Foundation Building Materials Inc (NYSE:FBM) Short Interest Update

Foundation Building Materials Inc (NYSE:FBM) was the recipient of a significant growth in short interest in November. As of November 29th, there was short interest totalling 1,630,000 shares, a growth of 153.7% from the November 14th total of 642,400 shares. Currently, 8.1% of the company’s shares are sold short. Based on an average daily volume of 448,800 shares, the short-interest ratio is currently 3.6 days.

Shares of FBM stock opened at $19.26 on Friday. The firm has a fifty day moving average of $20.22 and a 200-day moving average of $17.73. The company has a quick ratio of 1.48, a current ratio of 2.09 and a debt-to-equity ratio of 1.68. Foundation Building Materials has a 12-month low of $7.62 and a 12-month high of $22.14. The company has a market capitalization of $842.17 million, a price-to-earnings ratio of 55.03, a P/E/G ratio of 0.41 and a beta of 1.52.

Foundation Building Materials (NYSE:FBM) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.06. Foundation Building Materials had a net margin of 2.28% and a return on equity of 10.31%. The company had revenue of $564.90 million during the quarter, compared to the consensus estimate of $576.12 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, equities analysts expect that Foundation Building Materials will post 0.89 EPS for the current year.

Several equities research analysts have commented on FBM shares. Bank of America started coverage on shares of Foundation Building Materials in a research note on Friday, October 11th. They issued a “buy” rating and a $20.00 target price for the company. ValuEngine raised shares of Foundation Building Materials from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Zacks Investment Research raised shares of Foundation Building Materials from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Friday, November 8th. Evercore ISI raised shares of Foundation Building Materials from an “in-line” rating to an “outperform” rating and set a $21.00 target price for the company in a research note on Wednesday, October 16th. Finally, Barclays reaffirmed a “buy” rating and issued a $24.00 target price on shares of Foundation Building Materials in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Foundation Building Materials currently has an average rating of “Buy” and a consensus target price of $19.40.

In other Foundation Building Materials news, major shareholder John P. Grayken sold 4,750,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were 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 company’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 transaction of $12,917,625.00. 0.84% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC increased its position in shares of Foundation Building Materials by 42.5% during the second quarter. Acadian Asset Management LLC now owns 399,638 shares of the company’s stock worth $7,106,000 after acquiring an additional 119,156 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of 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 worth $3,507,000 after acquiring an additional 23,150 shares in the last quarter. Rhumbline Advisers increased its position in shares of Foundation Building Materials by 7.5% during the third quarter. Rhumbline Advisers now owns 22,047 shares of the company’s stock worth $342,000 after acquiring an additional 1,531 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Foundation Building Materials by 2,038.7% during the third quarter. Russell Investments Group Ltd. now owns 79,133 shares of the company’s stock worth $1,225,000 after acquiring an additional 75,433 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Foundation Building Materials during the second quarter worth $26,000. 94.86% of the stock is owned by institutional investors.

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.

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