Eagle Materials Inc. (NYSE:EXP) Position Cut by Sprucegrove Investment Management Ltd.

Sprucegrove Investment Management Ltd. reduced its position in shares of Eagle Materials Inc. (NYSE:EXPGet Rating) by 49.3% in the first quarter, HoldingsChannel.com reports. The firm owned 322,000 shares of the construction company’s stock after selling 313,500 shares during the period. Eagle Materials comprises about 1.3% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 25th biggest holding. Sprucegrove Investment Management Ltd.’s holdings in Eagle Materials were worth $41,332,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Prospera Financial Services Inc bought a new position in Eagle Materials during the 1st quarter valued at $42,000. Meeder Asset Management Inc. boosted its stake in Eagle Materials by 90.9% during the 1st quarter. Meeder Asset Management Inc. now owns 462 shares of the construction company’s stock valued at $60,000 after purchasing an additional 220 shares in the last quarter. Covestor Ltd bought a new position in Eagle Materials during the 4th quarter valued at $97,000. Odey Asset Management Group Ltd bought a new position in Eagle Materials during the 4th quarter valued at $117,000. Finally, CWM LLC boosted its stake in Eagle Materials by 406.4% during the 1st quarter. CWM LLC now owns 1,023 shares of the construction company’s stock valued at $131,000 after purchasing an additional 821 shares in the last quarter. 93.41% of the stock is owned by institutional investors.

Eagle Materials Price Performance

EXP opened at $121.06 on Friday. The stock has a fifty day moving average of $122.43 and a 200-day moving average of $124.53. The firm has a market capitalization of $4.56 billion, a P/E ratio of 12.56 and a beta of 1.29. Eagle Materials Inc. has a 12-month low of $105.34 and a 12-month high of $169.15. The company has a quick ratio of 1.37, a current ratio of 2.39 and a debt-to-equity ratio of 1.00.

Eagle Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 16th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.83%. Eagle Materials’s payout ratio is currently 10.37%.

Insider Activity

In related news, Director Ed H. Bowman, Jr. sold 1,828 shares of the stock in a transaction on Friday, June 17th. The stock was sold at an average price of $110.15, for a total transaction of $201,354.20. Following the completion of the sale, the director now directly owns 10,485 shares in the company, valued at $1,154,922.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Citigroup increased their price target on Eagle Materials to $146.00 in a research note on Tuesday, August 9th. Stephens cut their price objective on Eagle Materials to $170.00 in a research report on Tuesday, July 26th. The Goldman Sachs Group cut their price objective on Eagle Materials from $190.00 to $162.00 and set a “buy” rating for the company in a research report on Friday, May 20th. Truist Financial cut their price objective on Eagle Materials from $172.00 to $155.00 and set a “buy” rating for the company in a research report on Monday, May 23rd. Finally, JPMorgan Chase & Co. downgraded Eagle Materials from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $165.00 to $130.00 in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $159.09.

Eagle Materials Company Profile

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Eagle Materials Inc, through its subsidiaries, produces and supplies heavy construction materials and light building materials in the United States. It operates through Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard segments. 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.

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Institutional Ownership by Quarter for Eagle Materials (NYSE:EXP)

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