Eagle Materials Inc. (NYSE:EXP) has witnessed an astounding growth in its holdings, thanks to Chartwell Investment Partners Llc. A recent report by the Securities and Exchange Commission confirms that Chartwell Investment Partners LLC increased its holdings in shares of the prestigious construction company by 16.3% in the fourth quarter. The institutional investor now owns approximately 0.29% of Eagle Materials worth a whopping $13,842,000 as of its most recent filing with the Securities and Exchange Commission.
This comes hot on the heels of Eagle Materials releasing their quarterly earnings data on Thursday, May 18th, which showed remarkable results. The construction company reported $2.79 earnings per share for the quarter, beating analyst estimates of $2.35 by $0.44. To add to this already impressive show, Eagle Material’s revenue grew massively to $470.10 million for the quarter, compared to analyst estimates of $452.11 million.
It is no surprise then that several brokerages have come forward with glowing assessments and recommendations for Eagle Materials’ shares: StockNews.com began coverage on shares of Eagle Materials in a report on Thursday, May 18th and gave them a “buy” rating while Truist Financial raised their target price from $155 to $195.
The market seems highly optimistic about Eagle Material’s future prospects with research analysts expecting a significant increase in EPS for this fiscal year. These projections put investors at ease knowing that buying into these stocks would yield pleasant returns.
It is indeed exciting times ahead for Eagle Materials as investors and industry regulators eagerly await their next moves towards greater prominence in construction space – with hopes soaring high for even bigger numbers next quarter!
Institutional Investors Boost Positions in Eagle Materials Inc. as Company Reveals Plans for Dividend Payouts
Eagle Materials Inc., a construction company based in Dallas, Texas, has recently caught the attention of several large investors. Raymond James Financial Services Advisors and Bank of Montreal Can were among those who boosted their positions in shares of Eagle Materials by 9.2% and 4.8%, respectively, during the first quarter. MetLife Investment Management LLC also added to its position by 29.5%, and Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position by 7.4%. Great West Life Assurance Co. Can increased its position in shares by 6.5%. Overall, institutional investors now own 93.67% of the company’s stock.
Shares of EXP opened on Thursday at $166.76 with a market cap of $5.90 billion and a beta value of 1.30, indicating that it is more volatile than the market as a whole. The firm’s 50-day moving average price is $156.13 while its 200-day moving average price is $145.53.
Several brokerages have commented on EXP’s current situation, with StockNews.com issuing a “buy” rating for the company earlier this year, followed by Stephens raising Eagle Materials’ target price from $170 to $190 shortly thereafter.
In early June, EVPs Matt Newby and Eric Cribbs both sold thousands of shares in the company’s stock worth millions of dollars combined.
Despite these developments, Eagle Materials remains on stable ground with an average rating labeled as “Moderate Buy,” according to Bloomberg analysts who pegged its target price at $171.50 per share for potential investors interested in getting involved with this building materials mainstay.
With news breaking that Eagle Materials has revealed plans to continue paying out dividends to its shareholders — divvying up an annualized dividend yield rate set at approximately .60% — all indications look like those who are investing properly into this cutting-edge, forward-thinking construction company are in for a steady stream of profits that will last well into the future.
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