Putnam Investments LLC Sells 409 Shares of GMS Inc. (NYSE:GMS)

Posted by on Mar 14th, 2023

Putnam Investments LLC cut its position in shares of GMS Inc. (NYSE:GMS – Get Rating) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,473 shares of the company’s stock after selling 409 shares during the period. Putnam Investments LLC owned approximately 0.05% of GMS worth $899,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in GMS by 2.4% during the third quarter. BlackRock Inc. now owns 6,909,372 shares of the company’s stock valued at $276,444,000 after buying an additional 163,593 shares during the last quarter. Coliseum Capital Management LLC boosted its stake in GMS by 3.3% during the third quarter. Coliseum Capital Management LLC now owns 6,336,573 shares of the company’s stock valued at $253,526,000 after buying an additional 205,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in GMS by 0.7% during the first quarter. Vanguard Group Inc. now owns 5,066,046 shares of the company’s stock valued at $252,137,000 after buying an additional 34,498 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in GMS by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,375,431 shares of the company’s stock valued at $95,041,000 after buying an additional 39,363 shares during the last quarter. Finally, State Street Corp boosted its stake in GMS by 1.8% during the second quarter. State Street Corp now owns 1,448,632 shares of the company’s stock valued at $64,464,000 after buying an additional 26,202 shares during the last quarter. 96.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO John C. Turner, Jr. sold 876 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $59.50, for a total value of $52,122.00. Following the transaction, the chief executive officer now owns 68,240 shares of the company’s stock, valued at $4,060,280. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director John J. Gavin sold 6,250 shares of the stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $52.15, for a total value of $325,937.50. Following the transaction, the director now owns 26,229 shares of the company’s stock, valued at $1,367,842.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John C. Turner, Jr. sold 876 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $59.50, for a total value of $52,122.00. Following the completion of the transaction, the chief executive officer now directly owns 68,240 shares in the company, valued at approximately $4,060,280. The disclosure for this sale can be found here. Insiders have sold a total of 18,468 shares of company stock valued at $1,062,921 over the last quarter. 1.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GMS has been the subject of a number of research reports. Royal Bank of Canada increased their price target on GMS from $51.00 to $58.00 and gave the company a “sector perform” rating in a research note on Friday, December 9th. Stephens upped their price objective on GMS from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, December 12th. Loop Capital downgraded GMS from a “buy” rating to a “hold” rating and upped their price objective for the company from $52.00 to $60.00 in a research report on Friday, December 9th. They noted that the move was a valuation call. Robert W. Baird upped their price objective on GMS from $67.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, January 24th. Finally, Barclays upped their price objective on GMS from $60.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, March 6th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

GMS Trading Down 4.9 %

Shares of NYSE GMS opened at $53.44 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.58 and a current ratio of 2.53. The business’s 50 day moving average price is $57.24 and its 200-day moving average price is $50.55. GMS Inc. has a fifty-two week low of $36.10 and a fifty-two week high of $62.19. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 6.89 and a beta of 1.85.

GMS (NYSE:GMS – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The company reported $1.85 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.01). GMS had a return on equity of 34.16% and a net margin of 6.28%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the company posted $1.74 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts expect that GMS Inc. will post 8.92 earnings per share for the current year.

About GMS

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GMS, Inc is a holding company, which engages in the distribution of wallboard and suspended ceilings systems and complementary interior construction products. It operates through the following segments: Geographic Divisions, Other, and Corporate. The firm offers ceiling 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.

Further Reading

Institutional Ownership by Quarter for GMS (NYSE:GMS)

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