Wellington Management Group LLP Trims Stake in James Hardie Industries PLC. $JHX

Key Points

• Wellington Management reduced its James Hardie Industries stake by 22.7% in the second quarter, selling nearly 12 million shares and retaining about 40.8 million shares worth approximately $1.07 billion.
• Analysts remain broadly positive, with nine Buy ratings and two Holds. The stock has a “Moderate Buy” consensus rating and a $32.50 average price target, above its reported $29.95 opening price.
• James Hardie exceeded quarterly expectations, reporting $0.36 in earnings per share versus the $0.32 estimate and $1.47 billion in revenue. Revenue increased 63.9% year over year.

Wellington Management Group LLP cut its position in James Hardie Industries PLC. (NYSE:JHX - Free Report) by 22.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,841,163 shares of the construction company's stock after selling 11,962,062 shares during the quarter. Wellington Management Group LLP owned approximately 7.04% of James Hardie Industries worth $1,069,222,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB bought a new stake in James Hardie Industries during the second quarter worth about $5,459,000. Sei Investments Co. grew its stake in James Hardie Industries by 42.9% in the first quarter. Sei Investments Co. now owns 718,202 shares of the construction company's stock valued at $13,603,000 after purchasing an additional 215,752 shares in the last quarter. Capula Management Ltd bought a new position in James Hardie Industries in the first quarter valued at approximately $6,620,000. Renaissance Technologies LLC increased its position in shares of James Hardie Industries by 48.5% during the 1st quarter. Renaissance Technologies LLC now owns 3,839,489 shares of the construction company's stock worth $72,720,000 after purchasing an additional 1,254,400 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its position in shares of James Hardie Industries by 25.1% during the 4th quarter. TimesSquare Capital Management LLC now owns 2,003,166 shares of the construction company's stock worth $41,566,000 after purchasing an additional 401,435 shares during the last quarter. Hedge funds and other institutional investors own 7.96% of the company's stock.

Wall Street Analysts Forecast Growth

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

James Hardie Industries Stock Up 0.6%

JHX opened at $29.95 on Friday. The stock's fifty day simple moving average is $27.36 and its 200 day simple moving average is $23.74. James Hardie Industries PLC. has a 1-year low of $16.46 and a 1-year high of $31.35. The stock has a market cap of $17.38 billion, a PE ratio of 119.80, a price-to-earnings-growth ratio of 2.56 and a beta of 1.77. The company has a current ratio of 1.59, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66.

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

James Hardie Industries Company 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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