Jll Building Holdings, LLC Declares Ownership of Stake in Builders FirstSource, Inc. (BLDR)

Jll Building Holdings, LLC

revealed that they own 0.9% of Builders FirstSource, Inc. (NASDAQ:BLDR) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Monday, September 11th. The investor owns 994,533 shares of the stock valued at about $16,539,084. The reporting parties listed on the disclosure included JLL Building Holdings, LLC, JLL Partners Fund V, LP, JLL Associates V, LP, JLL Associates GP V, LLC and Paul S Levy. The filing is available through the SEC website at this hyperlink.

Jll Building Holdings, LLC

provided the following explanation of their ownership:

Item 4 is hereby amended and supplemented by adding the following at the end thereof:
As of the date of this Amendment No. 12, except as set forth in this Schedule 13D, there are no current plans or proposals of the JLL Reporting Persons that relate to or would result in any of the actions identified in Item 4(a) through Item 4(j).
Pursuant to the Underwriting Agreement, dated September 6,2017, among Builders FirstSource, Inc., Goldman Sachs & Co. LLC and JLL Building Holdings, LLC (the “Underwriting Agreement”), subject to the terms and conditions expressed therein, JLL Holdings agreed to sell an aggregate of 13,482,177 shares of the Company’s Common Stock at a price of $16.17 per share. The sale (the “Sale”) of such shares of the Company’s Common Stock was consummated on September 6,2017. The shares were offered and sold by JLL Holdings pursuant to a preliminary prospectus supplement, dated September 6,2017, a final prospectus supplement, dated September 6,2017, and the related prospectus dated November 26,2014, each filed with the SEC, relating to the Company’s registration statement on Form S3 (File No. 333199955), as amended by PreEffective Amendment No. 1 thereto.
Additionally, JLL Holdings agreed to effect a pro rata distribution of its remaining 862,407 shares of Common Stock to its sole member, JLL Fund V, for no
7
consideration and in lieu of participation in the sale described in the immediately preceding paragraph. Immediately following receipt of such distribution, JLL Fund V intends to effect a pro rata distribution of such shares of Common Stock to its general partner and certain of its limited partners, for no consideration (such distributions are together the “Distributions”). Mr. Levy separately purchased 800,000 shares of Common Stock in the offering at a price of $16.17 per share of Common Stock, using his personal funds (the “Levy Purchase”).
The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to the Company’s Current Report on Form 8K filed with the SEC on September 8,2017 and is incorporated herein by reference.

A number of other hedge funds have also bought and sold shares of the business. Alps Advisors Inc. increased its holdings in shares of Builders FirstSource by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 31,670 shares of the company’s stock valued at $485,000 after acquiring an additional 82 shares during the last quarter. 1st Global Advisors Inc. increased its holdings in shares of Builders FirstSource by 1.0% in the 2nd quarter. 1st Global Advisors Inc. now owns 13,694 shares of the company’s stock valued at $210,000 after acquiring an additional 137 shares during the last quarter. Suntrust Banks Inc. increased its holdings in shares of Builders FirstSource by 1.9% in the 2nd quarter. Suntrust Banks Inc. now owns 27,934 shares of the company’s stock valued at $427,000 after acquiring an additional 515 shares during the last quarter. Wall Street Access Asset Management LLC increased its holdings in shares of Builders FirstSource by 5.0% in the 2nd quarter. Wall Street Access Asset Management LLC now owns 16,800 shares of the company’s stock valued at $257,000 after acquiring an additional 800 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of Builders FirstSource by 17.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,495 shares of the company’s stock valued at $130,000 after acquiring an additional 1,253 shares during the last quarter. Institutional investors own 85.48% of the company’s stock.

BLDR has been the subject of a number of research analyst reports. BidaskClub downgraded Builders FirstSource from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. FBR & Co reiterated a “buy” rating and issued a $20.00 price target on shares of Builders FirstSource in a report on Tuesday, June 27th. Deutsche Bank AG boosted their price target on Builders FirstSource from $17.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target (up from $19.00) on shares of Builders FirstSource in a report on Wednesday, May 17th. Finally, Zacks Investment Research downgraded Builders FirstSource from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $17.29.

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Builders FirstSource, Inc. (BLDR) traded up 0.96% on Monday, reaching $16.79. The company had a trading volume of 1,626,002 shares. The company has a 50-day moving average of $15.91 and a 200 day moving average of $15.19. Builders FirstSource, Inc. has a one year low of $9.04 and a one year high of $17.22. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 11.11 and a beta of 2.11.

Builders FirstSource (NASDAQ:BLDR) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. Builders FirstSource had a return on equity of 43.83% and a net margin of 2.60%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the company posted $0.31 earnings per share. The business’s revenue was up 9.9% on a year-over-year basis. On average, equities research analysts predict that Builders FirstSource, Inc. will post $1.12 EPS for the current year.

In other news, major shareholder Jll Partners Fund V. Lp sold 13,482,177 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $16.17, for a total transaction of $218,006,802.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul S. Levy acquired 800,000 shares of Builders FirstSource stock in a transaction dated Wednesday, September 6th. The shares were purchased at an average price of $16.17 per share, with a total value of $12,936,000.00. The disclosure for this purchase can be found here. Insiders own 14.60% of the company’s stock.

Builders FirstSource Company Profile

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.

Institutional Ownership by Quarter for Builders FirstSource (NASDAQ:BLDR)

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