Gibraltar Industries (NASDAQ:ROCK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Gibraltar reported mixed third-quarter results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same by 1.4% and 2.4%, respectively. Nonetheless, both top and bottom lines increased 2% and 6%, respectively, year-over-year. The improved performance was backed by robust performance by the Renewable Energy & Conservation segment, along with effective price-material cost management. However, operating margin contracted 130 bps due to its unfavorable product mix and volume. Lower demand in the Infrastructure segment added to the woes. Although shares of Gibraltar have outperformed the industry so far this year, its earnings estimates for 2018 and 2019 have declined over the past 30 days, reflecting analyst's concern over the stock’s upside potential.”
Several other equities research analysts also recently weighed in on the company. BidaskClub raised Gibraltar Industries from a “strong sell” rating to a “sell” rating in a research report on Thursday. ValuEngine raised Gibraltar Industries from a “sell” rating to a “hold” rating in a research report on Thursday, November 15th.
Gibraltar Industries (NASDAQ:ROCK) last issued its earnings results on Thursday, November 1st. The construction company reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.01. Gibraltar Industries had a return on equity of 12.23% and a net margin of 7.44%. The company had revenue of $280.10 million during the quarter, compared to the consensus estimate of $287.93 million. During the same quarter in the prior year, the business earned $0.67 earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year. On average, research analysts anticipate that Gibraltar Industries will post 2.07 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in shares of Gibraltar Industries by 15.9% in the second quarter. Victory Capital Management Inc. now owns 9,161 shares of the construction company’s stock worth $344,000 after buying an additional 1,256 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Gibraltar Industries by 93.3% in the second quarter. Tower Research Capital LLC TRC now owns 2,900 shares of the construction company’s stock valued at $109,000 after purchasing an additional 1,400 shares during the last quarter. Global X Management Co LLC boosted its holdings in Gibraltar Industries by 19.0% in the second quarter. Global X Management Co LLC now owns 9,145 shares of the construction company’s stock valued at $343,000 after purchasing an additional 1,457 shares during the last quarter. Stone Ridge Asset Management LLC boosted its holdings in Gibraltar Industries by 26.9% in the third quarter. Stone Ridge Asset Management LLC now owns 7,426 shares of the construction company’s stock valued at $339,000 after purchasing an additional 1,574 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Gibraltar Industries by 2.0% in the second quarter. Rhumbline Advisers now owns 82,465 shares of the construction company’s stock valued at $3,092,000 after purchasing an additional 1,622 shares during the last quarter.
About Gibraltar Industries
Gibraltar Industries, Inc manufactures and distributes building products in North America and Asia. It operates through three segments: Residential Products, Industrial and Infrastructure Products, and Renewable Energy and Conservation. The Residential Products segment offers roof and foundation ventilation products and accessories, such as solar powered units; mail and electronic package solutions, including single mailboxes, cluster style mail and parcel boxes for single and multi-family housing, and electronic package locker systems; roof edgings and flashings; soffits and trims; drywall corner beads; metal roofing products and accessories; rain dispersion products comprising gutters and accessories; and exterior retractable awnings.
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