Eagle Materials Inc $EXP Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Eagle Materials stake by 61.1% in the third quarter, selling 184,911 shares; it retained 117,940 shares worth about $20.4 million.
• Eagle Materials reported quarterly EPS of $3.63, below the $3.82 consensus, while revenue rose 2.2% year over year to $652.75 million and exceeded estimates.
• The company declared a $0.25 quarterly dividend, equal to a 0.6% yield. Analysts’ consensus rating was “Reduce,” with an average price target of $193.78.

Allspring Global Investments Holdings LLC lessened its stake in shares of Eagle Materials Inc (NYSE:EXP - Free Report) by 61.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,940 shares of the construction company's stock after selling 184,911 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.38% of Eagle Materials worth $20,412,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. boosted its holdings in Eagle Materials by 54.4% in the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 596 shares of the construction company's stock worth $102,000 after acquiring an additional 210 shares during the period. StoneX Group Inc. purchased a new position in shares of Eagle Materials in the third quarter valued at $313,000. Kestra Advisory Services LLC boosted its stake in shares of Eagle Materials by 14.6% in the third quarter. Kestra Advisory Services LLC now owns 1,691 shares of the construction company's stock valued at $289,000 after purchasing an additional 215 shares during the period. Covestor Ltd boosted its stake in shares of Eagle Materials by 23.9% in the third quarter. Covestor Ltd now owns 519 shares of the construction company's stock valued at $89,000 after purchasing an additional 100 shares during the period. Finally, Provenance Wealth Advisors LLC boosted its stake in shares of Eagle Materials by 17,370.0% in the third quarter. Provenance Wealth Advisors LLC now owns 1,747 shares of the construction company's stock valued at $299,000 after purchasing an additional 1,737 shares during the period. Hedge funds and other institutional investors own 96.07% of the company's stock.

Insider Buying and Selling

In related news, SVP Tony Thompson sold 3,074 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $203.96, for a total value of $626,973.04. Following the sale, the senior vice president directly owned 10,142 shares in the company, valued at $2,068,562.32. This trade represents a 23.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Eagle Materials Stock Performance

Shares of EXP opened at $180.65 on Friday. Eagle Materials Inc has a 1 year low of $160.02 and a 1 year high of $245.53. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 14.99 and a beta of 1.29. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.95 and a current ratio of 3.29. The firm has a fifty day moving average of $178.37 and a 200-day moving average of $200.83.

Eagle Materials (NYSE:EXP - Get Free Report) last posted its earnings results on Wednesday, November 4th. The construction company reported $3.63 EPS for the quarter, missing the consensus estimate of $3.82 by ($0.19). Eagle Materials had a return on equity of 25.16% and a net margin of 16.11%. The firm had revenue of $652.75 million during the quarter, compared to the consensus estimate of $633.08 million. During the same quarter last year, the company posted $4.23 EPS. Eagle Materials's revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Eagle Materials Inc will post 11.36 earnings per share for the current year.

Eagle Materials Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 11th. Investors of record on Monday, December 14th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, December 14th. Eagle Materials's dividend payout ratio is 8.30%.

Analyst Ratings Changes

EXP has been the topic of several analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eagle Materials in a research note on Friday, September 11th. Royal Bank Of Canada decreased their price objective on shares of Eagle Materials from $219.00 to $170.00 and set a "sector perform" rating for the company in a research report on Friday, October 9th. Citigroup upped their price objective on shares of Eagle Materials from $190.00 to $214.00 and gave the company a "neutral" rating in a research report on Friday, November 6th. Wall Street Zen lowered Eagle Materials from a "hold" rating to a "sell" rating in a research report on Saturday, November 7th. Finally, Stifel Nicolaus set a $211.00 target price on Eagle Materials in a research report on Tuesday. Ten analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $193.78.

About Eagle Materials

Eagle Materials Inc. is a U.S.-based producer of building materials used in residential, commercial and infrastructure construction. Its products include cement, ready-mixed concrete, aggregates, gypsum wallboard and recycled paperboard. The company operates through businesses focused on cement and concrete products, gypsum wallboard, and paperboard. Its gypsum operations also produce materials used in wallboard finishing, while its paperboard business makes recycled paperboard used in packaging and other applications.

Want to see what other hedge funds are holding EXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eagle Materials Inc (NYSE:EXP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.