Boral shares are now trading for 33 cents less than Seven Group was paying just last week.
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The Boral Limited (ASX: BLD) share price is falling today despite no news having been released by the company.
Right now, the Boral share price is 2.24% lower than its closing price yesterday. Boral shares are swapping hands for $6.97 – 33 cents less than what Seven Group was paying for them just last week.
At the same time, the S&P/ASX 200 index (ASX: XJO) has gained 0.26% today. The All Ordinaries Index (ASX: XAO) is also in the green, gaining 0.26%.
Let’s take a closer look at what might be weighing on Boral’s shares.
The latest news from Boral
The Boral share price is falling during its first week under Seven Group’s control.
The last time we heard from the company was when Seven Group’s CEO announced changes to the Boral board.
The major change was the outing of Boral’s now-former chair Katheryn Fagg.
Seven Group’s CEO and managing director Ryan Stokes has instead taken the wheel on Boral’s board.
Other changes to the construction supply company’s board include the instatement of Seven Group’s chief financial officer Richard Richards and the impending retirement of Peter Alexander and Deborah O’Toole.
News of the changes broke on Friday morning. The Boral share price fell 2.7% in response.
Stokes claims he still intends for Boral’s board to be made up of a majority of independent directors.
Boral share price snapshot
Despite being in the red today, Boral price has been performing well on the ASX lately.
It has gained 40% since the start of 2021. It is also 88% higher than it was this time last year.
The company has a market capitalisation of around $7.8 billion, with approximately 1.1 billion shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.