Neuberger Berman Group LLC has decreased its holdings in CRH Plc by 5.4% during the second quarter of 2023. The firm now owns 1,758,923 shares of the construction company, valued at approximately $161.47 million, following the sale of 100,145 shares during this period, according to a report by HoldingsChannel.com.
This adjustment comes amidst a broader trend among institutional investors, with several firms adjusting their stakes in CRH. Financiere des Professionnels Fonds d’Investissement Inc. acquired a new stake in CRH valued at around $246,000 during the same quarter. Ninety One UK Ltd increased its stake by 13.1%, bringing its total holdings to 3,143,490 shares, worth $288.57 million after acquiring an additional 364,319 shares.
In the first quarter, HSBC Holdings PLC significantly lifted its holdings in CRH by 100.2%, now owning 452,776 shares valued at approximately $39.32 million. Other firms, such as Advanced Portfolio Management LLC and Summit Securities Group LLC, also established new positions in CRH, valued at $1.15 million and $249,000, respectively. Institutional investors now own approximately 62.5% of CRH’s stock.
Analysts Weigh In on CRH’s Stock Performance
Recent evaluations from equity research analysts have provided mixed but generally positive feedback on CRH. Royal Bank of Canada lowered its price objective from $152.00 to $150.00 while maintaining an “outperform” rating. Conversely, Barclays raised its price target significantly from $110.00 to $131.00, assigning the stock an “overweight” rating.
As of now, one analyst has issued a “Strong Buy” rating for CRH, while fourteen have classified it as a “Buy” and two as “Hold.” The consensus rating stands at “Moderate Buy,” with an average target price of $130.64 according to data from MarketBeat.com.
CRH’s Financial Performance and Dividend Announcement
On November 5, 2023, CRH released its earnings results, reporting earnings per share (EPS) of $2.21, surpassing the consensus estimate of $1.94 by $0.27. The company’s quarterly revenue reached $11.07 billion, which was significantly higher than the anticipated $10.15 billion. This represents an increase of 5.3% year-over-year, with CRH achieving a return on equity of 16.25% and a net margin of 9.30%.
In addition to its strong financial performance, CRH announced a quarterly dividend of $0.37, which will be paid on December 17, 2023. Shareholders of record as of November 21, 2023 will be eligible for this dividend, which translates to an annualized yield of 1.2% and a payout ratio of 22.11%.
CRH operates through multiple segments, offering a wide range of building material solutions both in Ireland and internationally. The company focuses on the construction and maintenance of public infrastructure, producing and selling aggregates, cement, ready-mixed concrete, and asphalt, along with providing paving and construction services.
Investors and analysts will continue to monitor CRH’s performance closely, particularly as institutional shifts and analyst ratings evolve in the coming months.
