State of Michigan Retirement System Sells 100 Shares of Eagle Materials Inc. (NYSE:EXP)

State of Michigan Retirement System trimmed its position in Eagle Materials Inc. (NYSE:EXP) by 1.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,929 shares of the construction company’s stock after selling 100 shares during the quarter. State of Michigan Retirement System’s holdings in Eagle Materials were worth $1,957,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in Eagle Materials by 30.1% in the 3rd quarter. FMR LLC now owns 3,801,257 shares of the construction company’s stock worth $1,093,432,000 after acquiring an additional 878,400 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Eagle Materials by 60.3% in the third quarter. JPMorgan Chase & Co. now owns 1,735,133 shares of the construction company’s stock valued at $499,111,000 after purchasing an additional 652,836 shares in the last quarter. Baupost Group LLC MA raised its stake in Eagle Materials by 46.2% during the third quarter. Baupost Group LLC MA now owns 500,273 shares of the construction company’s stock valued at $143,904,000 after purchasing an additional 158,171 shares in the last quarter. World Investment Advisors LLC bought a new position in Eagle Materials during the third quarter valued at $34,846,000. Finally, Merewether Investment Management LP bought a new position in Eagle Materials during the third quarter valued at $22,552,000. 96.07% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Eagle Materials news, Director Michael R. Nicolais bought 310 shares of the company’s stock in a transaction on Monday, February 10th. The shares were bought at an average cost of $257.36 per share, for a total transaction of $79,781.60. Following the acquisition, the director now directly owns 3,655 shares in the company, valued at approximately $940,650.80. The trade was a 9.27 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on EXP shares. Stephens reaffirmed an “overweight” rating and issued a $310.00 price target on shares of Eagle Materials in a report on Thursday, January 30th. Loop Capital lowered Eagle Materials from a “buy” rating to a “hold” rating and set a $315.00 price objective for the company. in a research note on Monday, November 25th. Jefferies Financial Group downgraded Eagle Materials from a “buy” rating to a “hold” rating and cut their target price for the company from $330.00 to $310.00 in a research report on Monday, December 16th. Stifel Nicolaus began coverage on Eagle Materials in a research report on Tuesday, March 4th. They issued a “hold” rating and a $242.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Eagle Materials from $290.00 to $310.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $292.40.

Eagle Materials Stock Down 3.2 %

Shares of EXP opened at $213.84 on Friday. The firm has a fifty day moving average price of $244.35 and a 200-day moving average price of $268.92. The company has a current ratio of 2.76, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $7.12 billion, a P/E ratio of 15.27 and a beta of 1.37. Eagle Materials Inc. has a 12-month low of $205.44 and a 12-month high of $321.93.

Eagle Materials (NYSE:EXP) last released its quarterly earnings data on Wednesday, January 29th. The construction company reported $3.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.97 by ($0.38). Eagle Materials had a net margin of 20.91% and a return on equity of 34.14%. Equities research analysts expect that Eagle Materials Inc. will post 14.39 earnings per share for the current year.

Eagle Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 17th will be paid a $0.25 dividend. The ex-dividend date is Monday, March 17th. This represents a $1.00 annualized dividend and a yield of 0.47%. Eagle Materials’s dividend payout ratio (DPR) is currently 7.14%.

Eagle Materials Company Profile

Eagle Materials Inc, through its subsidiaries, manufactures and sells heavy construction materials and light building materials in the United States. It operates in four segments: Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard. The company engages in the mining of limestone for the manufacture, production, distribution, and sale of Portland cement, including Portland limestone cement; grinding and sale of slag; and mining of gypsum for the manufacture and sale of gypsum wallboards used to finish the interior walls and ceilings in residential, commercial, and industrial structures, as well as well as containerboard and lightweight packaging grades; manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; the sale of readymix concrete; and mining and sale of aggregates, such as crushed stone, sand, and gravel.