Allspring Global Investments Holdings LLC Buys 14,009 Shares of Gibraltar Industries, Inc. $ROCK

Key Points

• Allspring Global Investments increased its stake in Gibraltar Industries by 2.9%, acquiring an additional 14,009 shares, bringing its total ownership to 505,230 shares valued at approximately $30.8 million.
• Gibraltar Industries recently reported earnings of $1.13 per share, falling short of analysts' expectations, while revenue for the quarter was $309.5 million, significantly below the forecast of $381.4 million.
• Institutional investors hold a significant majority of Gibraltar Industries, with 98.39% of the company’s stock owned by hedge funds and other entities.

Allspring Global Investments Holdings LLC boosted its holdings in Gibraltar Industries, Inc. (NASDAQ:ROCK - Free Report) by 2.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 505,230 shares of the construction company's stock after purchasing an additional 14,009 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.71% of Gibraltar Industries worth $30,819,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ROCK. Wellington Management Group LLP raised its stake in Gibraltar Industries by 30.6% in the 1st quarter. Wellington Management Group LLP now owns 2,012,178 shares of the construction company's stock worth $118,034,000 after purchasing an additional 471,108 shares in the last quarter. Nuveen LLC acquired a new stake in Gibraltar Industries in the 1st quarter worth about $20,694,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Gibraltar Industries by 57.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 479,894 shares of the construction company's stock worth $28,151,000 after purchasing an additional 175,769 shares in the last quarter. Ancora Advisors LLC raised its stake in Gibraltar Industries by 204.4% in the 1st quarter. Ancora Advisors LLC now owns 191,688 shares of the construction company's stock worth $11,244,000 after purchasing an additional 128,721 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Gibraltar Industries by 68.7% in the 1st quarter. Invesco Ltd. now owns 250,865 shares of the construction company's stock valued at $14,716,000 after buying an additional 102,150 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company's stock.

Gibraltar Industries Price Performance

ROCK opened at $65.96 on Thursday. Gibraltar Industries, Inc. has a fifty-two week low of $48.96 and a fifty-two week high of $74.97. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.01 and a beta of 1.30. The company's 50 day moving average price is $62.54 and its two-hundred day moving average price is $60.21.

Gibraltar Industries (NASDAQ:ROCK - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.03). Gibraltar Industries had a return on equity of 12.91% and a net margin of 10.08%.The business had revenue of $309.50 million for the quarter, compared to the consensus estimate of $381.40 million. During the same period in the previous year, the firm earned $1.18 earnings per share. The company's revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts predict that Gibraltar Industries, Inc. will post 4.91 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wall Street Zen cut shares of Gibraltar Industries from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Zacks Research lowered shares of Gibraltar Industries from a "hold" rating to a "strong sell" rating in a report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gibraltar Industries in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce".

About Gibraltar Industries

Gibraltar Industries, Inc manufactures and provides products and services for the renewable energy, residential, agtech, and infrastructure markets in the United States and internationally. It operates through four segments: Renewables, Residential, Agtech, and Infrastructure. The Renewables segment designs, engineers, manufactures, and installs solar racking and electrical balance of systems for commercial and distributed generation scale solar installations.

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