GMS (NYSE:GMS) Trading Up 7.8% After Better-Than-Expected Earnings
GMS Inc. (NYSE:GMS – Get Rating)’s stock price traded up 7.8% on Friday following a stronger than expected earnings report. The company traded as high as $44.21 and last traded at $44.21. 2,787 shares changed hands during trading, a decline of 99% from the average session volume of 263,539 shares. The stock had previously closed at $41.00.The company reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.22. GMS had a net margin of 5.39% and a return on equity of 31.14%. During the same period in the prior year, the firm earned $1.07 earnings per share.
A number of brokerages recently issued reports on GMS. Truist Financial decreased their target price on shares of GMS from $65.00 to $50.00 in a research report on Friday. StockNews.com initiated coverage on shares of GMS in a research report on Thursday, March 31st. They issued a “buy” rating for the company. Loop Capital started coverage on shares of GMS in a research note on Thursday, March 17th. They set a “buy” rating and a $62.00 target price for the company. Royal Bank of Canada downgraded shares of GMS from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $73.00 to $46.00 in a report on Wednesday. Finally, Robert W. Baird dropped their price objective on shares of GMS from $68.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.43.
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In other news, major shareholder Coliseum Capital Management, L purchased 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 5th. The shares were bought at an average cost of $47.89 per share, for a total transaction of $1,915,600.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in GMS. ProShare Advisors LLC increased its holdings in shares of GMS by 62.3% in the 4th quarter. ProShare Advisors LLC now owns 10,696 shares of the company’s stock valued at $643,000 after acquiring an additional 4,105 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of GMS in the 4th quarter valued at about $274,000. Assenagon Asset Management S.A. increased its stake in shares of GMS by 70.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 101,945 shares of the company’s stock valued at $6,128,000 after purchasing an additional 42,005 shares in the last quarter. First Trust Advisors LP increased its stake in GMS by 17.3% during the 4th quarter. First Trust Advisors LP now owns 82,397 shares of the company’s stock worth $4,953,000 after buying an additional 12,130 shares in the last quarter. Finally, Morgan Stanley increased its stake in GMS by 50.8% during the 3rd quarter. Morgan Stanley now owns 233,445 shares of the company’s stock worth $10,224,000 after buying an additional 78,657 shares in the last quarter. 96.81% of the stock is owned by institutional investors.
The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 8.46 and a beta of 1.87. The business has a fifty day moving average of $47.42 and a 200 day moving average of $51.26. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.37 and a quick ratio of 1.37.
About GMS (NYSE:GMS)
GMS Inc distributes wallboards, suspended ceilings systems, and complementary building products in the United States and Canada. The company offers ceilings products, including suspended mineral fibers, soft fibers, and metal ceiling systems primarily used in offices, hotels, hospitals, retail facilities, schools, and various other commercial and institutional buildings.
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