Select Equity Group L.P. Reduces Stake in CRH plc (NYSE:CRH)

Select Equity Group L.P. lowered its position in shares of CRH plc (NYSE:CRH) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,611,718 shares of the construction company’s stock after selling 146,224 shares during the period. CRH makes up approximately 4.3% of Select Equity Group L.P.’s portfolio, making the stock its 4th largest position. Select Equity Group L.P. owned approximately 2.13% of CRH worth $1,095,587,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its stake in CRH by 36,503.4% during the 2nd quarter. Legal & General Group Plc now owns 4,838,972 shares of the construction company’s stock valued at $361,278,000 after purchasing an additional 4,825,752 shares during the last quarter. Lighthouse Investment Partners LLC lifted its holdings in shares of CRH by 190.1% during the second quarter. Lighthouse Investment Partners LLC now owns 232,120 shares of the construction company’s stock valued at $17,404,000 after purchasing an additional 152,097 shares in the last quarter. Makena Capital Management LLC lifted its holdings in shares of CRH by 8.6% during the second quarter. Makena Capital Management LLC now owns 148,406 shares of the construction company’s stock valued at $11,127,000 after purchasing an additional 11,732 shares in the last quarter. APG Asset Management N.V. purchased a new stake in shares of CRH during the second quarter valued at $86,830,000. Finally, AQR Capital Management LLC bought a new stake in CRH in the 2nd quarter worth about $628,000. 62.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Stephens initiated coverage on shares of CRH in a research note on Tuesday, June 18th. They set an “overweight” rating and a $95.00 target price on the stock. DA Davidson increased 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. Morgan Stanley upgraded shares of CRH from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $87.00 to $88.00 in a report on Tuesday, July 9th. Citigroup decreased their target price on shares of CRH from $109.00 to $99.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, StockNews.com downgraded CRH from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $95.70.

CRH Trading Up 1.5 %

Shares of CRH stock opened at $93.24 on Friday. CRH plc has a 1-year low of $51.59 and a 1-year high of $94.14. The company’s fifty day simple moving average is $85.58 and its 200-day simple moving average is $82.07.

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

CRH Cuts Dividend

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

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.