Foundation Building Materials’ (NYSE:FBM) lock-up period will expire on Wednesday, August 9th. Foundation Building Materials had issued 12,800,000 shares in its IPO on February 10th. The total size of the offering was $179,200,000 based on an initial share price of $14.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.
A number of brokerages recently commented on FBM. Deutsche Bank AG decreased their price objective on Foundation Building Materials from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. Barclays PLC decreased their price objective on Foundation Building Materials from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, August 4th. Royal Bank Of Canada decreased their price objective on Foundation Building Materials from $20.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Finally, Zacks Investment Research cut Foundation Building Materials from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. Foundation Building Materials currently has a consensus rating of “Buy” and an average target price of $18.43.
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Shares of Foundation Building Materials (NYSE:FBM) opened at 12.01 on Wednesday. The company’s market cap is $514.81 million. Foundation Building Materials has a 1-year low of $11.12 and a 1-year high of $17.91. The firm has a 50-day moving average price of $12.18 and a 200 day moving average price of $14.54.
Foundation Building Materials (NYSE:FBM) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.11. The business had revenue of $529.20 million for the quarter, compared to analyst estimates of $536.72 million. The business’s quarterly revenue was up 95.9% compared to the same quarter last year. On average, analysts predict that Foundation Building Materials will post $0.32 EPS for the current fiscal year.
In other news, CFO John Gorey acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were purchased at an average cost of $14.49 per share, for a total transaction of $144,900.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ruben Mendoza acquired 14,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were purchased at an average price of $13.98 per share, for a total transaction of $195,720.00. The disclosure for this purchase can be found here. Insiders acquired 24,528 shares of company stock worth $348,096 over the last quarter.
Several hedge funds have recently made changes to their positions in FBM. Cubist Systematic Strategies LLC increased its stake in shares of Foundation Building Materials by 9.2% in the second quarter. Cubist Systematic Strategies LLC now owns 20,223 shares of the company’s stock valued at $260,000 after buying an additional 1,710 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Foundation Building Materials by 51.1% in the second quarter. Teachers Advisors LLC now owns 22,477 shares of the company’s stock valued at $289,000 after buying an additional 7,601 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Foundation Building Materials during the first quarter valued at approximately $133,000. Wells Fargo & Company MN increased its stake in shares of Foundation Building Materials by 58.0% in the second quarter. Wells Fargo & Company MN now owns 25,870 shares of the company’s stock valued at $333,000 after buying an additional 9,500 shares during the last quarter. Finally, Virtu KCG Holdings LLC purchased a new stake in shares of Foundation Building Materials during the second quarter valued at approximately $129,000. Hedge funds and other institutional investors own 90.00% of the company’s stock.
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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