James Hardie Industries (NYSE:JHX) Upgraded by CLSA to Hold Rating

Key Points

• James Hardie Industries has been upgraded to a "hold" rating by CLSA, with other brokerages also giving mixed ratings including a "neutral" from UBS Group and an "outperform" from Macquarie.
• The company's recent earnings report showed a loss with a 0.29 EPS which was below the consensus estimate of 0.36, contributing to a revenue decline of 9.3% year-over-year.
• Institutional investors have significantly increased their holdings in James Hardie Industries, with Massachusetts Financial Services raising its stake by 241% in the second quarter.

James Hardie Industries (NYSE:JHX - Get Free Report) was upgraded by equities researchers at CLSA to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other brokerages also recently commented on JHX. UBS Group reiterated a "neutral" rating on shares of James Hardie Industries in a research note on Thursday, August 21st. Robert W. Baird dropped their price target on James Hardie Industries from $32.00 to $25.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 20th. Macquarie upgraded James Hardie Industries from a "neutral" rating to an "outperform" rating in a research note on Monday, July 28th. William Blair initiated coverage on James Hardie Industries in a research note on Friday, June 27th. They issued an "outperform" rating on the stock. Finally, Wolfe Research initiated coverage on James Hardie Industries in a research note on Tuesday, September 30th. They issued an "outperform" rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.39.

James Hardie Industries Stock Performance

Shares of JHX opened at $21.32 on Wednesday. The business's fifty day simple moving average is $21.90 and its two-hundred day simple moving average is $23.84. The company has a current ratio of 3.76, a quick ratio of 3.31 and a debt-to-equity ratio of 1.12. James Hardie Industries has a 12 month low of $17.85 and a 12 month high of $37.77. The company has a market cap of $9.16 billion, a price-to-earnings ratio of 27.69, a P/E/G ratio of 12.63 and a beta of 1.79.

James Hardie Industries (NYSE:JHX - Get Free Report) last issued its earnings results on Tuesday, August 19th. The construction company reported $0.29 EPS for the quarter, missing the consensus estimate 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 business had revenue of $899.90 million for the quarter, compared to analysts' expectations of $982.60 million. During the same quarter in the prior year, the business posted $0.41 earnings per share. The business's revenue for the quarter was down 9.3% on a year-over-year basis. Research analysts anticipate that James Hardie Industries will post 1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On James Hardie Industries

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.