Eagle Materials (NYSE:EXP) Shares Gap Down After Earnings Miss

Eagle Materials Inc. (NYSE:EXP) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $256.97, but opened at $230.13. Eagle Materials shares last traded at $233.96, with a volume of 258,523 shares changing hands.

The construction company reported $2.24 earnings per share for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.48). Eagle Materials had a net margin of 21.14% and a return on equity of 37.31%. The firm had revenue of $476.70 million during the quarter, compared to analyst estimates of $480.20 million. During the same quarter in the previous year, the business posted $2.79 earnings per share. Eagle Materials’s revenue for the quarter was up 1.4% compared to the same quarter last year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Eagle Materials from $238.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. StockNews.com raised shares of Eagle Materials from a “hold” rating to a “buy” rating in a research report on Tuesday. Truist Financial increased their target price on shares of Eagle Materials from $290.00 to $320.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Stifel Nicolaus dropped their target price on shares of Eagle Materials from $300.00 to $286.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Raymond James raised their price objective on shares of Eagle Materials from $170.00 to $230.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Eagle Materials currently has an average rating of “Moderate Buy” and a consensus target price of $279.00.

Insider Buying and Selling at Eagle Materials

In other Eagle Materials news, EVP Matt Newby sold 2,940 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $251.15, for a total value of $738,381.00. Following the sale, the executive vice president now owns 21,819 shares of the company’s stock, valued at $5,479,841.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Eagle Materials

Institutional investors and hedge funds have recently modified their holdings of the company. Comerica Bank increased its position in Eagle Materials by 94.8% during the first quarter. Comerica Bank now owns 32,772 shares of the construction company’s stock worth $8,906,000 after purchasing an additional 15,949 shares during the last quarter. Hancock Whitney Corp acquired a new position in Eagle Materials during the first quarter worth approximately $586,000. Castleark Management LLC increased its position in Eagle Materials by 10.5% during the first quarter. Castleark Management LLC now owns 21,860 shares of the construction company’s stock worth $5,940,000 after purchasing an additional 2,080 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in Eagle Materials by 10.8% during the first quarter. B. Riley Wealth Advisors Inc. now owns 2,464 shares of the construction company’s stock worth $670,000 after purchasing an additional 240 shares during the last quarter. Finally, Virtus Investment Advisers Inc. acquired a new position in Eagle Materials during the first quarter worth approximately $544,000. Hedge funds and other institutional investors own 96.07% of the company’s stock.

Eagle Materials Stock Down 1.4 %

The firm’s 50-day moving average is $258.66 and its 200 day moving average is $227.62. The stock has a market cap of $8.23 billion, a price-to-earnings ratio of 17.53 and a beta of 1.35. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.62 and a quick ratio of 1.13.

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; 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.