Zacks Investment Research Upgrades Foundation Building Materials (NYSE:FBM) to “Hold”

Zacks Investment Research upgraded shares of Foundation Building Materials (NYSE:FBM) from a sell rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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 also recently issued research reports about the stock. ValuEngine downgraded shares of Zogenix from a strong-buy rating to a buy rating in a research note on Thursday, April 11th. TheStreet raised shares of Zimmer Biomet from a c rating to a b- rating in a research note on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Foundation Building Materials presently has a consensus rating of Hold and a consensus price target of $12.33.

FBM opened at $17.55 on Wednesday. The company has a market capitalization of $754.47 million, a price-to-earnings ratio of 50.14 and a beta of 1.48. Foundation Building Materials has a 1-year low of $7.62 and a 1-year high of $18.21. The stock has a 50 day moving average price of $16.20. The company has a current ratio of 2.05, a quick ratio of 1.40 and a debt-to-equity ratio of 1.86.

Foundation Building Materials (NYSE:FBM) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.05. The business had revenue of $514.87 million during the quarter, compared to analyst estimates of $509.19 million. Foundation Building Materials had a negative net margin of 0.35% and a positive return on equity of 7.22%. The company’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share. Equities research analysts expect that Foundation Building Materials will post 0.8 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its holdings in shares of Foundation Building Materials by 680.0% in the first quarter. BNP Paribas Arbitrage SA now owns 3,081 shares of the company’s stock worth $30,000 after purchasing an additional 2,686 shares during the last quarter. Globeflex Capital L P lifted its position in shares of Foundation Building Materials by 18.4% during the first quarter. Globeflex Capital L P now owns 14,875 shares of the company’s stock valued at $146,000 after buying an additional 2,308 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Foundation Building Materials by 45.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 18,925 shares of the company’s stock valued at $157,000 after buying an additional 5,925 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Foundation Building Materials by 42.3% during the fourth quarter. Rhumbline Advisers now owns 20,189 shares of the company’s stock valued at $168,000 after buying an additional 5,997 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Foundation Building Materials by 292.8% during the fourth quarter. Bank of America Corp DE now owns 28,059 shares of the company’s stock valued at $233,000 after buying an additional 20,916 shares during the last quarter. 90.22% 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.

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