Merewether Investment Management LP Invests $22.55 Million in Eagle Materials Inc. (NYSE:EXP)

Merewether Investment Management LP bought a new position in Eagle Materials Inc. (NYSE:EXP - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The firm bought 78,400 shares of the construction company's stock, valued at approximately $22,552,000. Merewether Investment Management LP owned 0.23% of Eagle Materials at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of EXP. Cetera Investment Advisers lifted its position in shares of Eagle Materials by 294.1% in the 1st quarter. Cetera Investment Advisers now owns 7,070 shares of the construction company's stock worth $1,921,000 after purchasing an additional 5,276 shares during the period. Cetera Advisors LLC purchased a new stake in shares of Eagle Materials in the 1st quarter worth about $461,000. GAMMA Investing LLC lifted its position in shares of Eagle Materials by 23.3% in the 2nd quarter. GAMMA Investing LLC now owns 471 shares of the construction company's stock worth $102,000 after purchasing an additional 89 shares during the period. CWM LLC lifted its position in Eagle Materials by 36.4% during the 2nd quarter. CWM LLC now owns 1,121 shares of the construction company's stock valued at $244,000 after acquiring an additional 299 shares during the period. Finally, NBC Securities Inc. lifted its position in Eagle Materials by 11.5% during the 2nd quarter. NBC Securities Inc. now owns 8,627 shares of the construction company's stock valued at $1,876,000 after acquiring an additional 893 shares during the period. 96.07% of the stock is owned by hedge funds and other institutional investors.

Eagle Materials Price Performance

NYSE:EXP traded down $0.76 during trading hours on Wednesday, hitting $301.84. 221,843 shares of the stock traded hands, compared to its average volume of 301,982. Eagle Materials Inc. has a 1 year low of $182.39 and a 1 year high of $321.93. The stock has a 50 day moving average price of $296.88 and a 200 day moving average price of $260.75. The company has a quick ratio of 1.14, a current ratio of 2.34 and a debt-to-equity ratio of 0.74. The company has a market cap of $10.12 billion, a price-to-earnings ratio of 21.37 and a beta of 1.33.

Eagle Materials (NYSE:EXP - Get Free Report) last released its earnings results on Tuesday, October 29th. The construction company reported $4.31 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.44). Eagle Materials had a return on equity of 35.79% and a net margin of 21.32%. The company had revenue of $623.62 million during the quarter, compared to analysts' expectations of $651.46 million. During the same period last year, the firm posted $4.28 EPS. Eagle Materials's quarterly revenue was up .2% compared to the same quarter last year. Sell-side analysts forecast that Eagle Materials Inc. will post 15.24 EPS for the current fiscal year.

Eagle Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.33%. The ex-dividend date is Monday, December 16th. Eagle Materials's dividend payout ratio is presently 7.06%.

Insider Buying and Selling

In related news, Director George John Damiris sold 1,000 shares of the business's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $277.62, for a total value of $277,620.00. Following the sale, the director now owns 7,943 shares in the company, valued at approximately $2,205,135.66. The trade was a 11.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Haack sold 11,888 shares of the business's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $310.50, for a total transaction of $3,691,224.00. Following the completion of the sale, the chief executive officer now owns 85,811 shares in the company, valued at $26,644,315.50. This represents a 12.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,866 shares of company stock worth $5,482,931. Insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target 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. Jefferies Financial Group lifted their price target on shares of Eagle Materials from $309.00 to $330.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on shares of Eagle Materials from $277.00 to $317.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Loop Capital lowered shares of 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. Finally, Truist Financial lifted their price target on shares of Eagle Materials from $320.00 to $330.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Eagle Materials presently has an average rating of "Moderate Buy" and an average target price of $307.11.

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.