Arizona State Retirement System Invests $14.94 Million in CRH plc (NYSE:CRH)

Arizona State Retirement System acquired a new position in CRH plc (NYSE:CRH) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 199,192 shares of the construction company’s stock, valued at approximately $14,935,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Victory Capital Management Inc. bought a new stake in CRH during the second quarter worth about $206,000. Kornitzer Capital Management Inc. KS raised its holdings in CRH by 0.7% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 235,261 shares of the construction company’s stock valued at $17,640,000 after buying an additional 1,661 shares during the last quarter. Simon Quick Advisors LLC bought a new position in CRH in the 2nd quarter valued at approximately $250,000. Rhumbline Advisers boosted its position in CRH by 579.9% during the 2nd quarter. Rhumbline Advisers now owns 712,784 shares of the construction company’s stock worth $53,445,000 after buying an additional 607,948 shares during the period. Finally, CIBC Asset Management Inc increased its position in CRH by 27.0% in the 2nd quarter. CIBC Asset Management Inc now owns 23,236 shares of the construction company’s stock valued at $1,742,000 after acquiring an additional 4,945 shares during the period. 62.50% of the stock is currently owned by institutional investors and hedge funds.

CRH Trading Up 1.0 %

CRH stock opened at $85.33 on Friday. CRH plc has a 12-month low of $51.59 and a 12-month high of $91.02. The firm’s fifty day moving average is $82.02 and its 200 day moving average is $81.22.

CRH (NYSE:CRH) last released its quarterly earnings data on Thursday, August 8th. The construction company reported $1.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.85. The company had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $10.16 billion. As a group, equities research analysts predict that CRH plc will post 5.44 EPS for the current fiscal year.

CRH Cuts Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Wednesday, September 25th. Investors of record on Friday, August 23rd will be given a $0.35 dividend. This represents a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 23rd.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRH. Truist Financial boosted their price objective on shares of CRH from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. DA Davidson upped their target price on CRH from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 9th. Morgan Stanley upgraded shares of CRH from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $87.00 to $88.00 in a report on Tuesday, July 9th. Royal Bank of Canada began coverage on shares of CRH in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $110.00 price objective on the stock. Finally, Stephens started coverage on shares of CRH in a research report on Tuesday, June 18th. They set an “overweight” rating and a $95.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $95.70.

CRH Company 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.