James Hardie Industries (NYSE:JHX) Shares Gap Up After Strong Earnings

James Hardie Industries plc (NYSE:JHX)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $31.79, but opened at $34.68. James Hardie Industries shares last traded at $35.06, with a volume of 24,234 shares trading hands.

The construction company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The company had revenue of $960.80 million during the quarter, compared to the consensus estimate of $973.49 million. James Hardie Industries had a return on equity of 36.30% and a net margin of 11.16%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.41 earnings per share.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded James Hardie Industries from a “neutral” rating to an “overweight” rating in a research report on Wednesday, November 6th. StockNews.com cut shares of James Hardie Industries from a “buy” rating to a “hold” rating in a report on Tuesday.

Institutional Investors Weigh In On James Hardie Industries

Several hedge funds have recently bought and sold shares of JHX. Allspring Global Investments Holdings LLC acquired a new stake in shares of James Hardie Industries during the 1st quarter worth about $71,000. Russell Investments Group Ltd. boosted its holdings in shares of James Hardie Industries by 17.6% during the first quarter. Russell Investments Group Ltd. now owns 51,513 shares of the construction company’s stock worth $2,053,000 after acquiring an additional 7,693 shares during the period. Acadian Asset Management LLC grew its position in shares of James Hardie Industries by 39.7% in the first quarter. Acadian Asset Management LLC now owns 313,931 shares of the construction company’s stock valued at $12,697,000 after purchasing an additional 89,165 shares during the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of James Hardie Industries by 115.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 13,663 shares of the construction company’s stock worth $553,000 after purchasing an additional 7,334 shares during the period. Finally, Clearbridge Investments LLC acquired a new stake in James Hardie Industries during the 1st quarter worth approximately $221,000. 7.96% of the stock is currently owned by institutional investors and hedge funds.

James Hardie Industries Price Performance

The company has a current ratio of 1.94, a quick ratio of 1.44 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average of $35.67 and a 200-day moving average of $34.41. The firm has a market capitalization of $15.10 billion, a P/E ratio of 34.82, a P/E/G ratio of 3.64 and a beta of 1.76.

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.