CIBC Asset Management Inc. reduce the inventory position at Builders FirstSource, Inc. (NYSE:BLDR)

VaselineSeptember 6, 2024

0 4 minutes read

CIBC Asset Management Inc reduced its holdings in shares of Builders FirstSource, Inc. (NYSE:BLDR – Free Report) by 4.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,773 shares of the company’s stock after selling 719 shares during the quarter. CIBC Asset Management Inc’s holdings in Builders FirstSource were worth $2,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Inçalta Capital LLC bought a new stake in shares of Builders FirstSource in the 2nd quarter valued at $27,000. Westside Investment Management Inc. purchased a new stake in shares of Builders FirstSource in the first quarter worth about $31,000. Principal Securities Inc. bought a new position in shares of Builders FirstSource in the fourth quarter valued at approximately $32,000. ORG Partners LLC purchased a new position in Builders FirstSource in the first quarter valued at about $33,000. Finally, American Capital Advisory LLC bought a new stake in Builders FirstSource in the first quarter worth about $34,000. Hedge funds and other institutional investors own 95.53% of the company’s shares.

The Wall Street analyst weighs in

A number of research analysts have recently commented on BLDR shares. Royal Bank of Canada cut their price target on shares of Builders FirstSource from $193.00 to $178.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Oppenheimer upped their target price on Builders FirstSource from $190.00 to $205.00 and gave the company an “outperform” rating in a report on Tuesday. StockNews.com cut shares of Builders FirstSource from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Robert W. Baird upgraded shares of Builders FirstSource from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $185.00 to $190.00 in a research report on Wednesday , August 7. Finally, Barclays cut their price target on Builders FirstSource from $188.00 to $182.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $181.57.

Want more great investment ideas?

Get the latest inventory report on Builders FirstSource

Builders FirstSource stock fell 0.7%

Shares of NYSE BLDR opened at $167.67 on Friday. The firm has a fifty day simple moving average of $157.82 and a two hundred day simple moving average of $171.68. The firm has a market cap of $20.47 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 10.07 and a beta of 2.04. The company has a current ratio of 1.83, a quick ratio of 1.14, and a debt-to-equity ratio of 0.88. Builders FirstSource, Inc. has a 12-month low of $105.24 and a 12-month high of $214.70.

Builders FirstSource (NYSE:BLDR – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $3.50 EPS for the quarter, topping the consensus estimate of $3.02 by $0.48. The company had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.48 billion. Builders FirstSource had a net margin of 8.25% and a return on equity of 37.05%. Builders FirstSource’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business posted earnings per share of $3.89. Equities analysts expect that Builders FirstSource, Inc. to post 11.91 earnings per share for the current year.

Builders FirstSource announced that its board has approved a share repurchase program on Tuesday, August 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.3% of its shares through open market purchases. Stock buyback programs are usually a sign that a company’s board of directors believes its stock is undervalued.

Indoor activity

In related news, Director Craig Arthur Steinke sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $153.68, for a total value of $4,610,400.00. Following the sale, the director now directly owns 95,333 shares of the company’s stock, valued at $14,650,775.44. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. 1.80% of shares are currently owned by company insiders.

Builders FirstSource Profile

(Free report)

Builders FirstSource, Inc, together with its subsidiaries, manufactures and supplies building materials, manufactured components and construction services to professional home builders, subcontractors, remodelers and consumers in the United States. Provides lumber and sheet goods that include dimensional lumber, plywood and oriented strand board products that are used within the home on site; manufactured products such as wood floor and roof trusses, floor trusses, wall panels, stairs and engineered wood products; and interior and exterior window and door units, as well as interior trim and custom products comprising intricate moldings, stair parts and columns under the Synboard brand.