James Hardie Industries (NYSE:JHX) Stock Price Up 6.3% on Analyst Upgrade

Shares of James Hardie Industries PLC. (NYSE:JHX) rose 6.3% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $26.08 and last traded at $25.8320. 1,691,966 shares were traded during mid-day trading, a decline of 76% from the average session volume of 7,017,830 shares. The stock had previously closed at $24.29.

Other equities analysts have also issued research reports about the company. Stephens initiated coverage on James Hardie Industries in a research note on Thursday, June 25th. They set an “overweight” rating and a $31.00 price objective on the stock. Barclays raised their target price on James Hardie Industries from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, James Hardie Industries currently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its position in James Hardie Industries by 17.0% in the first quarter. Royal Bank of Canada now owns 50,801 shares of the construction company’s stock valued at $1,197,000 after purchasing an additional 7,396 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of James Hardie Industries by 160.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,697,663 shares of the construction company’s stock worth $63,557,000 after purchasing an additional 1,662,743 shares during the period. Jane Street Group LLC grew its holdings in shares of James Hardie Industries by 222.4% during the 1st quarter. Jane Street Group LLC now owns 279,009 shares of the construction company’s stock worth $6,573,000 after purchasing an additional 192,478 shares during the period. Russell Investments Group Ltd. increased its position in shares of James Hardie Industries by 49.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 11,603 shares of the construction company’s stock worth $312,000 after purchasing an additional 3,827 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of James Hardie Industries by 11,238.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the construction company’s stock worth $40,000 after purchasing an additional 1,461 shares during the last quarter. 7.96% of the stock is currently owned by hedge funds and other institutional investors.

James Hardie Industries Stock Performance

The firm’s fifty day moving average is $23.34 and its 200-day moving average is $22.47. The company has a current ratio of 1.58, a quick ratio of 1.03 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $15.29 billion, a PE ratio of 119.77 and a beta of 1.77.

James Hardie Industries (NYSE:JHX) last announced its earnings results on Wednesday, May 20th. The construction company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.01. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.41 billion. James Hardie Industries had a net margin of 2.15% and a return on equity of 11.13%. James Hardie Industries’s revenue was up 44.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. As a group, research analysts anticipate that James Hardie Industries PLC. will post 1.24 earnings per share for the current year.

James Hardie Industries Company Profile

James Hardie Industries plc (NYSE: JHX) is a global manufacturer of high-performance fiber cement building products. The company specializes in exterior cladding, trim and soffit, as well as interior backerboard solutions designed for residential and commercial construction. By combining cement, sand and cellulose fibers, James Hardie produces durable, low-maintenance materials that resist moisture, fire and termite damage, catering to builders, contractors and homeowners through a network of distributors and retail channels.

The company’s flagship products include Hardie® Plank® and Hardie® Panel® siding systems, Hardie® BackerBoard® for tile applications, and a range of architectural trim solutions.