Clearbridge Investments LLC, an investment management firm headquartered in New York, recently purchased a stake in Eagle Materials Inc. for approximately $15.7 million. According to its latest filing with the Securities and Exchange Commission (SEC), Clearbridge bought 118,102 shares of the company’s stock, owning around 0.33% of the total shares as of their most recent filing.
Eagle Materials is a construction company listed on the NYSE under ticker EXP and has been putting up impressive financial results lately. On May 18th, the company announced its quarterly earnings report, which recorded an EPS of $2.79, beating analyst expectations by $0.44 per share. The firm reported revenue of $470.10 million for this period compared to analysts’ estimates of $452.11 million.
The net margin for Eagle Materials was reported at 21.49%, indicating high profitability compared to many other construction companies in the market today. Furthermore, the return on equity (ROE) recorded stands at an impressive 40%. It is worth noting that during this period last year, the firm posted an EPS of $1.90 per share.
Sell-side analysts predict Eagle Materials’ earnings per share to stand at 13.04 by year-end, a positive sign indicating continued growth plans for the future.
Several brokerages have given their respective opinions about Eagle Materials’ stock in recent research notes; Goldman Sachs Group boosted its price objective from $130 to $149 and gave it a “buy” rating while Truist Financial rated it “buy” with a price range between $140-175.
StockNews.com also wrote favorably about Eagle Materials’ performance in its latest research note when beginning coverage on May 18th with a “buy” rating.
In conclusion, Clearbridge Investment’s acquisition of such a significant stake undoubtedly demonstrates that investors have faith in Eagle Material’s future growth prospects backed by strong fundamentals. While it remains to be seen how the industry and economy will evolve, investors seem keen on riding this construction company’s growth.
Eagle Materials Inc. sees boost in stake by institutional investors
Eagle Materials Inc., a construction company with a market capitalization of $5.89 billion, has recently seen a boost in its stake by institutional investors. Quadrant Capital Group LLC lifted its stake by 157.3% in the third quarter and now owns 404 shares valued at $43,000 after acquiring an additional 247 shares during the last quarter. Fifth Third Bancorp also raised its share by 23.6% in the fourth quarter and now holds 388 shares valued at $52,000 after acquiring an additional 74 shares. IFP Advisors Inc currently holds the most significant increase, lifting its stake by 42.4% in the third quarter, owning 457 shares valued at $53,000 after acquiring an additional 136 shares during the last quarter.
In addition to these increases, Belpointe Asset Management LLC acquired a new stake of Eagle Materials in the fourth quarter valued at approximately $71,000. Finally, CWM LLC also lifted its share by 41% in the fourth quarter and now holds 777 shares valued at $103,000 after buying an additional 226 shares.
It’s worth noting that as of now, institutional investors and hedge funds own about 93.67% of the stock of Eagle Materials Inc.
The firm opened at $166.56 on Friday this week and has been ranged between $101.98 to $169.19 for one year – contributing to a current P/E ratio of just over thirteen times earnings.
Analysts have given favorable ratings for Eagle’s stock price; Goldman Sachs Group boosted their price objective from $130 to $149/share with a “buy” rating back in January this year; StockNews.com gave it a “buy” rating during coverage back on May18th while Truist financial boosted their price objective from ($155-$195)/share on May19th.
The firm recently declared quarterly dividends to be paid on July 14th, with a payout ratio of approximately 8.03%.
In other news in May this year, SVP William R. Devlin sold off 4,914 shares of Eagle’s stock valued at $827,026.20 during a transaction registered by the Securities and Exchange Commission (SEC). Despite this insider selling, Eagle Materials Inc.’s recent uptrend has generated enough confidence for continued growth potential among institutional investors and analysts alike.
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