Foundation Building Materials Inc (NYSE:FBM) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 689,700 shares, an increase of 110.1% from the July 31st total of 328,200 shares. Approximately 3.9% of the company’s stock are short sold. Based on an average daily trading volume, of 281,200 shares, the days-to-cover ratio is currently 2.5 days.
Separately, Zacks Investment Research downgraded shares of Foundation Building Materials from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Foundation Building Materials has an average rating of “Hold” and a consensus target price of $14.33.
Large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Foundation Building Materials by 65.8% during the second quarter. BlackRock Inc. now owns 1,495,052 shares of the company’s stock valued at $26,583,000 after buying an additional 593,221 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Foundation Building Materials by 736.5% in the 2nd quarter. Renaissance Technologies LLC now owns 536,188 shares of the company’s stock valued at $9,533,000 after acquiring an additional 472,088 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Foundation Building Materials in the 2nd quarter valued at approximately $6,105,000. Man Group plc acquired a new stake in shares of Foundation Building Materials during the 2nd quarter valued at approximately $3,404,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Foundation Building Materials during the 2nd quarter valued at approximately $3,229,000. Institutional investors and hedge funds own 90.35% of the company’s stock.
Foundation Building Materials (NYSE:FBM) last issued its earnings results on Monday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. Foundation Building Materials had a net margin of 0.08% and a return on equity of 9.30%. The business had revenue of $559.91 million for the quarter, compared to analyst estimates of $574.68 million. During the same quarter in the prior year, the business posted $0.08 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, sell-side analysts anticipate 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.
Read More: Why are percentage gainers important?
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.