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.

Shares of Gibraltar Industries, Inc. (NASDAQ:ROCK - Get Free Report) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. 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 trading hands.

The construction company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $1.16 by ($0.03). Gibraltar Industries had a net margin of 10.08% and a return on equity of 12.91%. The firm had revenue of $309.50 million during the quarter, compared to the consensus estimate of $381.40 million. During the same quarter in the previous year, the company posted $1.18 earnings per share. The firm's revenue was up 13.1% on a year-over-year basis.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in Gibraltar Industries by 30.6% during the 1st quarter. Wellington Management Group LLP now owns 2,012,178 shares of the construction company's stock valued at $118,034,000 after purchasing an additional 471,108 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Gibraltar Industries by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,663,416 shares of the construction company's stock valued at $97,975,000 after purchasing an additional 23,358 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Gibraltar Industries by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 854,821 shares of the construction company's stock valued at $50,359,000 after acquiring an additional 15,889 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Gibraltar Industries by 32.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 570,520 shares of the construction company's stock worth $33,604,000 after acquiring an additional 140,784 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Gibraltar Industries by 2.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 505,230 shares of the construction company's stock worth $30,819,000 after purchasing an additional 14,009 shares during the period. 98.39% of the stock is owned by institutional investors.

Gibraltar Industries Price Performance

The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.85 and a beta of 1.32. The firm's fifty day moving average price is $61.53 and its two-hundred day moving average price is $60.29.

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.