Bank of America Boosts Builders FirstSource (NYSE:BLDR) Price Target to $198.00

Builders FirstSource (NYSE:BLDR) had its target price hoisted by Bank of America from $165.00 to $198.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

BLDR has been the subject of a number of other reports. Truist Financial upgraded Builders FirstSource from a hold rating to a buy rating and upped their price objective for the stock from $165.00 to $220.00 in a report on Monday, September 16th. Robert W. Baird raised Builders FirstSource from a neutral rating to an outperform rating and boosted their target price for the company from $185.00 to $190.00 in a research note on Wednesday, August 7th. Zelman & Associates reissued a hold rating on shares of Builders FirstSource in a research note on Monday, June 17th. Wedbush reissued an outperform rating and issued a $175.00 target price on shares of Builders FirstSource in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada lowered their target price on Builders FirstSource from $193.00 to $178.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $190.00.

Builders FirstSource Price Performance

BLDR opened at $197.74 on Thursday. The stock has a 50-day moving average price of $167.76 and a 200-day moving average price of $170.87. Builders FirstSource has a 12-month low of $105.24 and a 12-month high of $214.70. The company has a current ratio of 1.83, a quick ratio of 1.14 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $24.14 billion, a P/E ratio of 16.93, a PEG ratio of 10.06 and a beta of 2.06.

Builders FirstSource (NYSE:BLDR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $3.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.02 by $0.48. Builders FirstSource had a return on equity of 37.05% and a net margin of 8.25%. The firm had revenue of $4.46 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same period in the prior year, the business earned $3.89 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities analysts predict that Builders FirstSource will post 11.65 earnings per share for the current fiscal year.

Builders FirstSource declared that its board has authorized a share repurchase program on Tuesday, August 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Craig Arthur Steinke sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $153.68, for a total value of $4,610,400.00. Following the sale, the director now owns 95,333 shares in the company, valued at approximately $14,650,775.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Builders FirstSource

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Builders FirstSource by 15.7% during the 4th quarter. Vanguard Group Inc. now owns 14,668,049 shares of the company’s stock valued at $2,448,684,000 after purchasing an additional 1,985,297 shares during the last quarter. Norges Bank purchased a new stake in Builders FirstSource during the 4th quarter valued at $212,209,000. Massachusetts Financial Services Co. MA boosted its stake in Builders FirstSource by 339.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,180,358 shares of the company’s stock valued at $163,373,000 after purchasing an additional 911,990 shares during the last quarter. Bessemer Group Inc. boosted its stake in Builders FirstSource by 477,028.7% during the 1st quarter. Bessemer Group Inc. now owns 448,501 shares of the company’s stock valued at $93,535,000 after purchasing an additional 448,407 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in Builders FirstSource during the 2nd quarter valued at $49,000,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Builders FirstSource

Builders FirstSource, Inc, together with its subsidiaries, manufactures and supplies building materials, manufactured components, and construction services to professional homebuilders, sub-contractors, remodelers, and consumers in the United States. It offers lumber and lumber sheet goods comprising dimensional lumber, plywood, and oriented strand board products that are used in on-site house framing; manufactured products, such as wood floor and roof trusses, floor trusses, wall panels, stairs, and engineered wood products; and windows, and interior and exterior door units, as well as interior trims and custom products comprising intricate mouldings, stair parts, and columns under the Synboard brand name.