Short Interest in Eagle Materials, Inc. (NYSE:EXP) Decreases By 7.9%

Eagle Materials, Inc. (NYSE:EXP) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 2,580,000 shares, a drop of 7.9% from the August 30th total of 2,800,000 shares. Based on an average daily volume of 476,000 shares, the days-to-cover ratio is currently 5.4 days. Currently, 6.2% of the shares of the stock are sold short.

A number of brokerages recently issued reports on EXP. JPMorgan Chase & Co. dropped their target price on shares of Eagle Materials from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Exane BNP Paribas assumed coverage on shares of Eagle Materials in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $112.00 price objective for the company. Zacks Investment Research upgraded shares of Eagle Materials from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a research report on Friday, October 11th. SunTrust Banks set a $95.00 price objective on shares of Eagle Materials and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus set a $101.00 price objective on shares of Eagle Materials and gave the company a “buy” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $95.42.

EXP traded up $1.58 during midday trading on Thursday, hitting $93.00. The company had a trading volume of 122,274 shares, compared to its average volume of 590,708. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.05 and a current ratio of 2.42. The company has a market capitalization of $3.81 billion, a PE ratio of 18.42, a P/E/G ratio of 1.73 and a beta of 1.25. Eagle Materials has a twelve month low of $57.00 and a twelve month high of $93.19. The firm’s 50-day simple moving average is $87.89 and its 200-day simple moving average is $87.23.

Eagle Materials (NYSE:EXP) last posted its quarterly earnings data on Tuesday, July 30th. The construction company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.40 by ($0.27). The company had revenue of $370.60 million during the quarter, compared to analyst estimates of $376.95 million. Eagle Materials had a net margin of 3.20% and a return on equity of 17.21%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 EPS. As a group, sell-side analysts anticipate that Eagle Materials will post 5.22 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, October 4th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Thursday, October 3rd. Eagle Materials’s payout ratio is presently 7.92%.

In related news, insider Keith W. Metcalf sold 3,661 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $90.00, for a total transaction of $329,490.00. Following the completion of the sale, the insider now owns 43,446 shares in the company, valued at approximately $3,910,140. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Keith W. Metcalf sold 10,980 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $81.33, for a total transaction of $893,003.40. Following the sale, the insider now owns 58,087 shares of the company’s stock, valued at approximately $4,724,215.71. The disclosure for this sale can be found here. Insiders have sold a total of 59,630 shares of company stock valued at $5,077,899 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in shares of Eagle Materials by 69.9% during the 1st quarter. FMR LLC now owns 3,445,277 shares of the construction company’s stock worth $290,437,000 after buying an additional 1,418,021 shares during the period. Wells Fargo & Company MN grew its position in shares of Eagle Materials by 2.7% during the 2nd quarter. Wells Fargo & Company MN now owns 2,728,089 shares of the construction company’s stock worth $252,894,000 after buying an additional 70,811 shares during the period. Long Pond Capital LP grew its position in shares of Eagle Materials by 10.2% during the 2nd quarter. Long Pond Capital LP now owns 594,935 shares of the construction company’s stock worth $55,150,000 after buying an additional 55,000 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Eagle Materials by 29.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 554,925 shares of the construction company’s stock worth $51,442,000 after buying an additional 125,524 shares during the period. Finally, Scout Investments Inc. grew its position in shares of Eagle Materials by 356.4% during the 2nd quarter. Scout Investments Inc. now owns 452,290 shares of the construction company’s stock worth $41,927,000 after buying an additional 353,180 shares during the period. Hedge funds and other institutional investors own 97.87% of the company’s stock.

Eagle Materials Company Profile

Eagle Materials Inc, through its subsidiaries, produces and supplies heavy construction materials, light building materials, and materials used for oil and natural gas extraction in the United States. It operates in five segments: Cement, Concrete and Aggregates, Gypsum Wallboard, Recycled Paperboard, and Oil and Gas Proppants.

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