Turtle Creek Asset Management Inc., a ten percent owner of JELD-WEN (NYSE:JELD) Holding, Inc. (NYSE:JELD), has reported a series of stock purchases totaling $3.06 million. The transactions took place over several days, with shares acquired at prices ranging from $7.6541 to $7.9049. The timing appears strategic, as InvestingPro analysis shows the stock trading near its 52-week low of $7.43, with technical indicators suggesting oversold conditions. InvestingPro's Fair Value model indicates JELD-WEN may be undervalued at current levels.
On January 7, Turtle Creek purchased a total of 125,000 shares of JELD-WEN common stock. The transactions were executed through various funds managed by Turtle Creek, including the Turtle Creek Equity Fund and the Turtle Creek Investment Fund.
Further acquisitions occurred on January 8, when the firm added another 160,000 shares to its holdings. The shares were bought at a weighted average price of $7.7055, with the Turtle Creek United States Equity Fund and Turtle Creek North American Equity Fund among the purchasing entities.
The buying spree continued on January 10, with Turtle Creek acquiring an additional 100,000 shares at a price of $7.6541. These purchases were also made through funds under Turtle Creek's management.
Turtle Creek Asset Management, based in Toronto, serves as the investment manager for several funds and disclaims beneficial ownership of the securities except to the extent of its pecuniary interest. The firm has been actively increasing its stake in JELD-WEN, a leading manufacturer in the millwork, veneer, plywood, and structural wood members sector. For deeper insights into JELD-WEN's valuation and financial health metrics, investors can access comprehensive analysis through InvestingPro, which offers exclusive ProTips and detailed research reports covering over 1,400 US stocks.
In other recent news, JELD-WEN Holding, Inc. announced the departure of Kevin Lilly, Executive Vice President of Global Transformation, along with his severance and stock benefits. The company also reported a significant decrease in its third-quarter financial performance, with revenue dropping by 13% to $935 million. Analysts at Loop Capital and RBC Capital responded to these developments by reducing their price targets for JELD-WEN.
The company has also sold its Towanda facility to Woodgrain Inc. for approximately $115 million, a move expected to reduce JELD-WEN's annual revenue by $150 million to $200 million. Additionally, JELD-WEN lost a major Midwest retailer's stock business, which is expected to impact annual sales by $75 million to $100 million.
Looking ahead, JELD-WEN has revised its 2024 revenue guidance downward to between $3.7 billion and $3.75 billion and anticipates $115 million in cost savings for the fiscal year. The company also expects an additional $100 million growth in EBITDA in 2025 due to transformation efforts. These are recent developments in JELD-WEN's financial status and strategic direction.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.