Builders FirstSource, Inc. (BLDR) Bonds Trading 0.9% Higher

An issue of Builders FirstSource, Inc. (NASDAQ:BLDR) debt rose 0.9% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 5.625% coupon and is set to mature on September 1, 2024. The bonds in the issue are now trading at $103.50 and were trading at $102.38 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.

A number of equities analysts have recently weighed in on BLDR shares. Zacks Investment Research downgraded shares of Builders FirstSource from a “hold” rating to a “sell” rating in a research note on Tuesday, January 24th. Wedbush reissued an “outperform” rating and set a $19.00 target price (up from $18.00) on shares of Builders FirstSource in a research report on Thursday, March 2nd. FBR & Co reissued an “outperform” rating and set a $20.00 target price (up from $15.00) on shares of Builders FirstSource in a research report on Friday, March 10th. Finally, Citigroup Inc increased their target price on shares of Builders FirstSource from $14.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, May 11th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $17.00.

Shares of Builders FirstSource, Inc. (NASDAQ:BLDR) opened at 14.22 on Friday. The firm’s 50-day moving average is $15.20 and its 200-day moving average is $12.89. Builders FirstSource, Inc. has a 12-month low of $9.04 and a 12-month high of $16.50. The company has a market capitalization of $1.60 billion, a PE ratio of 9.94 and a beta of 2.30.

Builders FirstSource (NASDAQ:BLDR) last released its quarterly earnings data on Monday, May 8th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. Builders FirstSource had a net margin of 2.03% and a return on equity of 49.20%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the firm earned ($0.13) earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts anticipate that Builders FirstSource, Inc. will post $1.09 EPS for the current fiscal year.

In related news, SVP Morris E. Tolly sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $14.84, for a total transaction of $742,000.00. Following the transaction, the senior vice president now directly owns 226,473 shares of the company’s stock, valued at $3,360,859.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul S. Levy sold 10,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $14.51, for a total transaction of $145,100,000.00. The disclosure for this sale can be found here. Insiders sold 10,293,684 shares of company stock worth $149,505,344 over the last ninety days. Insiders own 36.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Builders FirstSource by 68,569.7% in the first quarter. BlackRock Inc. now owns 6,349,196 shares of the company’s stock worth $94,602,000 after buying an additional 6,339,950 shares during the last quarter. Vanguard Group Inc. raised its position in Builders FirstSource by 21.7% in the first quarter. Vanguard Group Inc. now owns 5,914,387 shares of the company’s stock worth $88,124,000 after buying an additional 1,053,799 shares during the last quarter. Ruane Cunniff & Goldfarb Inc. raised its position in Builders FirstSource by 25.0% in the fourth quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,007,377 shares of the company’s stock worth $54,931,000 after buying an additional 1,000,000 shares during the last quarter. Stelliam Investment Management LP raised its position in Builders FirstSource by 82.4% in the fourth quarter. Stelliam Investment Management LP now owns 3,325,000 shares of the company’s stock worth $36,475,000 after buying an additional 1,502,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Builders FirstSource by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,019,193 shares of the company’s stock worth $44,986,000 after buying an additional 71,261 shares during the last quarter. 80.91% of the stock is currently owned by institutional investors.

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About Builders FirstSource

Builders FirstSource, Inc is a supplier and manufacturer of building materials, manufactured components and construction services to professional contractors, sub-contractors, remodelers and consumers. The Company’s operating segments include Northeast, Southeast, South and West. As of December 31, 2016, it operated at 400 locations in 40 states across the United States.

12 Month Chart for NASDAQ:BLDR

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