James Hardie Industries (NYSE:JHX) Shares Gap Down on Disappointing Earnings

James Hardie Industries plc (NYSE:JHX - Get Free Report) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $24.73, but opened at $23.26. James Hardie Industries shares last traded at $23.71, with a volume of 440,246 shares trading hands.

The construction company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). James Hardie Industries had a return on equity of 33.65% and a net margin of 11.15%. The firm had revenue of $971.50 million for the quarter, compared to analyst estimates of $983.86 million. During the same period in the prior year, the business posted $1.61 EPS. The firm's quarterly revenue was down 3.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on JHX. Jefferies Financial Group restated a "buy" rating on shares of James Hardie Industries in a research report on Thursday, January 30th. Wall Street Zen cut shares of James Hardie Industries from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Raymond James set a $55.00 price target on shares of James Hardie Industries in a research report on Monday, March 24th. Morgan Stanley upgraded James Hardie Industries from an "equal weight" rating to an "overweight" rating in a research note on Monday, March 24th. Finally, Macquarie lowered James Hardie Industries from an "outperform" rating to a "neutral" rating in a research note on Monday, March 24th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.12.

Institutional Investors Weigh In On James Hardie Industries

Several hedge funds and other institutional investors have recently bought and sold shares of JHX. R Squared Ltd acquired a new stake in shares of James Hardie Industries in the 4th quarter valued at about $27,000. TD Private Client Wealth LLC grew its stake in James Hardie Industries by 45.3% in the fourth quarter. TD Private Client Wealth LLC now owns 972 shares of the construction company's stock valued at $30,000 after acquiring an additional 303 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of James Hardie Industries during the fourth quarter valued at approximately $55,000. SVB Wealth LLC acquired a new position in James Hardie Industries during the first quarter worth $57,000. Finally, Huntington National Bank increased its holdings in James Hardie Industries by 64.7% during the 4th quarter. Huntington National Bank now owns 2,260 shares of the construction company's stock worth $70,000 after purchasing an additional 888 shares in the last quarter. 7.96% of the stock is owned by institutional investors.

James Hardie Industries Trading Down 1.4%

The firm has a market capitalization of $10.07 billion, a P/E ratio of 23.19, a PEG ratio of 6.16 and a beta of 1.80. The firm has a 50 day simple moving average of $23.80 and a two-hundred day simple moving average of $29.88. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.50 and a current ratio of 2.18.

About James Hardie Industries

James Hardie Industries plc manufactures and sells fiber cement, fiber gypsum, and cement bonded building products for interior and exterior building construction applications primarily in the United States, Australia, Europe, New Zealand, and the Philippines. The company operates through North America Fiber Cement, Asia Pacific Fiber Cement, and Europe Building Products segments.