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

Gibraltar Industries, Inc. (NASDAQ:ROCK) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $80.21, but opened at $75.00. Gibraltar Industries shares last traded at $74.46, with a volume of 723 shares.

The construction company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.08). Gibraltar Industries had a return on equity of 14.14% and a net margin of 8.49%. The company had revenue of $353.00 million during the quarter, compared to analysts’ expectations of $373.60 million. During the same period in the prior year, the firm earned $1.18 EPS. Gibraltar Industries’s revenue for the quarter was down 3.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Gibraltar Industries from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 29th.

Institutional Trading of Gibraltar Industries

Several hedge funds have recently made changes to their positions in ROCK. Vanguard Group Inc. raised its stake in shares of Gibraltar Industries by 2.4% during the first quarter. Vanguard Group Inc. now owns 2,888,642 shares of the construction company’s stock valued at $232,622,000 after acquiring an additional 68,728 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Gibraltar Industries by 9.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 634,595 shares of the construction company’s stock worth $50,120,000 after purchasing an additional 56,126 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Gibraltar Industries by 2.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 318,167 shares of the construction company’s stock valued at $25,129,000 after acquiring an additional 7,677 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Gibraltar Industries by 92.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 314,911 shares of the construction company’s stock valued at $25,360,000 after buying an additional 151,298 shares during the last quarter. Finally, Swedbank AB boosted its position in Gibraltar Industries by 34.1% in the 2nd quarter. Swedbank AB now owns 283,251 shares of the construction company’s stock worth $19,417,000 after purchasing an additional 71,951 shares in the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Gibraltar Industries Stock Down 5.7 %

The business’s 50-day simple moving average is $72.38 and its two-hundred day simple moving average is $75.70. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 19.05 and a beta of 1.15.

Gibraltar Industries Company Profile

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.