On September 18, 2023, it was reported that Harbor Capital Advisors Inc. had acquired a new stake in GMS Inc. during the second quarter. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), Harbor Capital Advisors Inc. purchased 23,840 shares of GMS stock, amounting to approximately $1,650,000 in value. This acquisition represented approximately 0.06% ownership of GMS as of the most recent filing.
In other news related to GMS, SVP Craig D. Apolinsky recently sold 16,950 shares of the company’s stock on June 27th at an average price of $71.48 per share for a total transaction value of $1,211,586. Following this sale, Apolinsky now holds 9,870 shares of GMS stock directly, which are valued at $705,507.60.
This transaction was disclosed in a legal filing submitted to the SEC and can be accessed through a provided hyperlink. Furthermore, CEO John C. Turner Jr. also sold 31,103 shares of GMS stock on June 26th at an average price of $66.58 per share for a total value of $2,070,837.74. After this sale, Turner now owns 32,007 shares of the company’s stock with an approximate value of $2,131,026.06.
It is worth noting that over the past three months leading up to September 18th, insiders have collectively sold a significant amount of company stock valued at $43,916,226. This equates to insiders owning approximately 1.90% of GMS’ outstanding shares.
GMS Inc., operating on the NYSE under the ticker symbol “GMS,” is likely to attract attention from investors and analysts following these recent developments within the company’s ownership structure and insider trading activities. As of September 18, 2023, the impact of these transactions on the overall financial health and outlook of GMS remains to be seen, but they warrant careful consideration by interested parties.
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GMS Inc. Sees Increased Interest from Institutional Investors and Positive Analyst Ratings
In recent months, several hedge funds and institutional investors have made significant changes to their positions in GMS Inc., a building products company. Ellevest Inc. increased its stake in GMS by 40.5% during the first quarter, acquiring an additional 182 shares valued at $37,000. Mackenzie Financial Corp also raised its position in GMS by 5.1% during the same period, now owning 4,824 shares worth $279,000. Captrust Financial Advisors followed suit in the second quarter, increasing its position by 10.7% and now owning 2,571 shares valued at $114,000.
Another notable institutional investor is Mirae Asset Global Investments Co. Ltd., which lifted its position in GMS by 1.4% during the fourth quarter. The firm now holds 18,563 shares of the company’s stock worth $924,000 after acquiring an additional 262 shares.
Furthermore, Point72 Hong Kong Ltd significantly increased its position in GMS during the second quarter, raising it by 41.1%. The firm now owns 958 shares valued at $43,000.
These recent changes have resulted in approximately 97.88% of GMS stock being currently owned by institutional investors and hedge funds.
Several equities analysts have also issued reports on the status of GMS Inc., providing insights into the company’s performance and outlook for investors. VNET Group has reaffirmed a “maintains” rating on shares of GMS while Royal Bank of Canada reissued a “sector perform” rating with a price target of $68.00.
Raymond James adjusted their price target for GMS from $70.00 to $82.00 and StockNews.com upgraded GMS from a “buy” to a “strong-buy” rating.
Stephens took an optimistic approach with their analysis as they raised their target price to $87.00 and issued an “overweight” rating for the stock.
Overall, GMS currently has an average rating of “Moderate Buy” based on data from Bloomberg, with a consensus price target of $77.88.
GMS Inc., listed on NYSE under the symbol GMS, began trading at $62.94 on Monday. The business’s fifty-day moving average is $70.64 while its 200-day moving average is $64.26. Despite fluctuations in price over the past year, ranging from its 52-week low of $38.31 to its high of $76.14, GMS Inc.’s market cap remains stable at $2.55 billion.
Concerning financial performance, GMS announced its earnings results on Thursday, August 31st, reporting earnings per share (EPS) of $2.40 for the quarter. This exceeded the consensus estimate by $0.01 and demonstrated a return on equity of 30.62% as well as a net margin of 6.14%. The company generated revenue of $1.41 billion during the quarter, surpassing analyst estimates of $1.38 billion.
Compared to the same period last year, GMS experienced a 3.7% increase in revenue for the quarter.
Considering these strong financial indicators and favorable ratings from analysts, research predicts that GMS Inc. will post an EPS of 8.09 for this year.
In conclusion, recent changes in positions held by institutional investors and hedge funds highlight their growing interest in GMS Inc., recognizing its potential for steady growth and solid performance within the building products industry. Analyst reports further contribute to investor confidence with favorable ratings and price targets set above current trading levels.
