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USG

USG

$30.64

-1.345 (-4.21%)

, VMC

Vulcan Materials

$115.98

-2.02 (-1.71%)

14:57
09/13/17
09/13
14:57
09/13/17
14:57

USG falls after CEO points out headwinds for Q3 during industry presentation

Shares of wallboard maker USG (USG) are falling after CEO Jennifer Scanlon spoke earlier at the RBC Industrials Conference. HURRICANE RALLY: Shares of the wall board maker have rallied nearly 30% since mid-August on the thesis that the destruction from this season's two powerful storms, Harvey and Irma, would drive demand for wall board and other building materials. CEO COMMENTS: Speaking earlier at the RBC Global Industrials Conference, CEO Jennifer Scanlon alerted investors to the fact that the company's Houston plant was shut down for a week due to Hurricane Harvey. Scanlon pointed out the obvious demand drivers from the rebuilding efforts that will transpire from the storms but noted that the plant damages from the storms will be a near term operational headwind, especially in the third quarter. Scanlon added that the company is "looking at" cost headwinds just from Harvey in the "$1M-ish" range. The CEO pointed out the change in the company's logistics to get raw materials due to storm damage. "You also do have to pay attention to the longer-term picture that a fair amount of raw materials, the chemicals, are used by this entire country are manufactured in that Texas region. So for the longer term, you also have to pay attention to what it's going to do to cost and inflation and supply chain. But for us in the third quarter, we do see some headwinds on that," said Scanlon during the presentation. Q3 CONSENSUS MAY BE OPTIMISTIC: "But I think it's important to point out that even prior to the hurricane when I was looking at consensus for third quarter and consensus for fourth quarter, in aggregate, the consensus numbers felt correct to me prior to the hurricane. But parsed out quarter-by-quarter, the third quarter felt more optimistic than some of the trends that we're seeing and the fourth quarter felt more pessimistic than some of the trends that we're seeing. And when you add the hurricane, I think it makes that even more pronounced," said Scanlon. WALLBOARD PRICING: Scanlon said that during conversations with customers during the summer about reconstituting price she feels that the company had "good conversations" with customers "despite the fact that we're not going to see pricing in the third quarter." INPUT COSTS RISING: During the company's presentation, the current cost problems with a key manufacturing component OCC, or old corrugated containers, came up. Scanlon pointed out that USG focuses on costs that the company can control, "but OCC is something that we can't control." Scanlon noted the incredible spike in OCC costs for USG due to the demand in China. PRICE ACTION: Shares of USG are down 4% to $30.70 per share in afternoon trading. OTHERS: Shares in other companies in the building materials space are all lower, including Vulcan Materials (VMC), Martin Marietta (MLM), Eagle Materials (EXP), U.S. Concrete (USCR), and Continental Building (CBPX).

USG

USG

$30.64

-1.345 (-4.21%)

VMC

Vulcan Materials

$115.98

-2.02 (-1.71%)

MLM

Martin Marietta

$200.56

-4.595 (-2.24%)

EXP

Eagle Materials

$101.62

-0.97 (-0.95%)

USCR

U.S. Concrete

$74.40

-1.4 (-1.85%)

CBPX

Continental Building

$24.53

-0.375 (-1.51%)

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    Oct

USG USG
$30.64

-1.345 (-4.21%)

07/27/17
BOFA
07/27/17
DOWNGRADE
Target $31
BOFA
Neutral
USG downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst John Lovallo downgraded USG to Neutral and cut its price target to $31 from $38 citing the disappointing Q2 report. The analyst said wallboard utilization remains depressed and the ceilings business is also challenged due to low growth and incremental competition.
06/15/17
CLVD
06/15/17
NO CHANGE
CLVD
Cleveland Research sees downside to USG quarter on softer demand, pricing
06/22/17
FBCO
06/22/17
INITIATION
Target $24
FBCO
Underperform
USG initiated with an Underperform at Credit Suisse
Credit Suisse analyst Susan Maklari initiated USG with an Underperform and a $24 price target based on expectations for continued relative weakness in wallboard, expected raw material inflation, an increasing competitive environment from low growth, and risks associated with the sale of L&W Supply.
07/24/17
KING
07/24/17
DOWNGRADE
KING
Neutral
USG downgraded to Neutral from Buy at CL King
VMC Vulcan Materials
$115.98

