Analysts at Wells Fargo & Company have adjusted their price target for Eagle Materials (NYSE:EXP) from $261.00 to $251.00. This revision, announced in a report released on Friday, maintains an “overweight” rating on the construction company’s stock, which suggests a potential upside of approximately 18.17% from the last closing price.
In addition to Wells Fargo’s update, other analysts have also provided insights into Eagle Materials. On October 8, Weiss Ratings reaffirmed a “hold (c+)” rating for the stock. On the same day, DA Davidson lowered their target price from $245.00 to $225.00, while assigning a “neutral” rating. Stifel Nicolaus recently set a target price of $246.00, and Citigroup reduced their estimate from $255.00 to $233.00 with a “neutral” rating. Overall, four analysts have issued Buy ratings, seven have designated it as Hold, and one has issued a Sell rating, according to data from MarketBeat.com.
Current Stock Performance and Financials
As of Friday, October 30, 2023, Eagle Materials shares opened at $212.40. The company boasts a market capitalization of $6.89 billion and a price-to-earnings ratio of 15.64. Over the last twelve months, the stock has experienced a low of $191.91 and a high of $321.93. Financial metrics reveal a current ratio of 2.73, a quick ratio of 1.26, and a debt-to-equity ratio of 0.87. The stock’s 50-day moving average stands at $232.61, while the 200-day moving average is $222.85.
Eagle Materials recently published its quarterly earnings report on October 30, revealing earnings per share of $4.23, which fell short of analysts’ consensus estimate of $4.35 by $0.12. Despite this, the company reported revenue of $638.91 million, slightly above the projected $635.55 million. The revenue showed an increase of 2.5% compared to the same quarter last year, although the earnings per share decreased from $4.31 in the previous year.
Institutional Investment Activity
Recent movements among institutional investors indicate a growing interest in Eagle Materials. Versant Capital Management Inc increased its holdings by 130.9% in the third quarter, now owning 127 shares valued at $30,000 after acquiring an additional 72 shares. Similarly, Hantz Financial Services Inc. expanded its position by an impressive 7,750.0% in the second quarter, acquiring 157 shares valued at $32,000 following the purchase of 155 shares. MAI Capital Management also increased its stake significantly, alongside EverSource Wealth Advisors LLC, which grew its position by 102.4% in the same period. Approximately 96.07% of Eagle Materials stock is currently held by hedge funds and other institutional investors.
Eagle Materials, through its subsidiaries, manufactures and sells heavy construction materials and light building materials across the United States. The company operates in four segments: Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard. Its activities include the mining of limestone for Portland cement production, gypsum mining for wallboard manufacturing, and the sale of readymix concrete and aggregates.
As analysts continue to adjust their expectations, the coming months will be crucial for Eagle Materials as it navigates market conditions and investor sentiment.
