James Hardie Industries (NYSE:JHX) Stock Price Up 10.5% – Here’s Why

Shares of James Hardie Industries PLC. (NYSE:JHX) were up 10.5% during trading on Wednesday . The company traded as high as $20.98 and last traded at $20.7040. Approximately 3,418,065 shares traded hands during trading, a decline of 48% from the average daily volume of 6,615,759 shares. The stock had previously closed at $18.74.

Analyst Ratings Changes

JHX has been the subject of several analyst reports. Zacks Research cut shares of James Hardie Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Barclays decreased their price objective on James Hardie Industries from $26.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. upgraded James Hardie Industries from a “neutral” rating to an “overweight” rating in a research report on Wednesday, February 11th. Finally, Truist Financial raised their target price on James Hardie Industries from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, James Hardie Industries has a consensus rating of “Moderate Buy” and an average price target of $26.13.

James Hardie Industries Trading Up 1.5%

The business’s 50-day simple moving average is $21.90 and its two-hundred day simple moving average is $21.07. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 78.02, a PEG ratio of 3.78 and a beta of 1.84. The company has a quick ratio of 0.95, a current ratio of 1.54 and a debt-to-equity ratio of 0.73.

James Hardie Industries (NYSE:JHX) last issued its quarterly earnings results on Tuesday, February 10th. The construction company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. James Hardie Industries had a net margin of 2.70% and a return on equity of 13.52%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The business’s revenue for the quarter was up 30.1% compared to the same quarter last year. Equities analysts forecast that James Hardie Industries PLC. will post 1.39 earnings per share for the current year.

Hedge Funds Weigh In On James Hardie Industries

Several institutional investors have recently modified their holdings of JHX. Modus Advisors LLC purchased a new stake in shares of James Hardie Industries during the fourth quarter worth $31,000. Global Retirement Partners LLC grew its stake in James Hardie Industries by 3,431.1% during the 4th quarter. Global Retirement Partners LLC now owns 1,589 shares of the construction company’s stock worth $33,000 after purchasing an additional 1,544 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake 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 in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of James Hardie Industries during the fourth quarter worth about $41,000. Finally, Hilltop National Bank acquired a new position in James Hardie Industries in the 4th quarter valued at about $47,000. Institutional investors and hedge funds own 7.96% of the company’s stock.

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.