Kinetic Partners Management LP Has $34.03 Million Stake in James Hardie Industries PLC. $JHX

Key Points

• Kinetic Partners Management LP cut its James Hardie Industries stake by 24.1% in the second quarter, selling 412,100 shares and retaining 1.3 million shares valued at approximately $34.03 million.
• Analysts remain broadly bullish: nine rate JHX a Buy and two rate it Hold, with an average price target of $32.50. Several firms recently raised their targets, including Truist Financial to $40.
• James Hardie reported quarterly revenue of $1.47 billion, up 63.9% year over year, and adjusted earnings of $0.36 per share, exceeding estimates of $0.32. Shares opened at $30.38, near their 12-month high of $31.35.

Kinetic Partners Management LP reduced its stake in James Hardie Industries PLC. (NYSE:JHX - Free Report) by 24.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,300,000 shares of the construction company's stock after selling 412,100 shares during the quarter. James Hardie Industries makes up 0.8% of Kinetic Partners Management LP's investment portfolio, making the stock its 26th largest holding. Kinetic Partners Management LP owned approximately 0.22% of James Hardie Industries worth $34,034,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Castleark Management LLC acquired a new position in James Hardie Industries during the second quarter valued at approximately $6,120,000. RDST Capital LLC grew its stake in James Hardie Industries by 24.0% in the 2nd quarter. RDST Capital LLC now owns 4,015,067 shares of the construction company's stock valued at $105,114,000 after buying an additional 776,950 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in James Hardie Industries in the 2nd quarter worth $248,000. Jones Financial Companies Lllp raised its holdings in James Hardie Industries by 22.5% in the 2nd quarter. Jones Financial Companies Lllp now owns 2,166,998 shares of the construction company's stock worth $57,707,000 after acquiring an additional 397,621 shares during the period. Finally, Hill City Capital LP raised its holdings in James Hardie Industries by 1.8% in the 2nd quarter. Hill City Capital LP now owns 5,723,900 shares of the construction company's stock worth $149,852,000 after acquiring an additional 102,200 shares during the period. Institutional investors own 7.96% of the company's stock.

Wall Street Analysts Forecast Growth

JHX has been the subject of a number of recent analyst reports. Barclays upgraded shares of James Hardie Industries from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $26.00 to $35.00 in a report on Monday, August 10th. Raymond James Financial set a $35.00 price objective on James Hardie Industries in a research note on Monday, August 10th. Stephens boosted their price objective on James Hardie Industries from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Truist Financial increased their target price on James Hardie Industries from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Finally, Oppenheimer raised their target price on James Hardie Industries from $32.00 to $36.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, James Hardie Industries has an average rating of "Moderate Buy" and an average price target of $32.50.

James Hardie Industries Stock Up 0.6%

NYSE JHX opened at $30.38 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.59. The firm has a 50-day simple moving average of $27.05 and a 200 day simple moving average of $23.60. James Hardie Industries PLC. has a twelve month low of $16.46 and a twelve month high of $31.35. The stock has a market cap of $17.63 billion, a PE ratio of 121.52, a PEG ratio of 2.60 and a beta of 1.77.

James Hardie Industries (NYSE:JHX - Get Free Report) last released its earnings results on Thursday, August 6th. The construction company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.04. James Hardie Industries had a return on equity of 10.56% and a net margin of 2.69%.The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the business earned $0.29 earnings per share. The firm's revenue for the quarter was up 63.9% compared to the same quarter last year. On average, research analysts forecast that James Hardie Industries PLC. will post 1.41 EPS for the current year.

James Hardie Industries Profile

James Hardie Industries plc NYSE: JHX is a global manufacturer of high-performance fiber cement building products. The company specializes in exterior cladding, trim and soffit, as well as interior backerboard solutions designed for residential and commercial construction. By combining cement, sand and cellulose fibers, James Hardie produces durable, low-maintenance materials that resist moisture, fire and termite damage, catering to builders, contractors and homeowners through a network of distributors and retail channels.

The company's flagship products include Hardie® Plank® and Hardie® Panel® siding systems, Hardie® BackerBoard® for tile applications, and a range of architectural trim solutions.

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