Magnetar Financial LLC Buys 28,956 Shares of Builders FirstSource, Inc. (NYSE:BLDR)

Magnetar Financial LLC lifted its position in Builders FirstSource, Inc. (NYSE:BLDR) by 545.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,260 shares of the company’s stock after acquiring an additional 28,956 shares during the quarter. Magnetar Financial LLC’s holdings in Builders FirstSource were worth $4,742,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Allianz Asset Management GmbH increased its stake in Builders FirstSource by 73.9% in the 4th quarter. Allianz Asset Management GmbH now owns 128,348 shares of the company’s stock valued at $21,426,000 after buying an additional 54,557 shares during the last quarter. Boulder Hill Capital Management LP purchased a new position in Builders FirstSource in the fourth quarter worth $851,000. New Mexico Educational Retirement Board grew its stake in Builders FirstSource by 512.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 39,800 shares of the company’s stock valued at $8,300,000 after purchasing an additional 33,300 shares during the period. Pitcairn Co. increased its position in shares of Builders FirstSource by 37.2% during the 4th quarter. Pitcairn Co. now owns 21,051 shares of the company’s stock valued at $3,514,000 after purchasing an additional 5,704 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Builders FirstSource by 273.0% during the 1st quarter. SG Americas Securities LLC now owns 62,622 shares of the company’s stock valued at $13,060,000 after purchasing an additional 45,832 shares during the last quarter. 95.53% of the stock is owned by institutional investors.

Builders FirstSource Stock Performance

NYSE:BLDR opened at $197.74 on Monday. Builders FirstSource, Inc. has a 1-year low of $105.24 and a 1-year high of $214.70. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.83 and a quick ratio of 1.14. The business has a 50 day moving average of $167.76 and a 200 day moving average of $170.66. The company has a market capitalization of $24.14 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 10.06 and a beta of 2.06.

Builders FirstSource (NYSE:BLDR) last released its earnings results on Tuesday, August 6th. The company reported $3.50 EPS for the quarter, beating the consensus estimate of $3.02 by $0.48. The company had revenue of $4.46 billion for the quarter, compared to analyst estimates of $4.48 billion. Builders FirstSource had a net margin of 8.25% and a return on equity of 37.05%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.89 EPS. On average, sell-side analysts predict that Builders FirstSource, Inc. will post 11.65 earnings per share for the current fiscal year.

Builders FirstSource announced that its board has authorized a share buyback program on Tuesday, August 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a $185.00 price objective (down previously from $205.00) on shares of Builders FirstSource in a report on Friday, August 9th. Royal Bank of Canada lowered their target price on shares of Builders FirstSource from $193.00 to $178.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Truist Financial raised Builders FirstSource from a “hold” rating to a “buy” rating and raised their price target for the stock from $165.00 to $220.00 in a report on Monday, September 16th. Barclays dropped their price objective on Builders FirstSource from $188.00 to $182.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Wedbush restated an “outperform” rating and issued a $175.00 target price on shares of Builders FirstSource in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $190.00.

Insider Activity

In other Builders FirstSource news, Director Craig Arthur Steinke sold 30,000 shares of Builders FirstSource stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $153.68, for a total value of $4,610,400.00. Following the transaction, the director now directly owns 95,333 shares of the company’s stock, valued at approximately $14,650,775.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by corporate insiders.

Builders FirstSource Profile

Builders FirstSource, Inc, together with its subsidiaries, manufactures and supplies building materials, manufactured components, and construction services to professional homebuilders, sub-contractors, remodelers, and consumers in the United States. It offers lumber and lumber sheet goods comprising dimensional lumber, plywood, and oriented strand board products that are used in on-site house framing; manufactured products, such as wood floor and roof trusses, floor trusses, wall panels, stairs, and engineered wood products; and windows, and interior and exterior door units, as well as interior trims and custom products comprising intricate mouldings, stair parts, and columns under the Synboard brand name.