Foundation Building Materials (NYSE:FBM) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Foundation Building Materials (NYSE:FBM) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. The brokerage currently has $19.00 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. “

FBM has been the subject of several other research reports. ValuEngine cut Zogenix from a strong-buy rating to a buy rating in a research note on Thursday, April 11th. TheStreet upgraded Zimmer Biomet from a c rating to a b- rating in a report on Friday, April 26th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Foundation Building Materials has an average rating of Buy and a consensus price target of $13.33.

NYSE:FBM opened at $16.68 on Thursday. Foundation Building Materials has a 1 year low of $7.62 and a 1 year high of $18.21. The company has a market capitalization of $717.04 million, a PE ratio of 47.66 and a beta of 1.49. The stock has a fifty day simple moving average of $16.47. The company has a debt-to-equity ratio of 1.86, a quick ratio of 1.40 and a current ratio of 2.05.

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

Several institutional investors have recently made changes to their positions in the company. Summit Global Investments lifted its stake in Foundation Building Materials by 2.6% during the first quarter. Summit Global Investments now owns 76,400 shares of the company’s stock worth $752,000 after purchasing an additional 1,900 shares during the last quarter. Globeflex Capital L P lifted its stake in Foundation Building Materials by 18.4% during the first quarter. Globeflex Capital L P now owns 14,875 shares of the company’s stock worth $146,000 after purchasing an additional 2,308 shares during the last quarter. Martingale Asset Management L P bought a new stake in Foundation Building Materials during the first quarter worth $300,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Foundation Building Materials by 42.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 26,975 shares of the company’s stock valued at $265,000 after purchasing an additional 8,050 shares during the period. Finally, Spark Investment Management LLC increased its holdings in Foundation Building Materials by 176.2% in the first quarter. Spark Investment Management LLC now owns 55,245 shares of the company’s stock valued at $543,000 after purchasing an additional 35,245 shares during the period. Institutional investors and hedge funds own 90.05% of the company’s stock.

Foundation Building Materials Company Profile

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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