James Hardie Industries (NYSE:JHX) Reaches New 52-Week Low on Disappointing Earnings

James Hardie Industries PLC. (NYSE:JHX)’s stock price reached a new 52-week low on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $18.50 and last traded at $18.05, with a volume of 6209650 shares traded. The stock had previously closed at $28.43.

The construction company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.07). The business had revenue of $899.90 million during the quarter, compared to the consensus estimate of $982.60 million. James Hardie Industries had a net margin of 8.75% and a return on equity of 28.55%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS.

Analyst Ratings Changes

JHX has been the topic of a number of recent research reports. Robert W. Baird cut their target price on James Hardie Industries from $32.00 to $25.00 and set an “outperform” rating on the stock in a report on Wednesday. Wall Street Zen cut James Hardie Industries from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. William Blair began coverage on James Hardie Industries in a report on Friday, June 27th. They issued an “outperform” rating on the stock. Macquarie upgraded James Hardie Industries from a “neutral” rating to an “outperform” rating in a research report on Monday, July 28th. Finally, Jefferies Financial Group assumed coverage on James Hardie Industries in a research report on Friday, August 8th. They set a “buy” rating and a $34.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $33.27.

Hedge Funds Weigh In On James Hardie Industries

Institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA increased its position in shares of James Hardie Industries by 241.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 12,718,075 shares of the construction company’s stock worth $341,989,000 after acquiring an additional 8,988,938 shares during the period. Citigroup Inc. lifted its position in James Hardie Industries by 59,775.3% in the first quarter. Citigroup Inc. now owns 5,325,912 shares of the construction company’s stock valued at $125,478,000 after purchasing an additional 5,317,017 shares during the period. Wellington Management Group LLP purchased a new position in James Hardie Industries in the first quarter valued at about $90,526,000. Balyasny Asset Management L.P. increased its stake in shares of James Hardie Industries by 1,883.6% during the 2nd quarter. Balyasny Asset Management L.P. now owns 3,874,198 shares of the construction company’s stock worth $104,177,000 after purchasing an additional 3,678,889 shares in the last quarter. Finally, Eminence Capital LP purchased a new stake in James Hardie Industries in the 2nd quarter worth approximately $83,249,000. Hedge funds and other institutional investors own 7.96% of the company’s stock.

James Hardie Industries Price Performance

The stock has a market capitalization of $8.02 billion, a PE ratio of 24.24, a PEG ratio of 2.62 and a beta of 1.74. The company’s 50 day simple moving average is $26.88 and its 200 day simple moving average is $26.81. The company has a current ratio of 2.10, a quick ratio of 1.67 and a debt-to-equity ratio of 0.51.

About James Hardie Industries

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.