James Hardie Industries (NYSE:JHX) Stock Price Up 6.3% – Here’s What Happened

James Hardie Industries PLC. (NYSE:JHX)’s share price shot up 6.3% on Tuesday . The company traded as high as $26.08 and last traded at $25.8320. 1,691,966 shares were traded during trading, a decline of 76% from the average session volume of 7,017,830 shares. The stock had previously closed at $24.29.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays raised their target price on James Hardie Industries from $21.00 to $25.00 and gave the company an “equal weight” rating in a report on Tuesday. Stephens began coverage on shares of James Hardie Industries in a research note on Thursday, June 25th. They set an “overweight” rating and a $31.00 target price for the company. Finally, Zacks Research lowered shares of James Hardie Industries from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

James Hardie Industries Stock Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.03 and a current ratio of 1.58. The firm has a 50 day moving average price of $23.13 and a two-hundred day moving average price of $22.40. The company has a market capitalization of $15.02 billion, a P/E ratio of 117.48 and a beta of 1.77.

James Hardie Industries (NYSE:JHX) last announced its quarterly earnings results on Wednesday, May 20th. The construction company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. James Hardie Industries had a return on equity of 11.13% and a net margin of 2.15%.The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The business’s revenue was up 44.5% compared to the same quarter last year. On average, research analysts expect that James Hardie Industries PLC. will post 1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On James Hardie Industries

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in James Hardie Industries by 14.7% during the first quarter. Blue Trust Inc. now owns 6,890 shares of the construction company’s stock worth $130,000 after buying an additional 884 shares during the last quarter. Xponance LLC boosted its holdings in shares of James Hardie Industries by 5.7% in the 4th quarter. Xponance LLC now owns 16,879 shares of the construction company’s stock worth $350,000 after acquiring an additional 911 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of James Hardie Industries by 16.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,684 shares of the construction company’s stock worth $139,000 after acquiring an additional 936 shares in the last quarter. Osaic Holdings Inc. grew its position in James Hardie Industries by 67.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,576 shares of the construction company’s stock worth $67,000 after acquiring an additional 1,034 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in James Hardie Industries by 46.5% during the 1st quarter. Parallel Advisors LLC now owns 4,532 shares of the construction company’s stock worth $86,000 after acquiring an additional 1,439 shares during the last quarter. 7.96% of the stock is owned by institutional investors.

About James Hardie Industries

James Hardie Industries plc (NYSE: JHX) is a global manufacturer of high-performance fiber cement building products. The company specializes in exterior cladding, trim and soffit, as well as interior backerboard solutions designed for residential and commercial construction. By combining cement, sand and cellulose fibers, James Hardie produces durable, low-maintenance materials that resist moisture, fire and termite damage, catering to builders, contractors and homeowners through a network of distributors and retail channels.

The company’s flagship products include Hardie® Plank® and Hardie® Panel® siding systems, Hardie® BackerBoard® for tile applications, and a range of architectural trim solutions.