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

Eagle Materials Inc (NYSE:EXP) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $196.63, but opened at $204.78. Eagle Materials shares last traded at $200.1670, with a volume of 135,974 shares trading hands.

The construction company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. Eagle Materials had a net margin of 18.70% and a return on equity of 28.96%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $2.00 earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Royal Bank Of Canada set a $208.00 price objective on shares of Eagle Materials in a research note on Tuesday, February 24th. Citigroup reduced their target price on Eagle Materials from $232.00 to $224.00 and set a “neutral” rating for the company in a research note on Tuesday, February 3rd. Zacks Research raised Eagle Materials from a “strong sell” rating to a “hold” rating in a research report on Monday, March 23rd. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $215.00 price objective (down from $230.00) on shares of Eagle Materials in a report on Monday, February 16th. Finally, DA Davidson reduced their price objective on Eagle Materials from $225.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, February 2nd. Two analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $228.82.

Institutional Investors Weigh In On Eagle Materials

Several hedge funds have recently added to or reduced their stakes in EXP. Amundi acquired a new stake in Eagle Materials during the 1st quarter worth about $370,000. California State Teachers Retirement System lifted its holdings in shares of Eagle Materials by 23.7% in the 1st quarter. California State Teachers Retirement System now owns 37,928 shares of the construction company’s stock valued at $7,185,000 after buying an additional 7,261 shares during the period. Quantinno Capital Management LP boosted its stake in shares of Eagle Materials by 7.0% in the first quarter. Quantinno Capital Management LP now owns 10,215 shares of the construction company’s stock worth $1,935,000 after buying an additional 665 shares during the last quarter. Entropy Technologies LP grew its holdings in Eagle Materials by 7.6% during the first quarter. Entropy Technologies LP now owns 11,039 shares of the construction company’s stock worth $2,091,000 after acquiring an additional 782 shares during the period. Finally, Morningstar Investment Management LLC raised its position in Eagle Materials by 162.8% during the first quarter. Morningstar Investment Management LLC now owns 4,796 shares of the construction company’s stock valued at $909,000 after acquiring an additional 2,971 shares in the last quarter. 96.07% of the stock is owned by hedge funds and other institutional investors.

Eagle Materials Stock Performance

The company has a market capitalization of $6.32 billion, a PE ratio of 15.27 and a beta of 1.38. The firm has a 50-day moving average of $195.94 and a two-hundred day moving average of $211.00. The company has a quick ratio of 2.68, a current ratio of 4.27 and a debt-to-equity ratio of 1.17.

Eagle Materials Company Profile

Eagle Materials Inc (NYSE:EXP) is a Dallas, Texas–based manufacturer of building materials serving construction and heavy industry markets across the United States. The company’s primary products include portland and masonry cements, gypsum wallboard, lightweight aggregate, paperboard packaging, and roofing granules. These product lines support a wide range of end uses—from residential and commercial buildings to infrastructure projects and industrial applications.

Since its spin-off from a major homebuilding company in 2004, Eagle Materials has grown through targeted facility expansions and strategic acquisitions.