DNB Asset Management AS announced a decrease in its holdings of CRH plc shares by 9.3% during the second quarter of 2023, according to a recent filing with the Securities & Exchange Commission. Following the sale of 18,610 shares, DNB now owns 181,441 shares of the construction giant, valued at approximately $16.66 million.
Other institutional investors have also adjusted their stakes in CRH. Notably, Creekmur Asset Management LLC entered a new position in the second quarter, valued at around $27,000. Park Place Capital Corp significantly increased its stake by 59.9%, now holding 307 shares valued at $29,000 after acquiring an additional 115 shares. Cullen Frost Bankers Inc. raised its position by an impressive 255.0%, owning 426 shares now worth $39,000 after adding 306 shares.
Ransom Advisory Ltd also acquired a new stake valued at $47,000 in the first quarter, while Richardson Financial Services Inc. lifted its stake by 29.4% during the second quarter, owning 678 shares worth $63,000. Collectively, institutional investors control 62.50% of the company’s stock.
Analysts Issue New Price Targets for CRH
Recent analyst reports indicate a positive outlook for CRH. Bank of America initiated coverage on September 26, 2023, assigning a “buy” rating with a price target of $128.00. UBS Group followed suit on October 14, 2023, also issuing a “buy” rating with a price target of $138.00. Barclays upgraded its price objective from $110.00 to $131.00, giving the company an “overweight” rating.
DA Davidson adjusted its target from $110.00 to $116.00 with a “neutral” rating, while JPMorgan Chase & Co. raised its target price from $130.00 to $135.00, maintaining an “overweight” rating. Currently, two analysts rate the stock as a Strong Buy, twelve as Buy, and two as Hold. According to data from MarketBeat.com, CRH has a consensus rating of “Buy” and an average target price of $129.54.
CRH Stock Performance and Earnings Report
On the New York Stock Exchange, CRH shares opened at $110.14 on November 5, 2023, reflecting a 1.6% increase. The stock has fluctuated between a fifty-two week low of $76.75 and a high of $121.99. CRH boasts a market capitalization of $73.82 billion, with a price-to-earnings ratio of 23.04 and a price-to-earnings-growth ratio of 1.68.
The company recently reported its quarterly earnings, revealing earnings per share (EPS) of $2.21, surpassing analysts’ expectations of $1.94 by $0.27. Revenue for the quarter reached $11.07 billion, exceeding estimates of $10.15 billion and up 5.3% from the previous year.
CRH has provided guidance for the fiscal year 2025, projecting an EPS between $5.490 and $5.720. Analysts expect the company to post an EPS of $5.47 for the current year.
In addition, CRH has announced a quarterly dividend of $0.37, scheduled for payment on December 17, 2023. Shareholders of record as of November 21, 2023 will receive this dividend, representing an annualized yield of 1.3%. The ex-dividend date is also set for November 21, 2023, with a payout ratio currently at 22.11%.
CRH plc, headquartered in Ireland, specializes in building materials solutions and operates through four segments: Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions, and Europe Building Solutions. The company provides a range of products including aggregates, cement, and asphalt, and offers paving and construction services globally.
