Foundation Building Materials (NYSE:FBM) Rating Increased to Outperform at Evercore ISI

Share on StockTwits

Foundation Building Materials (NYSE:FBM) was upgraded by investment analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat reports. The brokerage currently has a $21.00 target price on the stock. Evercore ISI’s price target would suggest a potential upside of 13.82% from the company’s previous close.

A number of other research analysts have also recently commented on the company. ValuEngine raised Foundation Building Materials from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Zacks Investment Research cut Foundation Building Materials from a “buy” rating to a “hold” rating in a research note on Tuesday, October 8th. Finally, Bank of America began coverage on Foundation Building Materials in a research note on Friday, October 11th. They set a “buy” rating and a $20.00 target price on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $15.80.

NYSE FBM traded up $0.32 during trading hours on Wednesday, hitting $18.45. 6,932 shares of the company were exchanged, compared to its average volume of 689,980. The stock has a 50-day moving average price of $16.88 and a 200 day moving average price of $15.89. The company has a quick ratio of 1.38, a current ratio of 1.98 and a debt-to-equity ratio of 1.74. Foundation Building Materials has a 52 week low of $7.62 and a 52 week high of $19.74. The stock has a market cap of $754.04 million, a PE ratio of 52.70, a price-to-earnings-growth ratio of 0.37 and a beta of 1.44.

Foundation Building Materials (NYSE:FBM) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.12. The company had revenue of $559.91 million for the quarter, compared to analysts’ expectations of $574.68 million. Foundation Building Materials had a return on equity of 9.30% and a net margin of 0.08%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.08 earnings per share. As a group, sell-side analysts anticipate that Foundation Building Materials will post 0.85 earnings per share for the current year.

In related news, major shareholder John P. Grayken sold 4,750,000 shares of the business’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. Also, major shareholder John P. Grayken sold 712,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $18.13, for a total value of $12,917,625.00. Corporate insiders own 0.84% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in shares of Foundation Building Materials by 2.8% in the second quarter. Royal Bank of Canada now owns 35,997 shares of the company’s stock valued at $640,000 after purchasing an additional 997 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Foundation Building Materials in the second quarter valued at approximately $26,000. Quantamental Technologies LLC purchased a new stake in shares of Foundation Building Materials in the second quarter valued at approximately $36,000. Aperio Group LLC purchased a new stake in shares of Foundation Building Materials in the second quarter valued at approximately $38,000. Finally, Stone Ridge Asset Management LLC boosted its holdings in shares of Foundation Building Materials by 11.8% in the second quarter. Stone Ridge Asset Management LLC now owns 38,753 shares of the company’s stock valued at $689,000 after purchasing an additional 4,100 shares during the period. Hedge funds and other institutional investors own 90.34% 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.

Recommended Story: Why are analyst ratings important in trading stocks?

Receive News & Ratings for Foundation Building Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Foundation Building Materials and related companies with MarketBeat.com's FREE daily email newsletter.