Eagle Materials Inc. (NYSE:EXP) Sees Large Drop in Short Interest

Eagle Materials Inc. (NYSE:EXP) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 1,080,000 shares, a drop of 10.7% from the October 15th total of 1,210,000 shares. Approximately 3.3% of the shares of the stock are short sold. Based on an average trading volume of 275,700 shares, the days-to-cover ratio is presently 3.9 days.

Wall Street Analysts Forecast Growth

EXP has been the topic of several analyst reports. Citigroup increased their price target on Eagle Materials from $252.00 to $311.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Jefferies Financial Group upped their target price on Eagle Materials from $309.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on Eagle Materials from $277.00 to $317.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on Eagle Materials from $270.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Finally, Truist Financial boosted their price target on Eagle Materials from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $303.78.

Eagle Materials Stock Performance

NYSE:EXP traded down $1.08 during mid-day trading on Monday, hitting $300.20. The stock had a trading volume of 188,947 shares, compared to its average volume of 305,190. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.14 and a current ratio of 2.34. Eagle Materials has a twelve month low of $173.05 and a twelve month high of $317.00. The company’s 50 day simple moving average is $288.92 and its 200 day simple moving average is $257.26. The stock has a market cap of $10.07 billion, a price-to-earnings ratio of 21.28 and a beta of 1.32.

Eagle Materials (NYSE:EXP) last released its quarterly earnings data on Tuesday, October 29th. The construction company reported $4.31 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.44). The company had revenue of $623.62 million during the quarter, compared to analyst estimates of $651.46 million. Eagle Materials had a net margin of 21.32% and a return on equity of 35.79%. Eagle Materials’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.28 earnings per share. On average, equities research analysts forecast that Eagle Materials will post 15.24 earnings per share for the current year.

Eagle Materials Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Monday, December 16th. Eagle Materials’s dividend payout ratio is currently 7.06%.

Insider Transactions at Eagle Materials

In other Eagle Materials news, SVP Tony Thompson sold 1,401 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $314.00, for a total value of $439,914.00. Following the completion of the transaction, the senior vice president now directly owns 13,212 shares in the company, valued at $4,148,568. This trade represents a 9.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director George John Damiris sold 1,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $277.62, for a total transaction of $277,620.00. Following the sale, the director now directly owns 7,943 shares in the company, valued at approximately $2,205,135.66. This trade represents a 11.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. boosted its holdings in shares of Eagle Materials by 13.0% in the 1st quarter. Advisors Asset Management Inc. now owns 35,894 shares of the construction company’s stock valued at $9,754,000 after purchasing an additional 4,130 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Eagle Materials by 1.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 351,258 shares of the construction company’s stock valued at $95,455,000 after acquiring an additional 3,897 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Eagle Materials by 481.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,315 shares of the construction company’s stock valued at $1,808,000 after acquiring an additional 6,885 shares during the last quarter. Ausbil Investment Management Ltd raised its stake in Eagle Materials by 400.3% during the third quarter. Ausbil Investment Management Ltd now owns 12,978 shares of the construction company’s stock worth $3,733,000 after acquiring an additional 10,384 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of Eagle Materials by 94.8% in the first quarter. Comerica Bank now owns 32,772 shares of the construction company’s stock worth $8,906,000 after acquiring an additional 15,949 shares during the last quarter. Institutional investors own 96.07% of the company’s stock.

About Eagle Materials

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.