James Hardie Industries (NYSE:JHX) Shares Gap Up on Better-Than-Expected Earnings

James Hardie Industries plc (NYSE:JHX) shares 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 EPS for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm had revenue of $960.80 million during the quarter, compared to the consensus estimate 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 prior year, the business posted $0.41 earnings per share.

Analyst Upgrades and Downgrades

JHX has been the subject of several analyst reports. StockNews.com downgraded James Hardie Industries from a “buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. raised James Hardie Industries from a “neutral” rating to an “overweight” rating in a research report on Wednesday, November 6th.

Hedge Funds Weigh In On James Hardie Industries

Several institutional investors and hedge funds have recently bought and sold shares of JHX. Blue Trust Inc. grew its holdings in James Hardie Industries by 55.7% during the second quarter. Blue Trust Inc. now owns 1,045 shares of the construction company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. GAMMA Investing LLC grew its holdings in James Hardie Industries by 46.3% during the third quarter. GAMMA Investing LLC now owns 1,365 shares of the construction company’s stock valued at $55,000 after purchasing an additional 432 shares during the period. Huntington National Bank bought a new position in James Hardie Industries during the third quarter valued at $55,000. Cubist Systematic Strategies LLC bought a new position in shares of James Hardie Industries in the second quarter worth $66,000. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of James Hardie Industries in the first quarter worth $71,000. 7.96% of the stock is owned by institutional investors.

James Hardie Industries Stock Up 10.6 %

The stock has a fifty day moving average price of $35.75 and a 200 day moving average price of $34.40. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.94 and a quick ratio of 1.44. The stock has a market capitalization of $15.10 billion, a P/E ratio of 30.32, a price-to-earnings-growth 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.