Pinnacle Associates Ltd. Acquires 9,140 Shares of CRH plc (NYSE:CRH)

Pinnacle Associates Ltd. lifted its holdings in CRH plc (NYSE:CRH) by 195.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,813 shares of the construction company’s stock after buying an additional 9,140 shares during the period. Pinnacle Associates Ltd.’s holdings in CRH were worth $1,281,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. grew its holdings in CRH by 12.1% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 20,993 shares of the construction company’s stock valued at $1,947,000 after purchasing an additional 2,259 shares during the last quarter. New York State Teachers Retirement System bought a new position in CRH during the 3rd quarter valued at about $2,665,000. PBMares Wealth Management LLC bought a new position in CRH during the 3rd quarter valued at about $204,000. Boston Financial Mangement LLC bought a new position in CRH during the 3rd quarter valued at about $24,784,000. Finally, abrdn plc grew its holdings in CRH by 6.3% during the 3rd quarter. abrdn plc now owns 1,465,027 shares of the construction company’s stock valued at $134,233,000 after purchasing an additional 86,885 shares during the last quarter. 62.50% of the stock is currently owned by institutional investors.

CRH Stock Up 0.4 %

Shares of CRH opened at $95.84 on Friday. The company has a 50 day moving average price of $90.49 and a 200-day moving average price of $83.39. CRH plc has a fifty-two week low of $56.39 and a fifty-two week high of $96.82.

CRH (NYSE:CRH) last posted its earnings results on Thursday, August 8th. The construction company reported $1.85 EPS for the quarter, meeting analysts’ consensus estimates of $1.85. The firm had revenue of $9.65 billion for the quarter, compared to analysts’ expectations of $10.16 billion. As a group, sell-side analysts anticipate that CRH plc will post 5.44 earnings per share for the current fiscal year.

CRH Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Wednesday, September 25th. Investors of record on Friday, August 23rd were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a yield of 1.7%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Barclays assumed coverage on shares of CRH in a report on Tuesday. They set an “overweight” rating and a $110.00 price target on the stock. Morgan Stanley raised shares of CRH from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $87.00 to $88.00 in a research report on Tuesday, July 9th. DA Davidson boosted their price objective on shares of CRH from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Citigroup lowered their price objective on shares of CRH from $109.00 to $99.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Truist Financial boosted their price objective on shares of CRH from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.00.

CRH Profile

CRH plc, together with its subsidiaries, provides building materials solutions in Ireland and internationally. It operates through four segments: Americas Materials Solutions, Americas Building Solutions, Europe Materials Solutions, and Europe Building Solutions. The company provides solutions for the construction and maintenance of public infrastructure and commercial and residential buildings; and produces and sells aggregates, cement, readymixed concrete, and asphalt, as well as provides paving and construction services.