James Hardie Industries (NYSE:JHX) Sets New 52-Week Low - Here's Why

James Hardie Industries plc (NYSE:JHX - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $23.23 and last traded at $23.48, with a volume of 1038150 shares changing hands. The stock had previously closed at $23.80.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Truist Financial initiated coverage on James Hardie Industries in a report on Tuesday, December 10th. They set a "buy" rating and a $45.00 price objective on the stock. Bank of America upgraded shares of James Hardie Industries from an "underperform" rating to a "buy" rating and reduced their price target for the company from $27.40 to $27.35 in a report on Thursday. Raymond James set a $55.00 price target on shares of James Hardie Industries in a report on Monday, March 24th. StockNews.com raised shares of James Hardie Industries from a "hold" rating to a "buy" rating in a report on Friday, March 21st. Finally, Morgan Stanley upgraded James Hardie Industries from an "equal weight" rating to an "overweight" rating in a report on Monday, March 24th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $42.45.

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James Hardie Industries Stock Performance

The company has a current ratio of 2.18, a quick ratio of 1.50 and a debt-to-equity ratio of 0.52. The stock has a market cap of $10.42 billion, a PE ratio of 24.00, a P/E/G ratio of 6.16 and a beta of 1.84. The business's 50-day moving average price is $31.61 and its 200-day moving average price is $33.59.

James Hardie Industries (NYSE:JHX - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.01. James Hardie Industries had a net margin of 11.15% and a return on equity of 33.65%. The business had revenue of $953.30 million for the quarter, compared to analyst estimates of $967.63 million. As a group, equities research analysts expect that James Hardie Industries plc will post 1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in JHX. Charles Schwab Investment Management Inc. increased its holdings in shares of James Hardie Industries by 67.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 51,074 shares of the construction company's stock valued at $2,051,000 after acquiring an additional 20,496 shares in the last quarter. Cerity Partners LLC grew its position in James Hardie Industries by 58.8% during the 3rd quarter. Cerity Partners LLC now owns 37,771 shares of the construction company's stock worth $1,517,000 after purchasing an additional 13,981 shares during the last quarter. FMR LLC increased its stake in James Hardie Industries by 22.5% during the 3rd quarter. FMR LLC now owns 160,273 shares of the construction company's stock valued at $6,435,000 after purchasing an additional 29,401 shares in the last quarter. Townsquare Capital LLC purchased a new position in shares of James Hardie Industries in the third quarter worth $227,000. Finally, Glenmede Trust Co. NA acquired a new stake in shares of James Hardie Industries during the third quarter worth $242,000. 7.96% of the stock is owned by institutional investors and hedge funds.

About James Hardie Industries

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.