Foundation Building Materials’ (NYSE:FBM) quiet period is set to expire on Wednesday, March 22nd. Foundation Building Materials had issued 12,800,000 shares in its IPO on February 10th. The total size of the offering was $179,200,000 based on an initial share price of $14.00. During the company’s quiet period, underwriters and any insiders that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Several brokerages have commented on FBM. Raymond James Financial, Inc. began coverage on shares of Foundation Building Materials in a report on Tuesday, March 7th. They issued an “outperform” rating and a $20.00 price target for the company. Citigroup Inc began coverage on shares of Foundation Building Materials in a report on Tuesday, March 7th. They issued a “buy” rating and a $20.00 price target for the company. SunTrust Banks, Inc. began coverage on shares of Foundation Building Materials in a report on Tuesday, March 7th. They issued a “buy” rating and a $23.00 price target for the company. Royal Bank of Canada began coverage on shares of Foundation Building Materials in a report on Tuesday, March 7th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Robert W. Baird began coverage on shares of Foundation Building Materials in a report on Tuesday, March 7th. They issued a “neutral” rating and a $18.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $19.86.

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Foundation Building Materials (NYSE:FBM) opened at 16.19 on Tuesday. The firm has a 50-day moving average of $16.04 and a 200 day moving average of $16.04. Foundation Building Materials has a one year low of $15.05 and a one year high of $17.61.

In other Foundation Building Materials news, VP Richard James Tilley bought 3,600 shares of Foundation Building Materials stock in a transaction on Wednesday, February 15th. The stock was acquired at an average cost of $14.00 per share, with a total value of $50,400.00. Following the completion of the acquisition, the vice president now owns 3,600 shares in the company, valued at $50,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John Gorey bought 12,000 shares of Foundation Building Materials stock in a transaction on Wednesday, February 15th. The shares were acquired at an average cost of $14.00 per share, with a total value of $168,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 96,430 shares of company stock worth $1,350,020.

Foundation Building Materials Company Profile

Foundation Building Materials, Inc is a specialty distributor of wallboard and suspended ceiling systems in the United States and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. The Company fabricates and distributes its products for specialty contractors seeking to improve or maintain energy efficiency in a range of commercial and industrial buildings.

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