Turtle Creek Asset Management buys $520,625 in JELD-WEN stock

Turtle Creek Asset Management Inc., based in Toronto, has increased its stake in JELD-WEN Holding, Inc. (NYSE:JELD) by purchasing additional shares of the company's common stock. According to a recent SEC filing, the investment firm acquired shares totaling $520,625, with transaction prices ranging from $5.1557 to $5.2568 per share. The purchase comes as JELD-WEN trades near its 52-week low of $4.91, having declined over 73% in the past year.

The transactions, which occurred on April 8 and April 10, were executed through various funds managed by Turtle Creek, including the Turtle Creek Equity Fund and Turtle Creek Investment Fund, among others. As a result of these purchases, Turtle Creek now holds a significant number of shares across its managed funds, further solidifying its position as a major shareholder in JELD-WEN. The company, currently valued at $445.61 million, has seen its management actively buying back shares despite carrying significant debt.

Turtle Creek Asset Management, which serves as the investment manager for several funds, has emphasized that it disclaims beneficial ownership of the securities beyond its pecuniary interest. This strategic acquisition underscores the firm's confidence in JELD-WEN, a leading manufacturer in the millwork, veneer, plywood, and structural wood members industry. According to InvestingPro, analysts expect the company to return to profitability in 2025, with 18 additional key insights available to subscribers through the comprehensive Pro Research Report.

In other recent news, JELD-WEN Holding, Inc. reported a fourth-quarter net loss of $68.4 million, or ($0.81) per share, which is a significant decline from the previous year's net loss of $22.6 million. The company's revenue for the quarter was $895.7 million, surpassing the consensus estimate of $859.65 million despite a 12.3% year-over-year decrease. For the full year, net revenues from continuing operations fell by 12.3% to $3.775.6 million, with a net loss of ($187.6) million. The company has introduced guidance for 2025, projecting revenues between $3.2 billion and $3.4 billion, below the consensus of $3.431 billion, and expects adjusted EBITDA to range from $215 to $265 million.

Jefferies has adjusted its price target for JELD-WEN to $7.00 from $10.00, maintaining a Hold rating, citing ongoing earnings revisions and economic headwinds. Similarly, Loop Capital Markets reduced its price target to $8.00 from $10.00, also maintaining a Hold rating, following the company's release of its full-year 2025 guidance, which did not meet market expectations. JELD-WEN has completed the sale of its Towanda, PA manufacturing facility to Woodgrain Inc. for $115 million, a move expected to decrease annual revenues by $150 million to $200 million.

The company has also approved a 2025 Management Incentive Plan to align leadership interests with shareholders, offering bonuses based on performance targets. Despite challenges, JELD-WEN remains committed to its strategic transformation, with plans to improve service levels, accelerate automation, and optimize its manufacturing footprint. These efforts are expected to yield an incremental margin of 25-30% when volumes eventually rebound.

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