Sprucegrove Investment Management Ltd. Cuts Stock Holdings in Eagle Materials Inc. (NYSE:EXP)

Sprucegrove Investment Management Ltd. lowered its stake in shares of Eagle Materials Inc. (NYSE:EXPGet Rating) by 49.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 322,000 shares of the construction company’s stock after selling 313,500 shares during the period. Eagle Materials makes up approximately 1.3% of Sprucegrove Investment Management Ltd.’s portfolio, making the stock its 25th biggest holding. Sprucegrove Investment Management Ltd. owned approximately 0.82% of Eagle Materials worth $41,332,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of EXP. Prospera Financial Services Inc acquired a new position in shares of Eagle Materials during the 1st quarter valued at $42,000. Meeder Asset Management Inc. boosted its position in shares of Eagle Materials by 90.9% in the first quarter. Meeder Asset Management Inc. now owns 462 shares of the construction company’s stock worth $60,000 after buying an additional 220 shares during the period. Covestor Ltd purchased a new stake in shares of Eagle Materials in the fourth quarter worth about $97,000. Odey Asset Management Group Ltd purchased a new stake in shares of Eagle Materials in the fourth quarter worth about $117,000. Finally, CWM LLC boosted its position in shares of Eagle Materials by 406.4% in the first quarter. CWM LLC now owns 1,023 shares of the construction company’s stock worth $131,000 after buying an additional 821 shares during the period. Hedge funds and other institutional investors own 93.41% of the company’s stock.

Eagle Materials Trading Up 1.8 %

Shares of NYSE EXP opened at $121.06 on Friday. The stock’s 50 day moving average price is $122.43 and its two-hundred day moving average price is $124.53. Eagle Materials Inc. has a 52-week low of $105.34 and a 52-week high of $169.15. The stock has a market capitalization of $4.56 billion, a P/E ratio of 12.56 and a beta of 1.29. The company has a quick ratio of 1.37, a current ratio of 2.39 and a debt-to-equity ratio of 1.00.

Eagle Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.83%. The ex-dividend date is Thursday, September 15th. Eagle Materials’s payout ratio is currently 10.37%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. DA Davidson decreased their target price on Eagle Materials from $160.00 to $145.00 and set a “neutral” rating for the company in a research report on Friday, May 20th. Citigroup upped their target price on Eagle Materials to $146.00 in a research report on Tuesday, August 9th. The Goldman Sachs Group decreased their target price on Eagle Materials from $190.00 to $162.00 and set a “buy” rating for the company in a research report on Friday, May 20th. Stephens decreased their target price on Eagle Materials to $170.00 in a research report on Tuesday, July 26th. Finally, JPMorgan Chase & Co. cut Eagle Materials from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $165.00 to $130.00 in a research note on Wednesday, July 20th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $159.09.

Insider Buying and Selling at Eagle Materials

In other Eagle Materials news, Director Ed H. Bowman, Jr. sold 1,828 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $110.15, for a total transaction of $201,354.20. Following the sale, the director now owns 10,485 shares in the company, valued at $1,154,922.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by insiders.

About Eagle Materials

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Eagle Materials Inc, through its subsidiaries, produces and supplies heavy construction materials and light building materials in the United States. It operates through Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard segments. The company engages in the mining of limestone for the manufacture, production, distribution, and sale of Portland 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.

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Institutional Ownership by Quarter for Eagle Materials (NYSE:EXP)

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