 and a one year high of $17.91.

Foundation Building Materials (NYSE:FBM) last released its earnings results on Thursday, August 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.11. The company had revenue of $529.20 million for the quarter, compared to analyst estimates of $536.72 million. The business’s revenue was up 95.9% compared to the same quarter last year. Analysts forecast that Foundation Building Materials will post $0.31 earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. acquired a new position in shares of Foundation Building Materials during the first quarter worth $9,582,000. Spark Investment Management LLC acquired a new position in shares of Foundation Building Materials during the first quarter worth $1,577,000. Neuberger Berman Group LLC acquired a new position in shares of Foundation Building Materials during the first quarter worth $10,117,000. JPMorgan Chase & Co. acquired a new position in shares of Foundation Building Materials during the first quarter worth $133,000. Finally, Oxford Asset Management acquired a new position in shares of Foundation Building Materials during the first quarter worth $2,108,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Foundation Building Materials (NYSE:FBM)

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