Eagle Materials Inc (EXP) Stock Price Down 5.1% Following Weak Earnings

Eagle Materials Inc (NYSE:EXP) shares traded down 5.1% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $103.59 and last traded at $105.09. 1,563,561 shares changed hands during trading, an increase of 153% from the average session volume of 618,574 shares. The stock had previously closed at $110.77.

The construction company reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.22). Eagle Materials had a net margin of 16.23% and a return on equity of 18.29%. The business had revenue of $376.30 million during the quarter, compared to analysts’ expectations of $412.84 million. During the same period in the previous year, the business earned $1.25 EPS. The business’s revenue was up 13.1% on a year-over-year basis.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 7th. Shareholders of record on Friday, October 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.38%. Eagle Materials’s payout ratio is currently 9.30%.

Several analysts have weighed in on the company. Zacks Investment Research cut Eagle Materials from a “hold” rating to a “strong sell” rating in a report on Tuesday. Standpoint Research cut Eagle Materials from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. They noted that the move was a valuation call. BidaskClub raised Eagle Materials from a “strong sell” rating to a “sell” rating in a report on Saturday, August 5th. Finally, Citigroup Inc raised Eagle Materials from a “neutral” rating to a “buy” rating and lowered their price target for the company from $115.00 to $110.00 in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $110.00.

In other Eagle Materials news, insider Gerald J. Essl sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $93.40, for a total value of $186,800.00. Following the sale, the insider now owns 39,859 shares of the company’s stock, valued at approximately $3,722,830.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP William R. Devlin sold 16,469 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $96.51, for a total value of $1,589,423.19. Following the completion of the sale, the senior vice president now directly owns 51,973 shares in the company, valued at approximately $5,015,914.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,774 shares of company stock worth $6,798,741. Insiders own 4.10% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can raised its holdings in shares of Eagle Materials by 0.3% during the 2nd quarter. Bank of Montreal Can now owns 6,304 shares of the construction company’s stock valued at $583,000 after buying an additional 17 shares in the last quarter. Greenwood Capital Associates LLC raised its holdings in shares of Eagle Materials by 1.0% during the 2nd quarter. Greenwood Capital Associates LLC now owns 2,456 shares of the construction company’s stock valued at $227,000 after buying an additional 25 shares in the last quarter. World Asset Management Inc raised its holdings in shares of Eagle Materials by 2.7% during the 2nd quarter. World Asset Management Inc now owns 3,480 shares of the construction company’s stock valued at $322,000 after buying an additional 90 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Eagle Materials by 8.3% during the 2nd quarter. IFP Advisors Inc now owns 1,183 shares of the construction company’s stock valued at $109,000 after buying an additional 91 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in shares of Eagle Materials by 3.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 3,930 shares of the construction company’s stock valued at $363,000 after buying an additional 127 shares in the last quarter. 91.12% of the stock is currently owned by institutional investors.

The stock has a market cap of $5.16 billion, a P/E ratio of 24.74 and a beta of 1.17. The firm’s 50-day moving average price is $105.86 and its 200 day moving average price is $97.32.

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Eagle Materials Company Profile

Eagle Materials Inc is a supplier of construction products, building materials and materials used for oil and natural gas extraction. The Company operates through five segments: Cement, Concrete and Aggregates, Gypsum Wallboard, Recycled Paperboard, and Oil and Gas Proppants. The Company’s construction products are used in residential, industrial, commercial and infrastructure construction, and include cement, slag, concrete and aggregates.

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