Jennison Associates LLC Raises Stake in GMS Inc. (NYSE:GMS)

Jennison Associates LLC grew its holdings in GMS Inc. (NYSE:GMS) by 5.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 9,979 shares of the company’s stock after acquiring an additional 513 shares during the quarter. Jennison Associates LLC’s holdings in GMS were worth $904,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in GMS. American Century Companies Inc. lifted its position in GMS by 28.5% during the 2nd quarter. American Century Companies Inc. now owns 1,830,833 shares of the company’s stock worth $147,583,000 after acquiring an additional 406,406 shares during the period. LSV Asset Management lifted its holdings in shares of GMS by 103.0% during the second quarter. LSV Asset Management now owns 690,820 shares of the company’s stock worth $55,687,000 after purchasing an additional 350,478 shares during the period. Van Lanschot Kempen Investment Management N.V. acquired a new stake in shares of GMS during the second quarter worth $24,601,000. Interval Partners LP acquired a new position in GMS in the 1st quarter valued at $8,761,000. Finally, Edgestream Partners L.P. acquired a new position in GMS in the 2nd quarter valued at $5,402,000. Institutional investors and hedge funds own 95.28% of the company’s stock.

GMS Stock Performance

Shares of GMS stock opened at $101.70 on Friday. The stock has a fifty day moving average price of $93.61 and a 200 day moving average price of $90.60. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.45 and a current ratio of 2.31. The stock has a market cap of $3.99 billion, a PE ratio of 16.78 and a beta of 1.68. GMS Inc. has a 1 year low of $65.46 and a 1 year high of $103.56.

GMS (NYSE:GMS) last released its quarterly earnings results on Thursday, August 29th. The company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.14 by ($0.21). The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.48 billion. GMS had a return on equity of 22.02% and a net margin of 4.45%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the firm earned $2.40 EPS. Sell-side analysts forecast that GMS Inc. will post 7.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of GMS from $96.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays dropped their target price on GMS from $81.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Monday, September 9th. StockNews.com cut GMS from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Finally, Truist Financial dropped their price objective on GMS from $95.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $91.50.

Insider Buying and Selling at GMS

In other news, COO George T. Hendren sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $102.13, for a total transaction of $510,650.00. Following the completion of the transaction, the chief operating officer now directly owns 23,772 shares of the company’s stock, valued at $2,427,834.36. This trade represents a 17.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.90% of the company’s stock.

GMS Company Profile

GMS Inc distributes wallboard, ceilings, steel framing and complementary construction products in the United States and Canada. The company offers ceilings 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.