Turtle Creek Asset Management Inc. Acquires 27,350 Shares of Builders FirstSource, Inc. $BLDR

Key Points

• Turtle Creek Asset Management increased its Builders FirstSource stake by 40.4%, purchasing 27,350 shares to hold 94,990 shares valued at approximately $7.82 million. Institutional investors collectively own 95.53% of the company.
• Builders FirstSource shares fell 8.1% to $67.69, near the stock’s 12-month low. Analysts have a consensus “Hold” rating with an average price target of $99.97, though several firms recently lowered their targets.
• The company’s latest quarterly earnings missed expectations, with EPS of $0.27 versus a $0.39 consensus estimate and revenue down 10.1% year over year. Its board also authorized a $500 million share-repurchase program, covering up to 5.4% of outstanding shares.

Turtle Creek Asset Management Inc. boosted its holdings in Builders FirstSource, Inc. (NYSE:BLDR - Free Report) by 40.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,990 shares of the company's stock after buying an additional 27,350 shares during the period. Builders FirstSource makes up 0.3% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 29th biggest holding. Turtle Creek Asset Management Inc. owned approximately 0.09% of Builders FirstSource worth $7,821,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BLDR. Integrated Wealth Concepts LLC grew its position in shares of Builders FirstSource by 9.3% in the first quarter. Integrated Wealth Concepts LLC now owns 3,460 shares of the company's stock valued at $432,000 after purchasing an additional 295 shares in the last quarter. Woodline Partners LP lifted its holdings in Builders FirstSource by 40.7% during the 1st quarter. Woodline Partners LP now owns 9,723 shares of the company's stock worth $1,215,000 after purchasing an additional 2,812 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Builders FirstSource by 180.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,582 shares of the company's stock worth $185,000 after purchasing an additional 1,017 shares during the period. Baird Financial Group Inc. boosted its stake in Builders FirstSource by 230.7% in the 2nd quarter. Baird Financial Group Inc. now owns 18,942 shares of the company's stock worth $2,210,000 after purchasing an additional 13,215 shares during the period. Finally, Jump Financial LLC grew its holdings in Builders FirstSource by 144.1% during the 2nd quarter. Jump Financial LLC now owns 7,223 shares of the company's stock valued at $843,000 after buying an additional 4,264 shares in the last quarter. Institutional investors own 95.53% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BLDR. Weiss Ratings cut Builders FirstSource from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, July 21st. Truist Financial cut 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 report on Thursday, April 30th. Benchmark reduced their price objective on shares of Builders FirstSource from $105.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Stifel Nicolaus decreased their target price on shares of Builders FirstSource from $76.00 to $70.00 and set a "hold" rating on the stock in a report on Thursday, July 23rd. Finally, Robert W. Baird lowered their target price on shares of Builders FirstSource from $125.00 to $95.00 in a research note on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $99.97.

Builders FirstSource Trading Down 8.1%

NYSE BLDR opened at $67.69 on Thursday. The stock's 50-day simple moving average is $77.23 and its two-hundred day simple moving average is $90.42. Builders FirstSource, Inc. has a twelve month low of $65.10 and a twelve month high of $151.03. The company has a quick ratio of 1.09, a current ratio of 1.76 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 25.93, a PEG ratio of 1.81 and a beta of 1.42.

Builders FirstSource (NYSE:BLDR - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.12). Builders FirstSource had a return on equity of 14.89% and a net margin of 1.97%.The business had revenue of $3.29 billion for the quarter, compared to analysts' expectations of $3.17 billion. During the same period last year, the business posted $1.51 earnings per share. The company's revenue was down 10.1% compared to the same quarter last year. Research analysts forecast that Builders FirstSource, Inc. will post 4.16 EPS for the current fiscal year.

Builders FirstSource announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.

Builders FirstSource 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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