Engineers Gate Manager LP Purchases 437,694 Shares of Crh Plc $CRH

Key Points

• Engineers Gate Manager LP increased its CRH stake by 1,838.4% in the second quarter, purchasing 437,694 additional shares and ending with a position worth approximately $49.4 million. Institutional investors collectively own 62.5% of CRH.
• Analysts maintain a broadly positive view, with CRH receiving a consensus “Buy” rating and an average price target of $140.54, despite some firms lowering their targets.
• CRH reported quarterly EPS of $2.21, exceeding estimates, while revenue rose 5.6% year over year to $10.78 billion. The company also announced a quarterly dividend of $0.39 per share, representing a 1.7% annualized yield.

Engineers Gate Manager LP boosted its position in Crh Plc (NYSE:CRH - Free Report) by 1,838.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 461,503 shares of the construction company's stock after purchasing an additional 437,694 shares during the quarter. CRH makes up 0.6% of Engineers Gate Manager LP's portfolio, making the stock its 14th biggest position. Engineers Gate Manager LP owned approximately 0.07% of CRH worth $49,381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Continuum Advisory LLC purchased a new position in CRH during the 2nd quarter valued at about $29,000. Riggs Asset Managment Co. Inc. boosted its stake in CRH by 1,835.3% during the second quarter. Riggs Asset Managment Co. Inc. now owns 329 shares of the construction company's stock worth $30,000 after acquiring an additional 312 shares in the last quarter. Bell Investment Advisors Inc grew its holdings in CRH by 51.2% in the first quarter. Bell Investment Advisors Inc now owns 304 shares of the construction company's stock worth $32,000 after purchasing an additional 103 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of CRH during the fourth quarter valued at approximately $33,000. Finally, Elyxium Wealth LLC purchased a new position in shares of CRH during the fourth quarter valued at approximately $37,000. 62.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on CRH shares. Truist Financial reduced their price objective on CRH from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Jefferies Financial Group increased their target price on CRH from $149.00 to $165.60 and gave the stock a "buy" rating in a research note on Friday, June 26th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of CRH in a research report on Tuesday, June 23rd. Berenberg Bank set a $140.00 price target on shares of CRH in a research note on Tuesday. Finally, Wells Fargo & Company reduced their price objective on shares of CRH from $135.00 to $132.00 and set an "overweight" rating for the company in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $140.54.

CRH Trading Down 3.9%

CRH stock opened at $90.58 on Wednesday. The firm has a market cap of $60.26 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 1.71 and a beta of 1.33. The stock has a fifty day simple moving average of $99.07 and a two-hundred day simple moving average of $105.92. Crh Plc has a 12 month low of $90.21 and a 12 month high of $131.55.

CRH (NYSE:CRH - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The construction company reported $2.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.19. CRH had a return on equity of 15.76% and a net margin of 9.93%.The firm had revenue of $10.78 billion for the quarter, compared to the consensus estimate of $10.68 billion. During the same period in the prior year, the company posted $1.94 earnings per share. The company's quarterly revenue was up 5.6% on a year-over-year basis. On average, equities research analysts forecast that Crh Plc will post 5.9 EPS for the current fiscal year.

CRH Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, August 14th. This represents a $1.56 annualized dividend and a yield of 1.7%. CRH's dividend payout ratio is currently 27.51%.

CRH Profile

CRH plc is a global building materials company that supplies products and solutions used in residential, commercial and infrastructure construction. Its offerings include aggregates, cement, ready-mixed concrete, asphalt, architectural products, precast concrete and other construction-related materials and services.

The company serves customers across North America and Europe, with operations spanning construction materials, infrastructure products and building solutions. CRH supports projects such as roads, bridges, airports, utilities, commercial buildings and residential developments.

CRH was formed in 1970 through the merger of Cement Limited and Roadstone, two Irish building materials businesses.

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