Headwaters Inc. (HW) Downgraded by Jefferies Group
“We are Downgrading HW to Hold after the announcement that the company will be acquired by Boral (BLD-AU) for $24.25 per share, which is currently reflected in the share price, and we believe a superior offer is unlikely.”,” Jefferies Group’s analyst wrote.
Several other equities research analysts have also recently weighed in on the stock. Canaccord Genuity cut shares of Headwaters from a buy rating to a hold rating and upped their price objective for the stock from $23.50 to $24.25 in a research report on Monday, November 21st. CL King cut shares of Headwaters from a buy rating to a neutral rating in a research report on Tuesday, August 9th. Stifel Nicolaus cut shares of Headwaters from a buy rating to a hold rating and cut their price objective for the stock from $24.25 to $21.00 in a research report on Wednesday, November 23rd. SunTrust Banks Inc. cut shares of Headwaters from a buy rating to a hold rating in a research report on Tuesday, November 22nd. Finally, Deutsche Bank AG reaffirmed a buy rating on shares of Headwaters in a research report on Wednesday, November 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $22.68.
Headwaters (NYSE:HW) opened at 23.65 on Friday. Headwaters has a 1-year low of $13.62 and a 1-year high of $23.99. The company’s 50-day moving average is $18.68 and its 200 day moving average is $18.37. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 36.90 and a beta of 1.49.
Headwaters (NYSE:HW) last posted its quarterly earnings data on Tuesday, November 1st. The company reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Headwaters had a return on equity of 30.41% and a net margin of 4.93%. The firm had revenue of $291.60 million for the quarter, compared to the consensus estimate of $303.81 million. During the same period in the prior year, the company earned $0.40 EPS. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts predict that Headwaters will post $1.40 EPS for the current fiscal year.
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In other news, General Counsel Harlan M. Hatfield sold 1,860 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $23.70, for a total value of $44,082.00. Following the completion of the transaction, the general counsel now owns 53,868 shares of the company’s stock, valued at $1,276,671.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Headwaters by 82.3% in the first quarter. BlackRock Inc. now owns 5,076 shares of the company’s stock worth $100,000 after buying an additional 2,291 shares during the period. Pacad Investment Ltd. bought a new position in Headwaters during the second quarter worth approximately $149,000. Fortaleza Asset Management Inc. boosted its position in Headwaters by 25.9% in the second quarter. Fortaleza Asset Management Inc. now owns 9,135 shares of the company’s stock worth $164,000 after buying an additional 1,880 shares during the period. PineBridge Investments L.P. boosted its position in Headwaters by 3.8% in the second quarter. PineBridge Investments L.P. now owns 9,391 shares of the company’s stock worth $168,000 after buying an additional 347 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in Headwaters by 15.7% in the second quarter. Teacher Retirement System of Texas now owns 10,454 shares of the company’s stock worth $188,000 after buying an additional 1,415 shares during the period. 94.82% of the stock is owned by hedge funds and other institutional investors.
Headwaters Company Profile
Headwaters Incorporated is a building materials company. The Company’s segments include building products, construction materials and energy technology. Its building products segment consists of product sales to wholesale and retail distributors, contractors and other users of building products. Its construction materials segment consists of coal combustion products (CCP) sales to ready-mix concrete businesses, with a smaller amount from services provided to coal-fueled electric generating utilities.
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