-2.02 (-1.71%)

08/03/17
SPHN
08/03/17
UPGRADE
SPHN
Overweight
Vulcan Materials upgraded to Overweight from Equal Weight at Stephens
05/10/17
RHCO
05/10/17
NO CHANGE
RHCO
Vulcan Materials Q1 EBITDA likely to beat expectations, says SunTrust
SunTrust analyst Rohit Seth expects Vulcan's Q1 EBTIDA to come in at $159M, versus the consensus outlook of $143M. The analyst says that the company may have been hurt by rainy weather in California, but he still expects its Q1 EBITDA to exceed the consensus outlook. He keeps a $141 price target and a Buy rating on the shares.
08/03/17
08/03/17
UPGRADE
Target $145

Overweight
Vulcan Materials upgraded to Overweight at Stephens
As previously reported, Stephens analyst Trey Grooms upgraded Vulcan Materials to Overweight from Equal Weight and raised his price target on the shares to $145 from $140. The analyst views the current risk/reward as much improved with tougher 1H17 comps behind, a 2H17 bar that has now been lowered to a very achievable range, infrastructure demand finally starting to heat up, and a stock that has largely under-performed in recent months.
08/29/17
RHCO
08/29/17
NO CHANGE
RHCO
Vulcan deal positive, should be accretive over longer term, saysSunTrust
SunTrust analyst Rohit Seth says that Vulcan's (VMC) acquisition of Polaris Materials increases Vulcan's exposure to positive catalysts in California and should reduce its competition in the state, potentially enabling its prices to rise. Seth says that Vulcan paid "a large premium" for Polaris, but he thinks that the deal "should be accretive" for Vulcan over the longer term. The analyst keeps a $145 price target and a Buy rating on Vulcan.
MLM Martin Marietta
$200.56

-4.595 (-2.24%)

06/29/17
LBOW
06/29/17
NO CHANGE
LBOW
Cement checks positive, says Longbow
After conducting a survey, Longbow analyst Garik Shmois says the "very strong" volume outlook supports his view that cement sales will jump by mid to high single digit percentage levels in 2H17. He keeps Buy ratings on CEMEX (CX), Martin Marietta (MLM), and Summit Materials (SUM). He keeps a Neutral rating on Eagle Materials (EXP).
08/02/17
STFL
08/02/17
NO CHANGE
STFL
Martin Marietta Q2 miss creates buying opportunity, says Stifel
After Martin Marietta's Q2 results came in below expectations, Stifel analyst Stanley Elliott says the miss was "largely" caused by weather. The analyst expects the company's 2018 EBITDA to increase 20% excluding acquisitions and he thinks the stock's decline creates a buying opportunity.
03/29/17
SBSH
03/29/17
INITIATION
Target $245
SBSH
Buy
Martin Marietta initiated with a Buy at Citi
Citi analyst Scott Schrier started Martin Marietta Materials with a Buy rating and $245 price target. The analyst is "encouraged by the approaching ramp-up in infrastructure spending."
03/31/17
CLVD
03/31/17
UPGRADE
CLVD
Buy
Martin Marietta upgraded to Buy from Neutral at Cleveland Research
Cleveland Research upgraded Martin Marietta to Buy following checks that indicate volumes are finishing the quarter much stronger than it started. The firm's analyst said visibility in backlogs implies accelerating growth through 2017 and into 2018 and pricing appears to be trending in-line with expectations.
EXP Eagle Materials
$101.62

-0.97 (-0.95%)

