Zacks Upgrades Gibraltar Industries to Neutral (ROCK)
Gibraltar Industries (NASDAQ:ROCK) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research note issued on Thursday, Analyst RN reports. The firm currently has a $15.00 target price on the stock. Zacks‘ price objective suggests a potential upside of 4.09% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our recommendation on Gibraltar Industries to Neutral from Underperform based on the improving global construction activities. The company has been gaining from the construction of multi-family buildings as well as new construction in the residential sector. A significant portion of the company’s revenues comes from repair and remodeling activities, which are expected to grow further. Additionally, Gibraltar Industries have been growing inorganically in the past. However, in the second quarter of 2013, the company recorded a 10% drop in industrial market revenues (excluding acquisitions) that impacted the overall revenue and margins growth. Weak results in the quarter pulled down overall revenue and earnings growth expectation for 2013. Also, Gibraltar Industries’ presence in various regions around the globe makes it susceptible to foreign currency risks, as well as economic and political risks of the nation.”
Shares of Gibraltar Industries (NASDAQ:ROCK) traded down 1.37% during mid-day trading on Thursday, hitting $14.41. 197,551 shares of the company’s stock traded hands. Gibraltar Industries has a 52 week low of $11.96 and a 52 week high of $20.00. The stock has a 50-day moving average of $13.95 and a 200-day moving average of $15.50. The company has a market cap of $442.3 million and a price-to-earnings ratio of 60.37.
Gibraltar Industries (NASDAQ:ROCK) last announced its earnings results on Thursday, August 1st. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.06. The company had revenue of $224.50 million for the quarter, compared to the consensus estimate of $243.10 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, analysts predict that Gibraltar Industries will post $0.61 earnings per share for the current fiscal year.
A number of other firms have also recently commented on ROCK. Analysts at Thomson Reuters/Verus downgraded shares of Gibraltar Industries from a “buy” rating to a “hold” rating in a research note to investors on Monday.
Gibraltar Industries, Inc is a manufacturer and distributor of products for the building and industrial markets.
To view Zacks’ full report, visit www.zacks.com
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