Barclays Reiterates “Buy” Rating for Foundation Building Materials (NYSE:FBM)

Foundation Building Materials (NYSE:FBM)‘s stock had its “buy” rating reaffirmed by equities research analysts at Barclays in a research report issued on Wednesday, AnalystRatings.com reports. They currently have a $24.00 price objective on the stock. Barclays‘s target price suggests a potential upside of 12.89% from the stock’s previous close.

Several other research firms have also recently weighed in on FBM. Bank of America assumed coverage on Foundation Building Materials in a report on Friday, October 11th. They set a “buy” rating and a $20.00 price target on the stock. Evercore ISI raised Foundation Building Materials from an “in-line” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Wednesday, October 16th. ValuEngine raised Foundation Building Materials from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. Finally, Zacks Investment Research cut Foundation Building Materials from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $19.00.

Shares of NYSE FBM traded up $0.42 during midday trading on Wednesday, hitting $21.26. 323,667 shares of the stock traded hands, compared to its average volume of 254,609. The firm has a 50-day moving average of $17.59 and a two-hundred day moving average of $16.73. The firm has a market capitalization of $889.89 million, a P/E ratio of 60.74, a PEG ratio of 0.44 and a beta of 1.49. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.38 and a current ratio of 1.98. Foundation Building Materials has a one year low of $7.62 and a one year high of $22.14.

Foundation Building Materials (NYSE:FBM) last released its quarterly earnings results on Monday, November 4th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.06. The firm had revenue of $564.90 million for the quarter, compared to analysts’ expectations of $576.12 million. Foundation Building Materials had a return on equity of 10.48% and a net margin of 2.28%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 EPS. Equities analysts forecast that Foundation Building Materials will post 0.85 earnings per share for the current fiscal year.

In other Foundation Building Materials news, major shareholder John P. Grayken sold 712,500 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $18.13, for a total transaction of $12,917,625.00. Also, major shareholder John P. Grayken sold 4,750,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $16.28, for a total value of $77,330,000.00. 0.84% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. Acadian Asset Management LLC raised its holdings in Foundation Building Materials by 42.5% during the second quarter. Acadian Asset Management LLC now owns 399,638 shares of the company’s stock valued at $7,106,000 after acquiring an additional 119,156 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Foundation Building Materials by 13.3% during the second quarter. Jacobs Levy Equity Management Inc. now owns 197,234 shares of the company’s stock valued at $3,507,000 after acquiring an additional 23,150 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Foundation Building Materials during the second quarter valued at about $26,000. Citadel Advisors LLC grew its position in shares of Foundation Building Materials by 59.2% during the second quarter. Citadel Advisors LLC now owns 98,513 shares of the company’s stock valued at $1,751,000 after purchasing an additional 36,647 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Foundation Building Materials by 35.7% during the second quarter. Prudential Financial Inc. now owns 87,632 shares of the company’s stock valued at $1,558,000 after purchasing an additional 23,064 shares in the last quarter. 89.85% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Story: Equity Income

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.