Gibraltar Industries (NASDAQ:ROCK) Shares Gap Down on Disappointing Earnings

Key Points

• Gibraltar Industries shares opened at $59.97 after closing at $64.42, following a disappointing earnings report that showed earnings per share of $1.13, missing estimates by $0.18.
• The company's quarterly revenue increased by 13.1% compared to the same quarter last year, despite the lower earnings compared to $1.18 EPS in the prior year.
• Several significant investors have increased their holdings in Gibraltar Industries, with 98.39% of the stock now owned by hedge funds and institutional investors.

Gibraltar Industries, Inc. (NASDAQ:ROCK - Get Free Report)'s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $64.42, but opened at $59.97. Gibraltar Industries shares last traded at $59.39, with a volume of 48,218 shares traded.

The construction company reported $1.13 EPS 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 analyst estimates of $381.40 million. During the same period last year, the firm posted $1.18 EPS. Gibraltar Industries's quarterly revenue was up 13.1% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Gibraltar Industries from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd.

Hedge Funds Weigh In On Gibraltar Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its holdings in Gibraltar Industries by 29.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,150 shares of the construction company's stock worth $67,000 after purchasing an additional 261 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Gibraltar Industries by 40.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 997 shares of the construction company's stock worth $59,000 after purchasing an additional 288 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Gibraltar Industries by 4.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,571 shares of the construction company's stock worth $447,000 after purchasing an additional 310 shares in the last quarter. GAMMA Investing LLC increased its holdings in Gibraltar Industries by 63.1% in the 1st quarter. GAMMA Investing LLC now owns 809 shares of the construction company's stock worth $47,000 after purchasing an additional 313 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in Gibraltar Industries by 1.4% in the 1st quarter. Federated Hermes Inc. now owns 22,289 shares of the construction company's stock worth $1,307,000 after purchasing an additional 318 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company's stock.

Gibraltar Industries Stock Performance

The business has a fifty day simple moving average of $61.52 and a 200-day simple moving average of $60.25. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 0.80 and a beta of 1.32.

Gibraltar Industries Company Profile

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.