Gibraltar Industries (NASDAQ:ROCK) Shares Gap Down After Earnings Miss

Gibraltar Industries, Inc. (NASDAQ:ROCK)’s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $64.42, but opened at $59.97. Gibraltar Industries shares last traded at $59.39, with a volume of 48,218 shares traded.

The construction company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.31 by ($0.18). The business had revenue of $309.50 million during the quarter, compared to analyst estimates of $381.40 million. Gibraltar Industries had a net margin of 10.22% and a return on equity of 13.39%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the business earned $1.18 earnings per share.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Gibraltar Industries from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd.

Hedge Funds Weigh In On Gibraltar Industries

Large investors have recently bought and sold shares of the company. Sterling Capital Management LLC raised its position in Gibraltar Industries by 645.1% in the fourth quarter. Sterling Capital Management LLC now owns 529 shares of the construction company’s stock valued at $31,000 after purchasing an additional 458 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Gibraltar Industries in the first quarter worth approximately $36,000. GAMMA Investing LLC lifted its stake in shares of Gibraltar Industries by 63.1% in the first quarter. GAMMA Investing LLC now owns 809 shares of the construction company’s stock worth $47,000 after acquiring an additional 313 shares during the period. State of Wyoming acquired a new position in shares of Gibraltar Industries in the first quarter worth approximately $56,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Gibraltar Industries by 40.6% in the first quarter. Smartleaf Asset Management LLC now owns 997 shares of the construction company’s stock worth $59,000 after acquiring an additional 288 shares during the period. 98.39% of the stock is currently owned by institutional investors.

Gibraltar Industries Stock Down 3.8%

The stock has a 50 day moving average of $61.52 and a 200 day moving average of $60.31. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 0.88 and a beta of 1.32.

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.