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

Eagle Materials Inc. (NYSE:EXP)’s stock price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $241.95, but opened at $228.70. Eagle Materials shares last traded at $229.87, with a volume of 52,465 shares traded.

The construction company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.26). The firm had revenue of $470.18 million for the quarter, compared to the consensus estimate of $483.14 million. Eagle Materials had a net margin of 20.91% and a return on equity of 34.14%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.24 earnings per share.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Stephens restated an “overweight” rating and set a $310.00 price target on shares of Eagle Materials in a research note on Thursday, January 30th. Stifel Nicolaus assumed coverage on Eagle Materials in a research note on Tuesday, March 4th. They set a “hold” rating and a $242.00 price target for the company. DA Davidson cut their price target on Eagle Materials from $265.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. JPMorgan Chase & Co. cut their price target on Eagle Materials from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Truist Financial lowered their price objective on Eagle Materials from $330.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $274.40.

Institutional Trading of Eagle Materials

Hedge funds have recently modified their holdings of the company. SVB Wealth LLC purchased a new stake in shares of Eagle Materials during the 1st quarter worth approximately $41,000. Private Trust Co. NA raised its holdings in shares of Eagle Materials by 53.0% during the 4th quarter. Private Trust Co. NA now owns 205 shares of the construction company’s stock worth $51,000 after acquiring an additional 71 shares in the last quarter. Huntington National Bank raised its holdings in shares of Eagle Materials by 154.8% during the 4th quarter. Huntington National Bank now owns 237 shares of the construction company’s stock worth $58,000 after acquiring an additional 144 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Eagle Materials by 26.8% during the 1st quarter. Parallel Advisors LLC now owns 246 shares of the construction company’s stock worth $55,000 after acquiring an additional 52 shares in the last quarter. Finally, R Squared Ltd bought a new position in shares of Eagle Materials during the 4th quarter valued at approximately $81,000. 96.07% of the stock is owned by hedge funds and other institutional investors.

Eagle Materials Trading Down 8.7%

The stock has a market cap of $7.35 billion, a P/E ratio of 15.77 and a beta of 1.36. The company has a current ratio of 2.76, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average price of $223.77 and a two-hundred day moving average price of $248.74.

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, 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.