Eagle Materials Inc. (NYSE: EXP – Get a rating) was the target of a significant increase in short interest during the month of August. As of August 31, there was short interest totaling 1,090,000 shares, an increase of 7.9% from the total of 1,010,000 shares as of August 15. Approximately 2.9% of the company’s shares are sold short. Based on an average trading volume of 323,100 shares, the short-term interest rate ratio is currently 3.4 days.
Eagle Materials is trading up 3.3%
Eagle Materials stock opened Tuesday at $115.16. The stock has a market capitalization of $4.34 billion, a PE ratio of 11.95 and a beta of 1.29. The stock has a 50-day moving average price of $122.86 and a 200-day moving average price of $123.60. Eagle Materials has a 52-week low of $105.34 and a 52-week high of $169.15. The company has a current ratio of 2.39, a quick ratio of 1.37 and a debt ratio of 1.00.
Eagle Materials Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14. Investors of record on Friday, September 16 will receive a dividend of $0.25 per share. This represents a dividend of $1.00 on an annualized basis and a yield of 0.87%. The ex-dividend date is Thursday, September 15. Eagle Materials’ dividend payout ratio is currently 10.37%.
Eagle Institutional Materials Trading
Several hedge funds and other institutional investors have recently increased or reduced their holdings in EXP. Fifth Third Bancorp increased its holdings in Eagle Materials by 45.7% in the second quarter. Fifth Third Bancorp now owns 325 shares of the construction company valued at $36,000 after buying an additional 102 shares during the period. Prospera Financial Services Inc purchased a new stake in Eagle Materials in Q1 worth approximately $42,000. Meeder Asset Management Inc. increased its holdings in Eagle Materials by 90.9% in Q1. Meeder Asset Management Inc. now owns 462 shares of the construction company valued at $60,000 after purchasing an additional 220 shares during the period. Van ECK Associates Corp bought a new stake in Eagle Materials in Q2, valued at around $113,000. Finally, Odey Asset Management Group Ltd acquired a new stake in Eagle Materials in the 4th quarter valued at approximately $117,000. Hedge funds and other institutional investors hold 93.41% of the company’s shares.
Analysts set new price targets
EXP has been the subject of several research reports. StockNews.com upgraded Eagle Materials shares from a “hold” rating to a “buy” rating in a Friday, July 29 research report. Citigroup raised its price target on Eagle Materials shares to $146.00 in a Tuesday, Aug. 9 research report. Truist Financial cut its price target on Eagle Materials from $172.00 to $155.00 and set a “buy” rating for the company in a Monday, May 23 report. Stephens cut its price target on Eagle Materials to $170.00 in a Tuesday, July 26 report. Finally, JPMorgan Chase & Co. downgraded Eagle Materials from an “overweight” rating to a “neutral” rating and lowered its price target for the stock from $165.00 to $130.00 in a Wednesday report. July 20. Five analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat.com, the stock has a “moderate buy” consensus rating and an average target price of $159.09.
About Eagle Materials
Eagle Materials Inc, through its subsidiaries, produces and supplies heavy building materials and light building materials in the United States. It operates through the cement, concrete and aggregates, gypsum board and recycled paperboard segments. The company is engaged in the extraction of limestone for the manufacture, production, distribution and sale of Portland cement; crushing and sale of slag; and the extraction of gypsum for the manufacture and sale of plasterboard used for finishing interior walls and ceilings in residential, commercial and industrial structures.
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