CNR - Cornerstone building brands

[LC]

Saw this show up on Michael Larson/Bill Gates 13F (paltry tracker position amount but still)

 

Cornerstone is a merged entity of two exterior building materials companies, Ply Gem (residential) and NCI (commercial). https://www.cornerstonebuildingbrands.com/

 

The merger makes them the largest national producer (aprox 80 facilities) of these type of materials:

 

-windows, vinyl siding, insulated metal panels, metal roof and wall systems and metal accessories

 

So obviously dependent on real estate construction. Lots of debt on the balance sheet, not-so-cash flow positive...

 

Made me wonder why a guy managing tens of billions is even looking at this. It seemed like a weird little addition to a otherwise very stable portfolio (again obviously a small tracker position), so here's the thread on it :)