Jeld-Wen falls as BofA prices block trade

Jeld-Wen Holding

08/09/2022 14:18

** Shares of building products maker Jeld-Wen Holding Inc
 JELD.N  down 2.1% at $10.55 premarket on report of block trade
    ** BofA re-offered ~3 mln shares at $10.30, 4.5% discount to
stock's last close, market sources say
    ** Seller not identified
    ** Block represents ~4% of co's total shares outstanding and
roughly three days worth of trading volume based on stock's
90-day avg, per Refinitiv
    ** JELD has fallen ~40% since end-Jul and is off 59% YTD
through Weds close
    ** On Aug 1, co cut FY22 rev growth forecast to 4%-6% (from
7%-10%), and said cost inflation and softening retail demand in
North America and Europe dented profitability  urn:newsml:reuters.com:*:nL4N2ZD2PO
    ** On Aug 5, it announced resignation of chair and CEO Gary
Michel, and conducting search for his successor  urn:newsml:reuters.com:*:nPn3y06pra
    ** Avg rating among 15 analysts covering JELD is "hold" and
median PT is $15 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))