Bank of New York Mellon Corp Sells 18,403 Shares of GMS Inc. (NYSE:GMS)

Bank of New York Mellon Corp cut its position in GMS Inc. (NYSE:GMS) by 6.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 258,774 shares of the company’s stock after selling 18,403 shares during the quarter. Bank of New York Mellon Corp owned about 0.67% of GMS worth $18,934,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GMS. FMR LLC lifted its holdings in GMS by 38.7% during the 4th quarter. FMR LLC now owns 5,868,782 shares of the company’s stock valued at $497,849,000 after purchasing an additional 1,636,612 shares during the last quarter. Coliseum Capital Management LLC increased its position in shares of GMS by 135.0% in the fourth quarter. Coliseum Capital Management LLC now owns 1,889,489 shares of the company’s stock worth $160,285,000 after purchasing an additional 1,085,551 shares during the period. Granite Investment Partners LLC bought a new position in shares of GMS in the fourth quarter worth $11,913,000. Reinhart Partners LLC. increased its position in shares of GMS by 17.5% in the first quarter. Reinhart Partners LLC. now owns 636,235 shares of the company’s stock worth $46,553,000 after purchasing an additional 94,716 shares during the period. Finally, Northern Trust Corp increased its position in shares of GMS by 13.9% in the fourth quarter. Northern Trust Corp now owns 580,130 shares of the company’s stock worth $49,212,000 after purchasing an additional 70,927 shares during the period. 95.28% of the stock is owned by institutional investors.

GMS Stock Performance

NYSE:GMS opened at $109.85 on Friday. The stock has a market cap of $4.18 billion, a P/E ratio of 38.01 and a beta of 1.71. The company has a current ratio of 1.91, a quick ratio of 1.17 and a debt-to-equity ratio of 0.85. The stock’s 50-day moving average is $89.12 and its 200-day moving average is $81.46. GMS Inc. has a 1-year low of $65.77 and a 1-year high of $110.28.

GMS (NYSE:GMS) last released its quarterly earnings results on Wednesday, June 18th. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.18. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.30 billion. GMS had a return on equity of 16.97% and a net margin of 2.09%. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.93 earnings per share. Equities research analysts anticipate that GMS Inc. will post 7.26 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. DA Davidson raised their price target on GMS from $95.20 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 1st. Truist Financial lifted their target price on GMS from $105.00 to $110.00 and gave the company a “hold” rating in a research report on Tuesday, July 1st. Royal Bank Of Canada lifted their target price on GMS from $95.20 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 1st. Barclays lifted their target price on GMS from $95.00 to $110.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Finally, Stephens cut GMS from a “strong-buy” rating to a “hold” rating and set a $95.00 target price on the stock. in a research report on Friday, June 27th. Ten analysts have rated the stock with a hold rating, Based on data from MarketBeat, GMS has a consensus rating of “Hold” and an average target price of $101.11.

Insider Buying and Selling

In related news, major shareholder Coliseum Capital Management, L sold 179,133 shares of GMS stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $110.05, for a total value of $19,713,586.65. Following the transaction, the insider directly owned 3,646,018 shares of the company’s stock, valued at $401,244,280.90. The trade was a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO George T. Hendren sold 5,000 shares of GMS stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $108.23, for a total value of $541,150.00. Following the completion of the transaction, the chief operating officer directly owned 23,950 shares in the company, valued at approximately $2,592,108.50. This represents a 17.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 343,627 shares of company stock worth $37,808,097. 1.90% of the stock is owned by insiders.

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.