James Hardie Industries (NYSE:JHX) Shares Gap Up - What's Next?

Key Points

• James Hardie Industries shares gapped up from $20.09 to $22.05 before settling at $21.73, with a trading volume of approximately 3.8 million shares.
• Analysts have varying price targets, with Robert W. Baird lowering theirs to $25.00, while Jefferies set a target at $34.00, reflecting a consensus price target of $31.89.
• The company reported $0.29 earnings per share for its last quarter, missing the consensus estimate of $0.36, alongside a revenue decline of 9.3% year-over-year.

James Hardie Industries PLC. (NYSE:JHX - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $20.09, but opened at $22.05. James Hardie Industries shares last traded at $21.73, with a volume of 3,825,115 shares.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Robert W. Baird cut their price target on James Hardie Industries from $32.00 to $25.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Jefferies Financial Group initiated coverage on shares of James Hardie Industries in a research note on Friday, August 8th. They set a "buy" rating and a $34.00 target price on the stock. William Blair started coverage on shares of James Hardie Industries in a research report on Friday, June 27th. They issued an "outperform" rating for the company. Wolfe Research initiated coverage on shares of James Hardie Industries in a research note on Tuesday, September 30th. They issued an "outperform" rating and a $25.00 price objective for the company. Finally, Truist Financial lowered their target price on shares of James Hardie Industries from $35.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $31.89.

James Hardie Industries Price Performance

The company has a quick ratio of 3.31, a current ratio of 3.76 and a debt-to-equity ratio of 1.12. The firm's fifty day moving average price is $22.29 and its 200 day moving average price is $23.90. The stock has a market cap of $9.42 billion, a PE ratio of 28.42, a P/E/G ratio of 2.36 and a beta of 1.79.

James Hardie Industries (NYSE:JHX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 19th. The construction company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.07). James Hardie Industries had a net margin of 8.75% and a return on equity of 27.95%. The company had revenue of $899.90 million during the quarter, compared to the consensus estimate of $982.60 million. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The business's revenue was down 9.3% on a year-over-year basis. As a group, equities analysts expect that James Hardie Industries PLC. will post 1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of JHX. Massachusetts Financial Services Co. MA raised its stake in James Hardie Industries by 241.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 12,718,075 shares of the construction company's stock valued at $341,989,000 after purchasing an additional 8,988,938 shares in the last quarter. Citigroup Inc. raised its position in shares of James Hardie Industries by 59,775.3% during the 1st quarter. Citigroup Inc. now owns 5,325,912 shares of the construction company's stock valued at $125,478,000 after buying an additional 5,317,017 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of James Hardie Industries by 1,883.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 3,874,198 shares of the construction company's stock valued at $104,177,000 after acquiring an additional 3,678,889 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of James Hardie Industries in the 1st quarter valued at about $90,526,000. Finally, Eminence Capital LP bought a new stake in James Hardie Industries during the second quarter worth approximately $83,249,000. 7.96% of the stock is currently owned by institutional investors.

James Hardie Industries Company Profile

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.

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