07/31/17
STPT
07/31/17
UPGRADE
Target $115
STPT
Buy
Eagle Materials upgraded to Buy from Hold at Standpoint Research
Standpoint Research analyst Ronnie Moas upgraded Eagle Materials to Buy with a 2018-2019 price target of $115. Citi this morning also upgraded the shares to Buy. Moas cites valuation with the shares down 20% from their highs.
05/30/17
05/30/17
UPGRADE
Target $119

Overweight
Eagle Materials upgraded to Overweight at Stephens
As previously reported, Stephens analyst Trey Grooms upgraded Eagle Materials to Overweight from Equal Weight, as he views its current risk/return as favorable given the materially improved demand outlook for frac sand and his belief that all of the company's segments are "clicking simultaneously." Grooms keeps a $119 price target on Eagle Materials shares.
07/31/17
SBSH
07/31/17
UPGRADE
Target $110
SBSH
Buy
Eagle Materials upgraded to Buy from Neutral at Citi
Citi analyst Scott Schrier upgraded Eagle Materials to Buy saying the stock's recent weakness creates a "compelling entry point" for investors looking to benefit from cyclical upside from residential and public spending. The analyst lowered his price target for the shares to $110 from $115. He believes wallboard margins appear to be better than feared and that most of the frac sand momentum is now out of the stock.
USCR U.S. Concrete
$74.40

-1.4 (-1.85%)

03/29/17
DADA
03/29/17
NO CHANGE
Target $80
DADA
Buy
U.S. Concrete recent weakness a buying opportunity, says DA Davidson
DA Davidson analyst Brent Thielman believes U.S. Concrete's recent disclosure of auditor change and the CFO resignation are unrelated and raises unnecessary concerns and said the move to big 4 independent auditor E&Y would not have occurred had there been a material concern by the firm. The analyst said U.S. Concrete has significant capital available to deploy and could attract a new DVO with more extensive M&A and/or materials industry experience and views the recent pullback as a buying opportunity. Thielman rates U.S. Concrete a Buy with an $80 price target.
05/05/17
DADA
05/05/17
NO CHANGE
DADA
U.S. Concrete reported 'blowout results,' says DA Davidson
DA Davidson analyst Brent Thielman says that U.S. Concrete reported "blowout" results. The analyst says that its "strategy of dominating share in local markets appears to be effective." He raised his price target on the stock to $85 from $80 and keeps a Buy rating on the shares.
06/21/17
RHCO
06/21/17
NO CHANGE
RHCO
U.S. Concrete EPS 'on track to double,' says SunTrust
SunTrust analyst Rohit Seth says that U.S. Concrete's EPS is 'on track to (at least) double over the next two years." Seth expects the company's Q2 results to beat expectations. The analyst calls the stock's valuation attractive and labels the shares "a compelling Buy."
08/09/17
SBSH
08/09/17
NO CHANGE
Target $92
SBSH
Buy
U.S. Concrete price target raised to $92 from $80 at Citi
Citi analyst Scott Schrier raised his price target for U.S. Concrete to $92 saying the company posted "another good quarter" with 8% organic volume growth. The analyst keeps a Buy rating on the shares.
CBPX Continental Building
$24.53

-0.375 (-1.51%)

02/24/17
RBCM
02/24/17
NO CHANGE
RBCM
Continental Building should be bought on weakness, says RBC Capital
RBC Capital analyst Robert Wetenhall says that Continental reported "solid" Q4 results, while the company appears poised to generate strong free cash flow going forward. Wetenhall supports the company's decision to invest in its business and repurchase its stock. He keeps a $26 price target on the shares and recommends buying them on weakness.
01/05/17
LEHM
01/05/17
INITIATION
Target $25
LEHM
Equal Weight
Continental Building initiated with an Equal Weight at Barclays
Barclays analysts Michael Dahl initiated Continental Building with an Equal Weight and a $25 price target.
11/22/16
GHSC
11/22/16
INITIATION
GHSC
Neutral
Continental Building initiated with a Neutral at Seaport Global
Seaport Global analyst Matt McCall initiated Continental Building with a Neutral citing pricing pressures and rising costs that will pressure margins.

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