Distillate Capital Partners LLC has reduced its stake in TopBuild Corp. (NYSE: BLD) by 4.9%, selling 2,223 shares during the second quarter of 2023. According to its latest filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 43,361 shares, valued at approximately $14,038,000. This decrease reflects a strategic adjustment in their investment approach.
Several other institutional investors have also modified their holdings in TopBuild recently. Notably, MAI Capital Management increased its stake by 28.3%, now owning 118 shares valued at $38,000 after acquiring an additional 26 shares. Secure Asset Management LLC boosted its holdings by 1.3%, bringing its total to 2,169 shares worth $702,000 following a purchase of 27 shares. UMB Bank n.a. grew its position by 8.0%, now controlling 364 shares valued at $118,000 after adding 27 shares to its portfolio. Franklin Resources Inc. and Kingswood Wealth Advisors LLC also increased their stakes by 2.0% and 3.3%, respectively.
Collectively, institutional investors and hedge funds now hold 95.67% of TopBuild’s stock, indicating strong institutional confidence in the company.
Analysts’ Ratings and Price Targets
Wall Street analysts have recently been active in assessing TopBuild’s stock. The Goldman Sachs Group raised its price target from $450.00 to $510.00, maintaining a “buy” rating. Meanwhile, the Royal Bank of Canada initiated coverage with a “sector perform” rating and a target of $410.00. UBS Group set a price target of $370.00 with a “hold” rating, while Benchmark increased its price objective from $444.00 to $515.00, also issuing a “buy” rating.
Currently, two analysts have rated TopBuild shares as a “Strong Buy,” eight have assigned a “Buy” rating, and six have given it a “Hold” rating. According to MarketBeat, TopBuild has an average rating of “Moderate Buy” and a consensus price target of $430.00.
TopBuild’s Financial Performance
TopBuild’s stock opened at $446.45 on the New York Stock Exchange on Tuesday. The company has recorded a 12-month low of $266.26 and a 12-month high of $461.49. With a market capitalization of $12.53 billion, TopBuild has a price-to-earnings ratio of 22.66 and a P/E/G ratio of 7.55. The company’s quick ratio stands at 2.45, and its current ratio is 2.90, indicating strong short-term financial health.
On November 4, 2023, TopBuild reported earnings of $5.36 per share for the quarter, surpassing analysts’ estimates of $5.22 by $0.14. The firm generated revenues of $1.39 billion, slightly above the projected $1.38 billion. Compared to the previous year, the company experienced a revenue increase of 1.4%.
In a separate development, VP Luis Francisco Machado sold 1,000 shares on November 26, 2023, at an average price of $450.40, totalling $450,400. Following this transaction, Machado’s direct ownership decreased to 9,349 shares, valued at approximately $4,210,789.60.
About TopBuild Corp.
TopBuild Corp. specializes in the installation and distribution of insulation and other building materials for the construction industry. The company operates through two main segments: Installation and Specialty Distribution, offering a diverse range of products, including insulation materials, windows, rain gutters, and roofing supplies.
As institutional interest remains strong and analysts maintain positive outlooks, TopBuild seems well-positioned for continued growth in the construction sector.
