Eagle Materials (NYSE:EXP) Shares Gap Up Following Strong Earnings

Eagle Materials Inc. (NYSE:EXP)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $248.73, but opened at $270.00. Eagle Materials shares last traded at $273.38, with a volume of 66,288 shares trading hands.

The construction company reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.37. The firm had revenue of $608.69 million for the quarter, compared to the consensus estimate of $622.06 million. Eagle Materials had a net margin of 21.65% and a return on equity of 37.10%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.55 earnings per share.

Eagle Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, June 17th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Monday, June 17th. Eagle Materials’s dividend payout ratio is currently 7.34%.

Wall Street Analysts Forecast Growth

EXP has been the topic of several recent research reports. Raymond James downgraded shares of Eagle Materials from a “moderate buy” rating to a “hold” rating in a report on Wednesday, July 17th. Loop Capital reduced their price target on shares of Eagle Materials from $310.00 to $305.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Jefferies Financial Group upped their price target on shares of Eagle Materials from $270.00 to $283.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Stephens upped their price target on shares of Eagle Materials from $280.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Stifel Nicolaus reduced their price target on shares of Eagle Materials from $300.00 to $286.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eagle Materials currently has a consensus rating of “Moderate Buy” and an average price target of $289.78.

Hedge Funds Weigh In On Eagle Materials

A number of institutional investors have recently modified their holdings of EXP. Asset Management One Co. Ltd. acquired a new position in Eagle Materials during the fourth quarter worth approximately $1,085,000. NewEdge Wealth LLC increased its position in Eagle Materials by 13.4% during the fourth quarter. NewEdge Wealth LLC now owns 89,090 shares of the construction company’s stock worth $18,071,000 after purchasing an additional 10,514 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in Eagle Materials during the fourth quarter worth approximately $1,988,000. Van ECK Associates Corp increased its position in Eagle Materials by 39.7% during the fourth quarter. Van ECK Associates Corp now owns 10,537 shares of the construction company’s stock worth $2,137,000 after purchasing an additional 2,993 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Eagle Materials by 13.0% in the first quarter. Advisors Asset Management Inc. now owns 35,894 shares of the construction company’s stock worth $9,754,000 after acquiring an additional 4,130 shares in the last quarter. Institutional investors and hedge funds own 96.07% of the company’s stock.

Eagle Materials Stock Down 3.8 %

The firm’s 50-day moving average price is $229.00 and its 200-day moving average price is $241.57. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 19.23 and a beta of 1.32. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.45 and a quick ratio of 1.06.

Eagle Materials Company Profile

Eagle Materials Inc, through its subsidiaries, manufactures and sells heavy construction materials and light building materials in the United States. It operates in four segments: Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard. The company engages in the mining of limestone for the manufacture, production, distribution, and sale of Portland cement, including Portland limestone cement; grinding and sale of slag; and mining of gypsum for the manufacture and sale of gypsum wallboards used to finish the interior walls and ceilings in residential, commercial, and industrial structures, as well as well as containerboard and lightweight packaging grades; manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and mining and sale of aggregates, such as crushed stone, sand, and gravel.