Bank of New York Mellon Corp Sells 83,817 Shares of Builders FirstSource, Inc. $BLDR

Key Points

• Bank of New York Mellon cut its Builders FirstSource stake by 11% in the fourth quarter, selling 83,817 shares and ending with 680,757 shares valued at about $70 million.
• Builders FirstSource stock rose 6.1% to $77.55, but the shares remain well below their 52-week high of $151.03 and below both the 50-day and 200-day moving averages.
• The company posted mixed quarterly results: EPS of $0.27 missed estimates, while revenue of $3.29 billion beat expectations even as sales fell 10.1% year over year; the board also approved a $500 million share buyback.

Bank of New York Mellon Corp lowered its stake in shares of Builders FirstSource, Inc. (NYSE:BLDR - Free Report) by 11.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 680,757 shares of the company's stock after selling 83,817 shares during the quarter. Bank of New York Mellon Corp owned 0.62% of Builders FirstSource worth $70,043,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of BLDR. Capital International Investors purchased a new position in Builders FirstSource during the 3rd quarter valued at $429,640,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Builders FirstSource by 99,084.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,241,561 shares of the company's stock worth $230,634,000 after buying an additional 2,239,301 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Builders FirstSource by 2,498.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,854,525 shares of the company's stock worth $224,861,000 after buying an additional 1,783,164 shares during the period. Sands Capital Management LLC increased its stake in shares of Builders FirstSource by 139.1% during the third quarter. Sands Capital Management LLC now owns 2,430,902 shares of the company's stock valued at $294,747,000 after buying an additional 1,414,129 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Builders FirstSource by 235.1% during the third quarter. Victory Capital Management Inc. now owns 1,893,483 shares of the company's stock valued at $229,585,000 after buying an additional 1,328,363 shares during the period. Institutional investors own 95.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BLDR. William Blair began coverage on shares of Builders FirstSource in a research note on Thursday, February 26th. They issued an "outperform" rating for the company. Truist Financial lowered their price objective on shares of Builders FirstSource from $145.00 to $115.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Wells Fargo & Company lowered their price objective on shares of Builders FirstSource from $87.00 to $85.00 and set an "equal weight" rating for the company in a research note on Friday, May 1st. DA Davidson decreased their price objective on Builders FirstSource from $111.00 to $84.00 and set a "neutral" rating for the company in a research note on Friday, May 1st. Finally, Barclays decreased their price objective on Builders FirstSource from $114.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $101.88.

Insider Buying and Selling

In related news, Director Paul S. Levy bought 50,000 shares of the company's stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average cost of $87.73 per share, with a total value of $4,386,500.00. Following the completion of the acquisition, the director directly owned 1,727,191 shares in the company, valued at approximately $151,526,466.43. The trade was a 2.98% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is currently owned by company insiders.

Builders FirstSource Stock Up 6.1%

Shares of BLDR stock opened at $77.55 on Wednesday. The stock's 50-day simple moving average is $79.50 and its 200-day simple moving average is $97.63. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.09 and a current ratio of 1.76. The firm has a market capitalization of $8.34 billion, a PE ratio of 29.71, a P/E/G ratio of 1.75 and a beta of 1.44. Builders FirstSource, Inc. has a fifty-two week low of $65.10 and a fifty-two week high of $151.03.

Builders FirstSource (NYSE:BLDR - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.12). The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.17 billion. Builders FirstSource had a net margin of 1.97% and a return on equity of 14.89%. The firm's revenue for the quarter was down 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 earnings per share. Equities analysts expect that Builders FirstSource, Inc. will post 4.26 earnings per share for the current year.

Builders FirstSource announced that its board has approved a stock repurchase program on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Builders FirstSource Company Profile

Builders FirstSource, Inc is a leading supplier of structural and value-added building products and services to professional contractors, homebuilders and remodelers. The company provides a comprehensive range of materials and prefabricated components that support all phases of residential construction, from site development and framing to finishing and installation.

The company's core offerings include lumber and lumber sheet goods, windows and doors, millwork, roofing and siding, and engineered wood products such as roof and floor trusses.

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