Gibraltar Industries, Inc. (NASDAQ:ROCK – Get Free Report)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $57.99, but opened at $65.37. Gibraltar Industries shares last traded at $70.02, with a volume of 67,160 shares traded.
The construction company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Gibraltar Industries had a return on equity of 13.13% and a net margin of 8.28%.
Analysts Set New Price Targets
Separately, StockNews.com lowered Gibraltar Industries from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th.
Hedge Funds Weigh In On Gibraltar Industries
A number of hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in Gibraltar Industries by 1,663.5% in the 3rd quarter. FMR LLC now owns 726,667 shares of the construction company’s stock valued at $50,816,000 after buying an additional 685,462 shares in the last quarter. Wellington Management Group LLP grew its position in Gibraltar Industries by 34.7% in the 4th quarter. Wellington Management Group LLP now owns 1,541,070 shares of the construction company’s stock valued at $90,769,000 after purchasing an additional 397,313 shares during the period. Victory Capital Management Inc. increased its stake in Gibraltar Industries by 27.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,481,674 shares of the construction company’s stock valued at $103,613,000 after purchasing an additional 322,422 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings 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 buying an additional 140,784 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Gibraltar Industries by 52.8% in the fourth quarter. Renaissance Technologies LLC now owns 260,465 shares of the construction company’s stock valued at $15,341,000 after buying an additional 90,000 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors.
Gibraltar Industries Price Performance
The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 19.36 and a beta of 1.20. The business’s fifty day moving average price is $60.83 and its 200-day moving average price is $65.96.
About Gibraltar Industries
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.
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