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

Key Points

• Bank of America reduced its Eagle Materials stake by 16.9% in the first quarter, selling 52,450 shares and retaining 257,612 shares worth approximately $48.8 million. Institutional investors collectively own 96.07% of EXP.
• Eagle Materials reported quarterly EPS of $3.29, below analysts’ $3.37 estimate, while revenue of $650.97 million exceeded expectations and increased 2.6% year over year.
• The company declared a quarterly dividend of $0.25, or $1.00 annualized, yielding about 0.5%. Analysts maintain a consensus “Hold” rating with an average price target of $222.56, versus a recent share price of $210.22.

Bank of America Corp DE reduced its stake in Eagle Materials Inc (NYSE:EXP - Free Report) by 16.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 257,612 shares of the construction company's stock after selling 52,450 shares during the quarter. Bank of America Corp DE owned approximately 0.82% of Eagle Materials worth $48,805,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Caisse de depot et placement du Quebec increased its holdings in Eagle Materials by 3.6% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,426 shares of the construction company's stock worth $332,000 after acquiring an additional 50 shares in the last quarter. M&T Bank Corp lifted its holdings in Eagle Materials by 2.6% during the fourth quarter. M&T Bank Corp now owns 2,406 shares of the construction company's stock valued at $498,000 after purchasing an additional 61 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in Eagle Materials by 7.0% during the first quarter. QRG Capital Management Inc. now owns 1,294 shares of the construction company's stock valued at $245,000 after purchasing an additional 85 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of Eagle Materials by 4.9% in the first quarter. HB Wealth Management LLC now owns 1,871 shares of the construction company's stock worth $354,000 after purchasing an additional 87 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Eagle Materials by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 172 shares of the construction company's stock worth $35,000 after purchasing an additional 87 shares during the period. 96.07% of the stock is currently owned by hedge funds and other institutional investors.

Eagle Materials Stock Down 1.9%

Shares of EXP stock opened at $210.22 on Thursday. The stock has a market cap of $6.45 billion, a P/E ratio of 16.62 and a beta of 1.38. 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. The company's fifty day simple moving average is $214.94 and its two-hundred day simple moving average is $209.63.

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

Eagle Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Monday, September 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. Eagle Materials's payout ratio is presently 7.91%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on EXP. Stephens raised their price objective on shares of Eagle Materials from $225.00 to $230.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Zacks Research downgraded shares of Eagle Materials from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Wells Fargo & Company cut their price target on Eagle Materials from $240.00 to $231.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Royal Bank Of Canada raised their price target on Eagle Materials from $208.00 to $219.00 and gave the company a "sector perform" rating in a report on Wednesday, May 20th. Finally, Citigroup lowered their price objective on Eagle Materials from $240.00 to $232.00 and set a "neutral" rating on the stock in a research report on Monday. One research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $222.56.

Eagle Materials Profile

Eagle Materials Inc NYSE: EXP is a Dallas, Texas–based manufacturer of building materials serving construction and heavy industry markets across the United States. The company's primary products include portland and masonry cements, gypsum wallboard, lightweight aggregate, paperboard packaging, and roofing granules. These product lines support a wide range of end uses—from residential and commercial buildings to infrastructure projects and industrial applications.

Since its spin-off from a major homebuilding company in 2004, Eagle Materials has grown through targeted facility expansions and strategic acquisitions.

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