Allspring Global Investments Holdings LLC Has $2.31 Million Stock Position in Crh Plc $CRH

Key Points

• Allspring Global Investments Holdings LLC has significantly reduced its stake in CRH Plc by 66.7%, owning 24,701 shares valued at approximately $2.31 million following the sale of 49,506 shares in the second quarter.
• Major institutional investors, including Vanguard Group, have increased their holdings in CRH, with Vanguard raising its stake by 62.8% to approximately $5.61 billion, indicating strong investor confidence in the company.
• CRH recently reported quarterly earnings of $1.94 per share, missing analyst expectations, while announcing a quarterly dividend of $0.37 per share, resulting in a 1.3% yield based on their annualized dividend payout.

Allspring Global Investments Holdings LLC decreased its position in Crh Plc (NYSE:CRH - Free Report) by 66.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,701 shares of the construction company's stock after selling 49,506 shares during the period. Allspring Global Investments Holdings LLC's holdings in CRH were worth $2,312,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in CRH by 62.8% in the 1st quarter. Vanguard Group Inc. now owns 63,755,468 shares of the construction company's stock valued at $5,608,567,000 after acquiring an additional 24,591,538 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of CRH by 43.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,303,788 shares of the construction company's stock valued at $906,424,000 after purchasing an additional 3,108,416 shares during the period. Bank of New York Mellon Corp grew its stake in shares of CRH by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 8,830,489 shares of the construction company's stock valued at $776,818,000 after purchasing an additional 221,038 shares during the period. Boston Partners grew its stake in shares of CRH by 5.9% in the 1st quarter. Boston Partners now owns 8,822,801 shares of the construction company's stock valued at $775,349,000 after purchasing an additional 493,796 shares during the period. Finally, Amundi grew its stake in shares of CRH by 11.8% in the 1st quarter. Amundi now owns 7,979,264 shares of the construction company's stock valued at $689,009,000 after purchasing an additional 843,806 shares during the period. Institutional investors and hedge funds own 62.50% of the company's stock.

CRH Price Performance

NYSE CRH opened at $118.26 on Wednesday. The firm has a market cap of $79.55 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 1.66 and a beta of 1.32. Crh Plc has a one year low of $76.75 and a one year high of $121.88. The stock's 50 day simple moving average is $114.40 and its 200 day simple moving average is $100.60.

CRH (NYSE:CRH - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The business had revenue of $10.21 billion for the quarter, compared to the consensus estimate of $10.27 billion. CRH had a return on equity of 15.68% and a net margin of 9.09%.The firm's revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the company earned $1.88 earnings per share. As a group, equities analysts expect that Crh Plc will post 5.47 earnings per share for the current year.

CRH Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Investors of record on Friday, August 22nd were given a dividend of $0.37 per share. The ex-dividend date was Friday, August 22nd. This represents a $1.48 dividend on an annualized basis and a yield of 1.3%. CRH's dividend payout ratio is 23.22%.

Wall Street Analyst Weigh In

CRH has been the topic of several analyst reports. Morgan Stanley set a $134.00 price objective on CRH in a research note on Thursday, October 9th. Bank of America initiated coverage on CRH in a research note on Friday, September 26th. They issued a "buy" rating and a $128.00 price objective on the stock. Truist Financial upped their price objective on CRH from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. initiated coverage on CRH in a research note on Tuesday, August 26th. They issued an "overweight" rating and a $130.00 price objective on the stock. Finally, UBS Group initiated coverage on CRH in a research note on Tuesday, October 14th. They issued a "buy" rating and a $138.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $127.71.

CRH Profile

CRH plc, together with its subsidiaries, provides building materials solutions in Ireland and internationally. It operates through four segments: Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions, and Europe Building Solutions. The company provides solutions for the construction and maintenance of public infrastructure and commercial and residential buildings; and produces and sells aggregates, cement, readymixed concrete, and asphalt, as well as provides paving and construction services.

Want to see what other hedge funds are holding CRH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crh Plc (NYSE:CRH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.