James Hardie Industries (NYSE:JHX) Sees Large Volume Increase After Analyst Upgrade

James Hardie Industries PLC. (NYSE:JHX) shares saw an uptick in trading volume on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. 7,348,579 shares were traded during trading, an increase of 22% from the previous session’s volume of 6,026,653 shares.The stock last traded at $23.1550 and had previously closed at $23.66.

JHX has been the subject of several other reports. Barclays initiated coverage on shares of James Hardie Industries in a research report on Monday, December 8th. They issued an “equal weight” rating and a $21.00 price target for the company. Oppenheimer boosted their price objective on shares of James Hardie Industries from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 19th. Truist Financial increased their price objective on James Hardie Industries from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Raymond James Financial set a $21.00 target price on James Hardie Industries in a report on Monday, December 8th. Finally, Vertical Research upgraded James Hardie Industries from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, November 19th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.93.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in JHX. TD Private Client Wealth LLC grew its stake in James Hardie Industries by 70.4% during the second quarter. TD Private Client Wealth LLC now owns 1,101 shares of the construction company’s stock worth $30,000 after purchasing an additional 455 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of James Hardie Industries by 641.2% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,223 shares of the construction company’s stock worth $33,000 after buying an additional 1,058 shares in the last quarter. MAI Capital Management boosted its holdings in shares of James Hardie Industries by 4,266.7% during the 2nd quarter. MAI Capital Management now owns 1,310 shares of the construction company’s stock worth $35,000 after buying an additional 1,280 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of 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 buying an additional 1,461 shares during the period. Finally, Hilltop National Bank bought a new stake in shares of James Hardie Industries in the 4th quarter valued at $47,000. 7.96% of the stock is owned by institutional investors and hedge funds.

James Hardie Industries Stock Up 2.7%

The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.23 and a current ratio of 1.79. The firm’s 50 day moving average price is $20.62 and its two-hundred day moving average price is $21.91. The company has a market cap of $10.55 billion, a P/E ratio of 51.13, a price-to-earnings-growth ratio of 7.68 and a beta of 1.80.

James Hardie Industries (NYSE:JHX) last issued its earnings results on Monday, November 17th. The construction company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.01. James Hardie Industries had a net margin of 4.67% and a return on equity of 18.40%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. James Hardie Industries’s revenue was up 34.5% on a year-over-year basis. Equities research analysts anticipate that James Hardie Industries PLC. will post 1.39 EPS for the current fiscal 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.