Corebridge Financial Inc. Lowers Position in Eagle Materials Inc. (NYSE:EXP)

Corebridge Financial Inc. lowered its stake in shares of Eagle Materials Inc. (NYSE:EXP) by 4.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 38,242 shares of the construction company’s stock after selling 1,808 shares during the period. Corebridge Financial Inc.’s holdings in Eagle Materials were worth $9,437,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Barclays PLC raised its position in shares of Eagle Materials by 78.1% in the 3rd quarter. Barclays PLC now owns 37,948 shares of the construction company’s stock worth $10,915,000 after buying an additional 16,645 shares during the period. Baupost Group LLC MA raised its holdings in shares of Eagle Materials by 46.2% in the 3rd quarter. Baupost Group LLC MA now owns 500,273 shares of the construction company’s stock worth $143,904,000 after purchasing an additional 158,171 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Eagle Materials in the 4th quarter worth about $8,890,000. Empowered Funds LLC lifted its stake in shares of Eagle Materials by 242.4% in the 4th quarter. Empowered Funds LLC now owns 7,789 shares of the construction company’s stock valued at $1,922,000 after purchasing an additional 5,514 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Eagle Materials by 60.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,735,133 shares of the construction company’s stock worth $499,111,000 after purchasing an additional 652,836 shares during the period. Institutional investors and hedge funds own 96.07% of the company’s stock.

Insider Activity at Eagle Materials

In other Eagle Materials news, Director Michael R. Nicolais acquired 310 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was purchased at an average price of $257.36 per share, with a total value of $79,781.60. Following the completion of the acquisition, the director now directly owns 3,655 shares in the company, valued at $940,650.80. This trade represents a 9.27 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is owned by corporate insiders.

Eagle Materials Stock Performance

NYSE:EXP opened at $228.90 on Thursday. The firm has a 50-day moving average of $237.73 and a two-hundred day moving average of $265.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.76 and a quick ratio of 1.01. The stock has a market cap of $7.62 billion, a P/E ratio of 16.35 and a beta of 1.37. Eagle Materials Inc. has a 1-year low of $205.44 and a 1-year high of $321.93.

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

Eagle Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 17th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Monday, March 17th. Eagle Materials’s dividend payout ratio is currently 7.14%.

Analyst Ratings Changes

EXP has been the topic of several research reports. DA Davidson cut their price target on shares of Eagle Materials from $265.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Jefferies Financial Group downgraded shares of 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 note on Monday, December 16th. JPMorgan Chase & Co. reduced their target price on shares of Eagle Materials from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Citigroup downgraded Eagle Materials from a “buy” rating to a “neutral” rating and lowered their price target for the company from $334.00 to $280.00 in a report on Monday, January 6th. Finally, Stifel Nicolaus assumed coverage on Eagle Materials in a research note on Tuesday, March 4th. They set a “hold” rating and a $242.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $286.40.

About Eagle Materials

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.