Bank of America Corp DE Purchases New Stake in Eagle Materials Inc $EXP

Key Points

• Bank of America acquired 294,468 Eagle Materials shares during the second quarter, worth approximately $66.3 million and representing a 0.96% stake. Institutional investors collectively own 96.07% of the company.
• Analyst sentiment remains cautious: nine analysts rate the stock “Hold” and one rates it “Sell,” producing an average “Reduce” rating and a consensus price target of $218.33.
• Eagle Materials reported quarterly revenue of $650.97 million, ahead of estimates, but earnings of $3.29 per share missed expectations. The company also declared a quarterly dividend of $0.25 per share, or $1.00 annually.

Bank of America Corp DE acquired a new position in shares of Eagle Materials Inc (NYSE:EXP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 294,468 shares of the construction company's stock, valued at approximately $66,255,000. Bank of America Corp DE owned 0.96% of Eagle Materials at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Clearstead Advisors LLC grew its holdings in Eagle Materials by 266.7% in the fourth quarter. Clearstead Advisors LLC now owns 132 shares of the construction company's stock valued at $27,000 after purchasing an additional 96 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Eagle Materials by 389.3% in the 4th quarter. IFP Advisors Inc now owns 137 shares of the construction company's stock worth $28,000 after buying an additional 109 shares in the last quarter. Bruce G. Allen Investments LLC boosted its position in shares of Eagle Materials by 19,300.0% in the 4th quarter. Bruce G. Allen Investments LLC now owns 194 shares of the construction company's stock worth $40,000 after buying an additional 193 shares in the last quarter. Leonteq Securities AG acquired a new stake in Eagle Materials in the 1st quarter valued at about $42,000. Finally, Global Retirement Partners LLC grew its stake in Eagle Materials by 1,242.9% in the 4th quarter. Global Retirement Partners LLC now owns 282 shares of the construction company's stock valued at $58,000 after acquiring an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 96.07% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on EXP shares. JPMorgan Chase & Co. upgraded shares of Eagle Materials from an "underweight" rating to a "neutral" rating and set a $225.00 target price for the company in a research report on Tuesday, June 2nd. DA Davidson dropped their price objective on shares of Eagle Materials from $220.00 to $207.00 and set a "neutral" rating for the company in a research note on Monday, September 14th. Wells Fargo & Company restated an "equal weight" rating and set a $196.00 price objective (down from $231.00) on shares of Eagle Materials in a research report on Wednesday, September 9th. Zacks Research lowered Eagle Materials from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Eagle Materials in a research report on Friday, September 11th. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $218.33.

Eagle Materials Price Performance

Shares of NYSE:EXP opened at $176.78 on Friday. The company has a market cap of $5.42 billion, a P/E ratio of 13.97 and a beta of 1.36. The business has a fifty day simple moving average of $201.66 and a 200-day simple moving average of $203.91. Eagle Materials Inc has a 52 week low of $171.99 and a 52 week high of $245.53. The company has a quick ratio of 1.91, a current ratio of 3.23 and a debt-to-equity ratio of 1.17.

Eagle Materials (NYSE:EXP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The construction company reported $3.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.37 by ($0.08). The business had revenue of $650.97 million during the quarter, compared to analyst estimates of $620.35 million. Eagle Materials had a return on equity of 26.87% and a net margin of 17.32%.The firm's quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.76 earnings per share. Equities research analysts forecast that Eagle Materials Inc will post 12.66 EPS for the current year.

Eagle Materials Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Monday, September 14th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $1.00 annualized dividend and a dividend yield of 0.6%. Eagle Materials's dividend payout ratio (DPR) is currently 7.91%.

Insider Transactions at Eagle Materials

In related news, SVP Tony Thompson sold 3,074 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $203.96, for a total transaction of $626,973.04. Following the completion of the transaction, the senior vice president owned 10,142 shares of the company's stock, valued at approximately $2,068,562.32. This represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.

Eagle Materials Profile

Eagle Materials Inc NYSE: EXP is a U.S.-based manufacturer of essential building materials used in residential, commercial and infrastructure construction. The company produces and distributes cement, ready-mix concrete, crushed stone and sand, as well as gypsum wallboard.

Its cement business supplies materials for concrete production and construction projects, while its concrete and aggregates operations provide ready-mix concrete and construction aggregates. Through its American Gypsum operations, Eagle Materials manufactures gypsum wallboard used in interior walls and ceilings.

Headquartered in Dallas, Texas, Eagle Materials serves regional construction markets primarily across the United States, with operations concentrated in states including Texas, Colorado, Nevada and Oklahoma.

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