GMS Inc. (GMS) Sees Large Decline in Short Interest

GMS Inc. (NYSE:GMS) saw a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 393,946 shares, a drop of 34.7% from the August 31st total of 603,695 shares. Based on an average daily volume of 605,544 shares, the short-interest ratio is presently 0.7 days. Approximately 1.4% of the shares of the stock are sold short.

A number of research analysts have recently issued reports on GMS shares. Zacks Investment Research raised GMS from a “sell” rating to a “hold” rating in a research note on Monday, September 4th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $38.00 price target on shares of GMS in a research note on Monday, June 19th. Northcoast Research raised GMS from a “neutral” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, July 3rd. Finally, Stephens decreased their price objective on GMS from $40.00 to $36.00 and set an “overweight” rating for the company in a report on Monday, July 3rd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $36.40.

GMS (NYSE:GMS) opened at 35.48 on Monday. The stock has a market cap of $1.45 billion, a P/E ratio of 27.17 and a beta of 3.40. GMS has a 1-year low of $20.51 and a 1-year high of $36.99. The company has a 50-day moving average price of $34.69 and a 200 day moving average price of $34.69.

GMS (NYSE:GMS) last issued its quarterly earnings data on Wednesday, September 6th. The company reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. GMS had a net margin of 2.28% and a return on equity of 14.13%. The firm had revenue of $642.20 million during the quarter, compared to the consensus estimate of $645.19 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. Equities analysts expect that GMS will post $2.01 earnings per share for the current fiscal year.

In other GMS news, CEO G Michael Callahan, Jr. sold 12,500 shares of GMS stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $34.73, for a total transaction of $434,125.00. Following the transaction, the chief executive officer now directly owns 528,418 shares of the company’s stock, valued at approximately $18,351,957.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lynn Ross sold 1,894 shares of GMS stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $34.77, for a total value of $65,854.38. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.

Several hedge funds have recently modified their holdings of GMS. Russell Investments Group Ltd. bought a new stake in shares of GMS during the 1st quarter valued at $627,000. Bank of New York Mellon Corp grew its position in shares of GMS by 49.4% during the 1st quarter. Bank of New York Mellon Corp now owns 45,055 shares of the company’s stock valued at $1,578,000 after acquiring an additional 14,893 shares during the period. Swiss National Bank grew its position in shares of GMS by 174.8% during the 1st quarter. Swiss National Bank now owns 37,100 shares of the company’s stock valued at $1,300,000 after acquiring an additional 23,600 shares during the period. JPMorgan Chase & Co. grew its position in shares of GMS by 415.8% during the 1st quarter. JPMorgan Chase & Co. now owns 44,811 shares of the company’s stock valued at $1,570,000 after acquiring an additional 36,124 shares during the period. Finally, Victory Capital Management Inc. bought a new stake in shares of GMS during the 1st quarter valued at $14,123,000. 55.51% of the stock is owned by hedge funds and other institutional investors.

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About GMS

GMS Inc is a distributor of wallboard and suspended ceilings systems, or ceilings. The Company provides a product offering of over 20,000 stock keeping units (SKUs) of wallboard, ceilings and complementary interior construction products for interior contractors. It offers steel framing and ancillary products for its customers.

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