Envestnet Asset Management Inc. Sells 15,255 Shares of GMS Inc. (NYSE:GMS)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in GMS Inc. by 59.9%, now owning 10,193 shares valued at $746,000.
• GMS reported $1.29 earnings per share for the last quarter, outperforming analysts' estimates of $1.11, despite a 5.6% decline in revenue year-over-year.
• Major shareholder Coliseum Capital Management sold 179,133 shares of GMS stock for approximately $19.7 million, reducing their ownership percentage.

Envestnet Asset Management Inc. lowered its holdings in GMS Inc. (NYSE:GMS - Free Report) by 59.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,193 shares of the company's stock after selling 15,255 shares during the quarter. Envestnet Asset Management Inc.'s holdings in GMS were worth $746,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GMS. Eukles Asset Management acquired a new position in shares of GMS during the first quarter worth approximately $33,000. Canada Pension Plan Investment Board acquired a new position in shares of GMS during the fourth quarter worth approximately $34,000. Versant Capital Management Inc lifted its position in shares of GMS by 170.5% during the first quarter. Versant Capital Management Inc now owns 706 shares of the company's stock worth $52,000 after purchasing an additional 445 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of GMS by 38.3% during the first quarter. GAMMA Investing LLC now owns 801 shares of the company's stock worth $59,000 after purchasing an additional 222 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of GMS during the fourth quarter worth approximately $280,000. Institutional investors own 95.28% of the company's stock.

GMS Price Performance

Shares of GMS traded down $0.05 during mid-day trading on Tuesday, reaching $109.63. The company had a trading volume of 904,302 shares, compared to its average volume of 1,596,659. The company's 50 day simple moving average is $97.35 and its 200 day simple moving average is $83.72. GMS Inc. has a 1-year low of $65.77 and a 1-year high of $110.28. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.17 and a current ratio of 1.91. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of 37.93 and a beta of 1.76.

GMS (NYSE:GMS - Get Free Report) last issued its quarterly earnings results on Wednesday, June 18th. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.18. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.30 billion. GMS had a net margin of 2.09% and a return on equity of 16.97%. The company's revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.93 EPS. Analysts expect that GMS Inc. will post 7.26 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Baird R W downgraded shares of GMS from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 23rd. Barclays upped their target price on shares of GMS from $95.00 to $110.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Stephens downgraded shares of GMS from a "strong-buy" rating to a "hold" rating and set a $95.00 target price for the company. in a research note on Friday, June 27th. DA Davidson increased their price objective on shares of GMS from $95.20 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, Truist Financial increased their price objective on shares of GMS from $105.00 to $110.00 and gave the stock a "hold" rating in a research report on Tuesday, July 1st. Ten analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $101.11.

Insiders Place Their Bets

In other GMS news, COO George T. Hendren sold 5,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $108.23, for a total transaction of $541,150.00. Following the completion of the sale, the chief operating officer owned 23,950 shares in the company, valued at approximately $2,592,108.50. The trade was a 17.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Coliseum Capital Management, L sold 179,133 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $110.05, for a total transaction of $19,713,586.65. Following the completion of the sale, the insider owned 3,646,018 shares of the company's stock, valued at approximately $401,244,280.90. The trade was a 4.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 343,627 shares of company stock worth $37,808,097 in the last quarter. 1.90% of the stock is owned by corporate insiders.

About GMS

GMS Inc distributes wallboard, ceilings, steel framing and complementary construction products in the United States and Canada. The company offers ceilings products, including suspended mineral fibers, soft fibers, and metal ceiling systems primarily used in offices, hotels, hospitals, retail facilities, schools, and various other commercial and institutional buildings.