Short Interest in James Hardie Industries PLC. (NYSE:JHX) Declines By 36.3%

Key Points

• Short interest fell 36.3% to 12.37 million shares as of July 31, representing about 2.2% of JHX’s outstanding shares and 1.6 days of average trading volume.
• Analyst sentiment is positive, with a consensus rating of “Moderate Buy” from 12 analysts and an average price target of $32.50; several firms recently raised their targets, including Truist Financial to $40.
• James Hardie exceeded quarterly expectations, reporting $0.36 EPS and $1.47 billion in revenue, while revenue increased 63.9% year over year. The stock recently traded at $29.38, above both its 50-day and 200-day moving averages.

James Hardie Industries PLC. (NYSE:JHX - Get Free Report) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totaling 12,372,801 shares, a decline of 36.3% from the July 15th total of 19,436,113 shares. Based on an average daily trading volume, of 7,723,419 shares, the short-interest ratio is presently 1.6 days. Approximately 2.2% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

JHX has been the subject of a number of recent research reports. Oppenheimer increased their price objective on shares of James Hardie Industries from $32.00 to $36.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Zacks Research raised shares of James Hardie Industries from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Robert W. Baird set a $34.00 price target on shares of James Hardie Industries in a research report on Friday, August 7th. Stephens raised 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 note on Friday, August 7th. Finally, Truist Financial lifted 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. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, James Hardie Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.50.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB acquired a new stake in James Hardie Industries during the 2nd quarter valued at $5,459,000. TimesSquare Capital Management LLC boosted its stake in James Hardie Industries by 25.1% in the fourth 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 in the last quarter. ING Groep NV acquired a new position in James Hardie Industries in the fourth quarter worth $5,244,000. RDST Capital LLC grew its holdings in shares of James Hardie Industries by 20.2% during the first quarter. RDST Capital LLC now owns 3,238,117 shares of the construction company's stock worth $61,330,000 after purchasing an additional 544,500 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of James Hardie Industries by 42.9% during the first quarter. Sei Investments Co. now owns 718,202 shares of the construction company's stock worth $13,603,000 after purchasing an additional 215,752 shares during the last quarter. Institutional investors own 7.96% of the company's stock.

James Hardie Industries Price Performance

Shares of NYSE:JHX traded down $1.05 on Tuesday, hitting $29.38. The stock had a trading volume of 5,656,183 shares, compared to its average volume of 7,128,261. The firm's 50 day moving average price is $26.32 and its 200-day moving average price is $23.32. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.59. James Hardie Industries has a twelve month low of $16.46 and a twelve month high of $31.35. The company has a market capitalization of $17.05 billion, a price-to-earnings ratio of 117.50, a price-to-earnings-growth ratio of 1.95 and a beta of 1.77.

James Hardie Industries (NYSE:JHX - Get Free Report) last announced its earnings results on Thursday, August 6th. The construction company reported $0.36 earnings per share (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 business had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter last year, the company posted $0.29 EPS. The firm's revenue for the quarter was up 63.9% on a year-over-year basis. On average, equities research analysts predict that James Hardie Industries will post 1.43 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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