James Hardie Industries (NYSE:JHX) Shares Gap Up After Earnings Beat

James Hardie Industries plc (NYSE:JHX) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $31.79, but opened at $34.68. James Hardie Industries shares last traded at $35.06, with a volume of 24,234 shares.

The construction company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. The firm had revenue of $960.80 million during the quarter, compared to analysts’ expectations of $973.49 million. James Hardie Industries had a return on equity of 38.01% and a net margin of 12.78%. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS.

Analysts Set New Price Targets

Several brokerages have weighed in on JHX. StockNews.com cut James Hardie Industries from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. raised James Hardie Industries from a “neutral” rating to an “overweight” rating in a report on Wednesday, November 6th.

Hedge Funds Weigh In On James Hardie Industries

A number of institutional investors have recently modified their holdings of JHX. Blue Trust Inc. grew its position in James Hardie Industries by 55.7% during the 2nd quarter. Blue Trust Inc. now owns 1,045 shares of the construction company’s stock worth $33,000 after acquiring an additional 374 shares during the last quarter. GAMMA Investing LLC raised its stake in James Hardie Industries by 46.3% during the 3rd quarter. GAMMA Investing LLC now owns 1,365 shares of the construction company’s stock worth $55,000 after buying an additional 432 shares during the period. Huntington National Bank acquired a new position in James Hardie Industries during the 3rd quarter worth approximately $55,000. Cubist Systematic Strategies LLC acquired a new position in James Hardie Industries during the 2nd quarter worth approximately $66,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in James Hardie Industries during the 1st quarter worth approximately $71,000. Institutional investors and hedge funds own 7.96% of the company’s stock.

James Hardie Industries Trading Up 10.6 %

The business has a 50 day moving average of $35.75 and a two-hundred day moving average of $34.40. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.44 and a current ratio of 1.94. The firm has a market capitalization of $15.10 billion, a price-to-earnings ratio of 30.32, a P/E/G ratio of 3.74 and a beta of 1.76.

James Hardie Industries Company Profile

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.