Foundation Building Materials (NYSE:FBM) Upgraded to “Buy” by Zacks Investment Research

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Zacks Investment Research upgraded shares of Foundation Building Materials (NYSE:FBM) from a hold rating to a buy rating in a report released on Friday, Zacks.com reports. Zacks Investment Research currently has $23.00 price target on the stock.

According to Zacks, “Foundation Building Materials, Inc. is a specialty distributor of wallboard and suspended ceiling systems primarily in U.S. and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. Specialty building products segment distributes wallboard and accessories, metal framing, suspended ceiling systems and other products. Mechanical insulation segment includes insulation solutions for pipes and mechanical systems. Foundation Building Materials, Inc. is based in Tustin, California. “

Other equities research analysts have also recently issued reports about the company. Bank of America assumed coverage on Foundation Building Materials in a research note on Friday, October 11th. They issued a buy rating and a $20.00 price target for the company. Barclays reiterated a buy rating and issued a $24.00 price target on shares of Foundation Building Materials in a research note on Wednesday. Evercore ISI upgraded Foundation Building Materials from an in-line rating to an outperform rating and set a $21.00 price target for the company in a research note on Wednesday, October 16th. Finally, ValuEngine upgraded Foundation Building Materials from a sell rating to a hold rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Foundation Building Materials currently has an average rating of Buy and a consensus price target of $19.40.

FBM stock traded up $0.42 during trading on Friday, reaching $21.26. 323,667 shares of the company traded hands, compared to its average volume of 254,609. Foundation Building Materials has a 12 month low of $7.62 and a 12 month high of $22.14. The business has a 50 day simple moving average of $17.59 and a 200 day simple moving average of $16.73. The company has a market capitalization of $889.89 million, a price-to-earnings ratio of 60.74, a price-to-earnings-growth 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 (NYSE:FBM) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.06. Foundation Building Materials had a return on equity of 10.48% and a net margin of 2.28%. The company had revenue of $564.90 million for the quarter, compared to the consensus estimate of $576.12 million. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, research analysts forecast that Foundation Building Materials will post 0.85 EPS for the current year.

In other Foundation Building Materials news, major shareholder John P. Grayken sold 712,500 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $18.13, for a total value 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 stock was sold at an average price of $16.28, for a total value of $77,330,000.00. Company insiders own 0.84% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Systematic Financial Management LP purchased a new position in shares of Foundation Building Materials in the third quarter worth about $540,000. Boston Advisors LLC purchased a new position in shares of Foundation Building Materials in the third quarter worth about $1,291,000. Tower Research Capital LLC TRC purchased a new position in shares of Foundation Building Materials in the third quarter worth about $37,000. Russell Investments Group Ltd. raised its stake in shares of Foundation Building Materials by 2,038.7% in the third quarter. Russell Investments Group Ltd. now owns 79,133 shares of the company’s stock worth $1,225,000 after purchasing an additional 75,433 shares during the last quarter. Finally, Dupont Capital Management Corp purchased a new position in shares of Foundation Building Materials in the third quarter worth about $379,000. Hedge funds and other institutional investors own 89.85% 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.

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