Foundation Building Materials, Inc. (FBM) Forecasted to Earn Q3 2017 Earnings of $0.08 Per Share
Foundation Building Materials, Inc. (NYSE:FBM) – SunTrust Banks lowered their Q3 2017 EPS estimates for Foundation Building Materials in a research note issued on Wednesday. SunTrust Banks analyst K. Hughes now forecasts that the company will post earnings per share of $0.08 for the quarter, down from their previous estimate of $0.15. SunTrust Banks also issued estimates for Foundation Building Materials’ Q4 2017 earnings at $0.10 EPS, FY2017 earnings at $0.32 EPS, Q3 2018 earnings at $0.29 EPS and FY2018 earnings at $0.76 EPS.
FBM has been the subject of a number of other research reports. Zacks Investment Research lowered shares of Foundation Building Materials from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Barclays PLC lowered their target price on shares of Foundation Building Materials from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, August 4th. Royal Bank Of Canada lowered their target price on shares of Foundation Building Materials from $20.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, August 4th. Robert W. Baird reaffirmed a “hold” rating and set a $15.00 target price on shares of Foundation Building Materials in a report on Monday. Finally, Deutsche Bank AG lowered their target price on shares of Foundation Building Materials from $19.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. Foundation Building Materials has a consensus rating of “Buy” and an average price target of $18.00.
TRADEMARK VIOLATION WARNING: This piece was reported by American Banking News and is the property of of American Banking News. If you are accessing this piece on another site, it was copied illegally and republished in violation of United States and international copyright and trademark law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2017/10/13/foundation-building-materials-inc-fbm-forecasted-to-earn-q3-2017-earnings-of-0-08-per-share.html. Foundation Building Materials (NYSE:FBM) last released its earnings results on Thursday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.11). The business had revenue of $529.20 million during the quarter, compared to analysts’ expectations of $536.72 million. Foundation Building Materials’s quarterly revenue was up 95.9% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC grew its holdings in Foundation Building Materials by 9.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 20,223 shares of the company’s stock worth $260,000 after acquiring an additional 1,710 shares during the period. Teachers Advisors LLC grew its holdings in Foundation Building Materials by 51.1% during the 2nd quarter. Teachers Advisors LLC now owns 22,477 shares of the company’s stock worth $289,000 after acquiring an additional 7,601 shares during the period. JPMorgan Chase & Co. acquired a new stake in Foundation Building Materials during the 1st quarter worth $133,000. Wells Fargo & Company MN grew its holdings in Foundation Building Materials by 58.0% during the 2nd quarter. Wells Fargo & Company MN now owns 25,870 shares of the company’s stock worth $333,000 after acquiring an additional 9,500 shares during the period. Finally, Virtu KCG Holdings LLC acquired a new stake in Foundation Building Materials during the 2nd quarter worth $129,000. 92.08% of the stock is owned by hedge funds and other institutional investors.
About Foundation Building Materials
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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