Gibraltar Industries (NASDAQ:ROCK) Shares Gap Up on Strong Earnings

Gibraltar Industries, Inc. (NASDAQ:ROCK)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $57.99, but opened at $65.37. Gibraltar Industries shares last traded at $70.02, with a volume of 67,160 shares changing hands.

The construction company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Gibraltar Industries had a net margin of 8.28% and a return on equity of 13.13%. The firm had revenue of $302.06 million for the quarter, compared to analyst estimates of $307.93 million. During the same period in the previous year, the business earned $0.85 EPS. The company’s revenue was down 8.1% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Gibraltar Industries from a “buy” rating to a “strong-buy” rating in a research note on Thursday.

Institutional Trading of Gibraltar Industries

A number of large investors have recently added to or reduced their stakes in ROCK. Allspring Global Investments Holdings LLC raised its holdings in shares of Gibraltar Industries by 14.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 648,054 shares of the construction company’s stock valued at $45,318,000 after purchasing an additional 81,401 shares during the period. Hennion & Walsh Asset Management Inc. raised its stake in Gibraltar Industries by 1.6% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 13,805 shares of the construction company’s stock valued at $965,000 after buying an additional 211 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Gibraltar Industries by 16.1% in the third quarter. Assenagon Asset Management S.A. now owns 328,258 shares of the construction company’s stock valued at $22,955,000 after buying an additional 45,416 shares during the last quarter. Semanteon Capital Management LP bought a new position in shares of Gibraltar Industries during the 3rd quarter worth approximately $891,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Gibraltar Industries by 271.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 379 shares of the construction company’s stock worth $27,000 after acquiring an additional 277 shares during the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

Gibraltar Industries Stock Performance

The business has a fifty day moving average of $60.72 and a two-hundred day moving average of $65.95. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of 18.00 and a beta of 1.20.

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.