Zacks Investment Research Lowers Foundation Building Materials (NYSE:FBM) to Hold

Foundation Building Materials (NYSE:FBM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, March 16th.

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. “

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Several other brokerages also recently commented on FBM. Raymond James Financial upgraded shares of Foundation Building Materials from an “outperform” rating to a “strong-buy” rating and set a $20.00 price target on the stock in a report on Thursday, February 8th. UBS upgraded shares of Foundation Building Materials from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, February 8th. Citigroup upped their target price on shares of Foundation Building Materials from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Finally, Barclays set a $19.00 target price on shares of Foundation Building Materials and gave the stock a “buy” rating in a research note on Sunday, January 7th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $17.57.

Foundation Building Materials stock opened at $14.60 on Friday. Foundation Building Materials has a twelve month low of $11.03 and a twelve month high of $17.00. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.50 and a current ratio of 2.26. The stock has a market capitalization of $625.83, a PE ratio of 81.11 and a beta of 0.30.

Foundation Building Materials (NYSE:FBM) last posted its earnings results on Tuesday, February 27th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The firm had revenue of $516.77 million for the quarter, compared to the consensus estimate of $513.28 million. Foundation Building Materials had a net margin of 4.00% and a return on equity of 2.44%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) EPS. equities analysts forecast that Foundation Building Materials will post 0.57 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can purchased a new stake in Foundation Building Materials during the fourth quarter valued at approximately $134,000. The Manufacturers Life Insurance Company purchased a new stake in Foundation Building Materials during the second quarter valued at approximately $143,000. New York State Common Retirement Fund purchased a new stake in Foundation Building Materials during the second quarter valued at approximately $177,000. Teachers Advisors LLC lifted its position in Foundation Building Materials by 51.1% during the second quarter. Teachers Advisors LLC now owns 22,477 shares of the company’s stock valued at $289,000 after acquiring an additional 7,601 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Foundation Building Materials during the fourth quarter valued at approximately $294,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

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Foundation Building Materials Company Profile

Foundation Building Materials, Inc is a specialty distributor of wallboard and suspended ceiling systems in the United States and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. The Company fabricates and distributes its products for specialty contractors seeking to improve or maintain energy efficiency in a range of commercial and industrial buildings.

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