State Treasurer State of Michigan trimmed its position in shares of Eagle Materials, Inc. (NYSE:EXP) by 20.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,100 shares of the construction company’s stock after selling 3,300 shares during the period. State Treasurer State of Michigan’s holdings in Eagle Materials were worth $1,214,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. FMR LLC boosted its position in Eagle Materials by 69.9% in the 1st quarter. FMR LLC now owns 3,445,277 shares of the construction company’s stock valued at $290,437,000 after buying an additional 1,418,021 shares during the period. Long Pond Capital LP purchased a new stake in Eagle Materials in the 1st quarter valued at about $45,517,000. Norges Bank purchased a new stake in Eagle Materials in the 4th quarter valued at about $25,150,000. Scout Investments Inc. boosted its position in Eagle Materials by 356.4% in the 2nd quarter. Scout Investments Inc. now owns 452,290 shares of the construction company’s stock valued at $41,927,000 after buying an additional 353,180 shares during the period. Finally, WINTON GROUP Ltd boosted its position in Eagle Materials by 1,554.3% in the 2nd quarter. WINTON GROUP Ltd now owns 128,293 shares of the construction company’s stock valued at $11,893,000 after buying an additional 120,538 shares during the period. Institutional investors own 95.66% of the company’s stock.
In other news, Director Ed H. Bowman, Jr. sold 2,492 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $84.52, for a total value of $210,623.84. Following the completion of the sale, the director now owns 16,386 shares of the company’s stock, valued at approximately $1,384,944.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Keith W. Metcalf sold 10,980 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $81.33, for a total transaction of $893,003.40. Following the completion of the sale, the insider now directly owns 58,087 shares of the company’s stock, valued at approximately $4,724,215.71. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
Eagle Materials (NYSE:EXP) last announced its quarterly earnings results on Tuesday, July 30th. The construction company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.40 by ($0.27). Eagle Materials had a return on equity of 17.21% and a net margin of 3.20%. The business had revenue of $370.60 million during the quarter, compared to analysts’ expectations of $376.95 million. During the same period in the previous year, the company posted $1.38 EPS. Eagle Materials’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts expect that Eagle Materials, Inc. will post 5.33 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, October 4th will be given a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.48%. Eagle Materials’s payout ratio is presently 7.92%.
Several equities research analysts have issued reports on EXP shares. Northcoast Research cut shares of Eagle Materials from a “neutral” rating to a “sell” rating and set a $76.00 price objective for the company. in a research report on Monday, July 1st. Jefferies Financial Group cut shares of Eagle Materials from a “buy” rating to a “hold” rating and lowered their price objective for the company from $106.00 to $92.00 in a research report on Thursday, July 18th. Zacks Investment Research cut shares of Eagle Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, July 3rd. TheStreet cut shares of Eagle Materials from a “b” rating to a “c+” rating in a research report on Friday, May 17th. Finally, Raymond James cut shares of Eagle Materials from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Eagle Materials currently has an average rating of “Hold” and an average target price of $93.88.
Eagle Materials Company Profile
Eagle Materials Inc, through its subsidiaries, produces and supplies heavy construction materials, light building materials, and materials used for oil and natural gas extraction in the United States. It operates in five segments: Cement, Concrete and Aggregates, Gypsum Wallboard, Recycled Paperboard, and Oil and Gas Proppants.
See Also: Cost of Goods Sold (COGS)
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