James Hardie Industries (NYSE:JHX) Stock Price Up 6.3% After Analyst Upgrade

James Hardie Industries PLC. (NYSE:JHX) shares rose 6.3% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $26.08 and last traded at $25.8320. Approximately 1,691,966 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 7,017,830 shares. The stock had previously closed at $24.29.

A number of other analysts have also issued reports on the stock. Stephens initiated coverage on shares of James Hardie Industries in a research note on Thursday, June 25th. They set an “overweight” rating and a $31.00 price target on the stock. Barclays upped their target price on shares of James Hardie Industries from $21.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Hedge Funds Weigh In On James Hardie Industries

Several hedge funds have recently made changes to their positions in JHX. Royal Bank of Canada grew its stake in James Hardie Industries by 17.0% during the 1st quarter. Royal Bank of Canada now owns 50,801 shares of the construction company’s stock worth $1,197,000 after buying an additional 7,396 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in James Hardie Industries by 160.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,697,663 shares of the construction company’s stock worth $63,557,000 after purchasing an additional 1,662,743 shares during the period. Jane Street Group LLC boosted its stake in James Hardie Industries by 222.4% during the 1st quarter. Jane Street Group LLC now owns 279,009 shares of the construction company’s stock worth $6,573,000 after purchasing an additional 192,478 shares during the period. Russell Investments Group Ltd. grew its position in James Hardie Industries by 49.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 11,603 shares of the construction company’s stock worth $312,000 after purchasing an additional 3,827 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in James Hardie Industries by 11,238.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the construction company’s stock worth $40,000 after purchasing an additional 1,461 shares during the last quarter. Hedge funds and other institutional investors own 7.96% of the company’s stock.

James Hardie Industries Trading Up 2.2%

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.58 and a quick ratio of 1.03. The company has a market capitalization of $15.29 billion, a price-to-earnings ratio of 119.77 and a beta of 1.77. The business’s 50 day simple moving average is $23.34 and its 200 day simple moving average is $22.47.

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

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.