Bank of New York Mellon Corp Acquires New Position in Eagle Materials Inc $EXP

Key Points

• Bank of New York Mellon acquired 230,479 Eagle Materials shares worth approximately $51.9 million, giving it a 0.75% stake. Institutional investors collectively own 96.07% of the company.
• Analysts remain cautious: Eagle Materials has a consensus “Hold” rating from MarketBeat, with one Buy rating and nine Holds, and an average price target of $223.67.
• Eagle Materials reported quarterly revenue of $650.97 million, above expectations, but earnings of $3.29 per share missed estimates. Shares opened at $197.68, while the company declared a quarterly dividend of $0.25 per share.

Bank of New York Mellon Corp bought a new position in Eagle Materials Inc (NYSE:EXP - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm bought 230,479 shares of the construction company's stock, valued at approximately $51,858,000. Bank of New York Mellon Corp owned approximately 0.75% of Eagle Materials as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of EXP. Black Creek Investment Management Inc. acquired a new position in shares of Eagle Materials in the 4th quarter valued at $103,778,000. Norges Bank purchased a new stake in Eagle Materials during the 4th quarter valued at about $90,147,000. Baupost Group LLC MA increased its holdings in shares of Eagle Materials by 39.0% in the third quarter. Baupost Group LLC MA now owns 939,660 shares of the construction company's stock valued at $218,978,000 after purchasing an additional 263,403 shares during the period. Earnest Partners LLC acquired a new stake in shares of Eagle Materials during the fourth quarter worth about $52,674,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Eagle Materials in the third quarter valued at approximately $51,812,000. Hedge funds and other institutional investors own 96.07% of the company's stock.

Insider Transactions at Eagle Materials

In other Eagle Materials news, SVP Tony Thompson sold 3,074 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was 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 $2,068,562.32. This represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. DA Davidson began coverage on shares of Eagle Materials in a research note on Monday. They set a "neutral" rating and a $220.00 price objective for the company. Royal Bank Of Canada raised their target price on shares of Eagle Materials from $208.00 to $219.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 20th. Jefferies Financial Group restated a "hold" rating and set a $200.00 target price on shares of Eagle Materials in a research report on Wednesday, May 20th. Stephens upped their price target on shares of Eagle Materials from $225.00 to $230.00 and gave the company an "equal weight" rating in a report on Thursday, July 30th. Finally, Zacks Research downgraded Eagle Materials from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Eagle Materials has a consensus rating of "Hold" and a consensus target price of $223.67.

Eagle Materials Trading Down 1.2%

Shares of EXP stock opened at $197.68 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 3.23 and a quick ratio of 1.91. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 15.63 and a beta of 1.38. The stock has a 50 day simple moving average of $212.26 and a 200-day simple moving average of $208.47. Eagle Materials Inc has a 1-year low of $171.99 and a 1-year high of $245.53.

Eagle Materials (NYSE:EXP - Get Free Report) last released 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). Eagle Materials had a net margin of 17.32% and a return on equity of 26.87%. The company had revenue of $650.97 million during the quarter, compared to analyst estimates of $620.35 million. During the same period in the prior year, the business posted $3.76 EPS. Eagle Materials's revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts expect that Eagle Materials Inc will post 12.66 EPS for the current fiscal year.

Eagle Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors 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 dividend payout ratio (DPR) is currently 7.91%.

Eagle Materials Company 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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