Foundation Building Materials (FBM) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Foundation Building Materials (NYSE:FBM) from a sell rating to a hold rating in a report released on Wednesday.

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 analysts also recently issued research reports about the company. Barclays dropped their price objective on Foundation Building Materials from $18.00 to $17.00 and set a buy rating on the stock in a research note on Monday, August 13th. ValuEngine downgraded Foundation Building Materials from a hold rating to a sell rating in a research note on Thursday, October 18th. Finally, TheStreet downgraded Foundation Building Materials from a c- rating to a d+ rating in a research note on Thursday, October 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $17.67.

Foundation Building Materials stock opened at $9.78 on Wednesday. Foundation Building Materials has a 12 month low of $9.26 and a 12 month high of $16.40. The company has a current ratio of 2.86, a quick ratio of 2.19 and a debt-to-equity ratio of 2.14. The company has a market capitalization of $421.23 million, a P/E ratio of 32.60 and a beta of 1.35.

Foundation Building Materials (NYSE:FBM) last posted its quarterly earnings data on Thursday, November 1st. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. Foundation Building Materials had a return on equity of 6.25% and a net margin of 2.07%. The business had revenue of $542.30 million for the quarter, compared to the consensus estimate of $555.47 million. During the same quarter in the prior year, the business earned $0.08 earnings per share. Foundation Building Materials’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, analysts predict that Foundation Building Materials will post 0.43 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in FBM. Tower Research Capital LLC TRC increased its holdings in shares of Foundation Building Materials by 216.4% in the third quarter. Tower Research Capital LLC TRC now owns 9,788 shares of the company’s stock worth $122,000 after purchasing an additional 6,694 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Foundation Building Materials by 3,253.6% in the third quarter. Meeder Asset Management Inc. now owns 11,570 shares of the company’s stock worth $145,000 after purchasing an additional 11,225 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Foundation Building Materials in the third quarter worth $162,000. Bank of Montreal Can bought a new position in shares of Foundation Building Materials in the second quarter worth $174,000. Finally, CIBC World Markets Inc. bought a new position in shares of Foundation Building Materials in the second quarter worth $179,000. 92.79% of the stock is currently owned by hedge funds and other institutional investors.

About Foundation Building Materials

Foundation Building Materials, Inc distributes building products in the United States and Canada. It operates through two segments, Specialty Building Products and Mechanical Insulation. The Specialty Building Products segment distributes wallboard, metal framing, suspended ceiling system, and other products.

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