Bank of America Corp DE Purchases 679,728 Shares of James Hardie Industries PLC. $JHX

Key Points

• Bank of America increased its James Hardie Industries stake by 81.6%, purchasing 679,728 additional shares to hold 1.51 million shares valued at approximately $28.7 million. Institutional investors collectively own 7.96% of the company.
• James Hardie reported quarterly revenue of $1.47 billion and earnings of $0.36 per share, beating analyst expectations; revenue rose 63.9% year over year.
• Analyst sentiment is favorable, with nine Buy ratings and three Holds producing a consensus “Moderate Buy” rating and a $32.50 target price. Shares recently traded near their 52-week high at $31.02.

Bank of America Corp DE grew its position in James Hardie Industries PLC. (NYSE:JHX - Free Report) by 81.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,512,821 shares of the construction company's stock after buying an additional 679,728 shares during the period. Bank of America Corp DE owned approximately 0.35% of James Hardie Industries worth $28,653,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Blue Trust Inc. lifted its holdings in James Hardie Industries by 14.7% during the first quarter. Blue Trust Inc. now owns 6,890 shares of the construction company's stock worth $130,000 after acquiring an additional 884 shares in the last quarter. Xponance LLC grew its stake in James Hardie Industries by 5.7% in the fourth quarter. Xponance LLC now owns 16,879 shares of the construction company's stock valued at $350,000 after acquiring an additional 911 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of James Hardie Industries by 16.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,684 shares of the construction company's stock worth $139,000 after acquiring an additional 936 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of James Hardie Industries by 67.1% in the second quarter. Osaic Holdings Inc. now owns 2,576 shares of the construction company's stock worth $67,000 after acquiring an additional 1,034 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of James Hardie Industries by 46.5% during the first quarter. Parallel Advisors LLC now owns 4,532 shares of the construction company's stock worth $86,000 after purchasing an additional 1,439 shares during the period. Institutional investors own 7.96% of the company's stock.

James Hardie Industries Trading Down 0.1%

NYSE JHX opened at $31.02 on Monday. James Hardie Industries PLC. has a 52 week low of $16.46 and a 52 week high of $31.35. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.59. The stock's 50 day moving average price is $26.16 and its two-hundred day moving average price is $23.28. The stock has a market capitalization of $18.00 billion, a price-to-earnings ratio of 124.10, a PEG ratio of 1.95 and a beta of 1.77.

James Hardie Industries (NYSE:JHX - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The construction company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.04. James Hardie Industries had a net margin of 2.69% and a return on equity of 10.56%. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same period last year, the business earned $0.29 EPS. The business's quarterly revenue was up 63.9% on a year-over-year basis. As a group, analysts anticipate that James Hardie Industries PLC. will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on JHX shares. Robert W. Baird set a $34.00 price objective on James Hardie Industries in a report on Friday, August 7th. Stephens increased their target price on James Hardie Industries from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Raymond James Financial set a $35.00 target price on shares of James Hardie Industries in a report on Monday, August 10th. Truist Financial lifted their price target on shares of James Hardie Industries from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Finally, Barclays upgraded shares of James Hardie Industries from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $26.00 to $35.00 in a report on Monday, August 10th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.50.

James Hardie Industries Profile

James Hardie Industries plc NYSE: JHX is a global manufacturer of high-performance fiber cement building products. The company specializes in exterior cladding, trim and soffit, as well as interior backerboard solutions designed for residential and commercial construction. By combining cement, sand and cellulose fibers, James Hardie produces durable, low-maintenance materials that resist moisture, fire and termite damage, catering to builders, contractors and homeowners through a network of distributors and retail channels.

The company's flagship products include Hardie® Plank® and Hardie® Panel® siding systems, Hardie® BackerBoard® for tile applications, and a range of architectural trim solutions.

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