Comerica Bank Lowers Stock Holdings in Eagle Materials Inc $EXP

Key Points

• Comerica Bank has reduced its stake in Eagle Materials Inc by 6.3%, selling 1,914 shares and now holding approximately 0.09% of the company's stock, valued at about $6.34 million.
• Several institutional investors increased their positions in Eagle Materials during the first quarter, with Baupost Group LLC MA raising its stake by 42.5% and Synovus Financial Corp by 59.0%.
• Eagle Materials reported a quarterly earnings per share of $3.76, exceeding expectations, and declared a dividend of $0.25 per share, representing an annualized yield of 0.4% to be paid on October 16th.

Comerica Bank trimmed its position in shares of Eagle Materials Inc (NYSE:EXP - Free Report) by 6.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,551 shares of the construction company's stock after selling 1,914 shares during the quarter. Comerica Bank owned 0.09% of Eagle Materials worth $6,336,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of EXP. SVB Wealth LLC acquired a new stake in shares of Eagle Materials in the first quarter valued at $41,000. Parallel Advisors LLC raised its stake in shares of Eagle Materials by 26.8% in the first quarter. Parallel Advisors LLC now owns 246 shares of the construction company's stock valued at $55,000 after acquiring an additional 52 shares in the last quarter. Private Trust Co. NA raised its stake in shares of Eagle Materials by 39.0% in the first quarter. Private Trust Co. NA now owns 285 shares of the construction company's stock valued at $63,000 after acquiring an additional 80 shares in the last quarter. Assetmark Inc. raised its stake in shares of Eagle Materials by 486.6% in the first quarter. Assetmark Inc. now owns 393 shares of the construction company's stock valued at $87,000 after acquiring an additional 326 shares in the last quarter. Finally, LGT Financial Advisors LLC raised its stake in shares of Eagle Materials by 233.1% in the fourth quarter. LGT Financial Advisors LLC now owns 443 shares of the construction company's stock valued at $109,000 after acquiring an additional 310 shares in the last quarter. 96.07% of the stock is currently owned by hedge funds and other institutional investors.

Eagle Materials Stock Performance

Shares of EXP traded down $4.42 during midday trading on Tuesday, reaching $226.48. 148,246 shares of the stock were exchanged, compared to its average volume of 393,560. The business's 50-day moving average price is $222.12 and its 200 day moving average price is $219.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.73 and a quick ratio of 1.26. Eagle Materials Inc has a twelve month low of $191.91 and a twelve month high of $321.93. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 16.66 and a beta of 1.28.

Eagle Materials (NYSE:EXP - Get Free Report) last posted its earnings results on Tuesday, July 29th. The construction company reported $3.76 EPS for the quarter, topping analysts' consensus estimates of $3.73 by $0.03. Eagle Materials had a return on equity of 31.21% and a net margin of 19.81%.The business had revenue of $634.69 million for the quarter, compared to analysts' expectations of $611.52 million. On average, sell-side analysts expect that Eagle Materials Inc will post 14.39 EPS for the current fiscal year.

Eagle Materials Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Stockholders of record on Monday, September 15th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.4%. Eagle Materials's payout ratio is 7.36%.

Wall Street Analyst Weigh In

EXP has been the topic of several analyst reports. Stifel Nicolaus set a $241.00 price objective on Eagle Materials and gave the company a "hold" rating in a research note on Wednesday, May 21st. The Goldman Sachs Group set a $242.00 price objective on Eagle Materials and gave the company a "buy" rating in a research note on Wednesday, May 21st. DA Davidson reduced their price objective on Eagle Materials from $260.00 to $245.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Loop Capital raised their price target on Eagle Materials from $230.00 to $245.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Stephens set a $255.00 price target on Eagle Materials and gave the company an "overweight" rating in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Eagle Materials currently has an average rating of "Hold" and an average price target of $254.78.

Eagle Materials Profile

Eagle Materials Inc, through its subsidiaries, manufactures and sells heavy construction materials and light building materials in the United States. It operates in four segments: Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard. The company engages in the mining of limestone for the manufacture, production, distribution, and sale of Portland cement, including Portland limestone cement; grinding and sale of slag; and mining of gypsum for the manufacture and sale of gypsum wallboards used to finish the interior walls and ceilings in residential, commercial, and industrial structures, as well as well as containerboard and lightweight packaging grades; manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and mining and sale of aggregates, such as crushed stone, sand, and gravel.