American Woodmark (NASDAQ:AMWD) Shares Gap Down on Disappointing Earnings

American Woodmark Co. (NASDAQ:AMWD)’s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $99.85, but opened at $85.03. American Woodmark shares last traded at $89.25, with a volume of 56,459 shares.

The company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.48). The company had revenue of $459.10 million for the quarter, compared to analyst estimates of $475.37 million. American Woodmark had a net margin of 6.29% and a return on equity of 15.43%. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.78 earnings per share.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AMWD. Zelman & Associates reaffirmed a “neutral” rating on shares of American Woodmark in a report on Wednesday, July 17th. Robert W. Baird decreased their price objective on American Woodmark from $116.00 to $112.00 and set an “outperform” rating on the stock in a report on Wednesday. Loop Capital cut their target price on shares of American Woodmark from $100.00 to $98.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Wolfe Research upgraded shares of American Woodmark from a “peer perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $102.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AMWD. Pacer Advisors Inc. raised its position in American Woodmark by 18.2% in the 2nd quarter. Pacer Advisors Inc. now owns 843,195 shares of the company’s stock worth $66,275,000 after purchasing an additional 129,692 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of American Woodmark by 421.0% during the 4th quarter. Allianz Asset Management GmbH now owns 154,806 shares of the company’s stock valued at $14,374,000 after acquiring an additional 125,095 shares during the last quarter. Norges Bank bought a new stake in shares of American Woodmark during the 4th quarter valued at $10,027,000. Renaissance Technologies LLC raised its position in shares of American Woodmark by 294.9% during the 2nd quarter. Renaissance Technologies LLC now owns 139,001 shares of the company’s stock valued at $10,925,000 after acquiring an additional 103,801 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in shares of American Woodmark in the 2nd quarter valued at $6,602,000. Institutional investors own 95.47% of the company’s stock.

American Woodmark Stock Down 1.0 %

The company has a market cap of $1.38 billion, a price-to-earnings ratio of 12.37 and a beta of 1.62. The company has a current ratio of 2.06, a quick ratio of 1.24 and a debt-to-equity ratio of 0.41. The firm’s fifty day moving average price is $88.59 and its 200-day moving average price is $91.70.

About American Woodmark

American Woodmark Corporation manufactures and distributes kitchen, bath, office, home organization, and hardware products for the remodelling and new home construction markets in the United States. The company offers made-to-order and cash and carry products. It also provides turnkey installation services to its direct builder customers through a network of eight service centers.