Fred Alger Management LLC Buys New Position in CRH plc (NYSE:CRH)

Fred Alger Management LLC acquired a new stake in shares of CRH plc (NYSE:CRH) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,577 shares of the construction company’s stock, valued at approximately $610,000.

A number of other hedge funds have also recently bought and sold shares of CRH. Captrust Financial Advisors lifted its position in shares of CRH by 15.9% during the third quarter. Captrust Financial Advisors now owns 7,958 shares of the construction company’s stock valued at $738,000 after purchasing an additional 1,091 shares in the last quarter. Martingale Asset Management L P bought a new position in shares of CRH during the 3rd quarter worth approximately $1,224,000. Suvretta Capital Management LLC boosted its stake in shares of CRH by 24.7% in the 3rd quarter. Suvretta Capital Management LLC now owns 538,894 shares of the construction company’s stock worth $49,977,000 after buying an additional 106,910 shares during the last quarter. Northwest & Ethical Investments L.P. bought a new position in shares of CRH in the third quarter valued at approximately $4,930,000. Finally, Financial Counselors Inc. increased its position in shares of CRH by 9.4% during the third quarter. Financial Counselors Inc. now owns 6,929 shares of the construction company’s stock valued at $643,000 after acquiring an additional 596 shares during the last quarter. 62.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Hsbc Global Res raised CRH to a “strong-buy” rating in a research report on Monday, November 11th. Barclays began coverage on shares of CRH in a research report on Tuesday, October 29th. They set an “overweight” rating and a $110.00 price target for the company. Truist Financial lifted their price objective on shares of CRH from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. StockNews.com raised shares of CRH from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Finally, HSBC assumed coverage on shares of CRH in a report on Monday, November 11th. They issued a “buy” rating and a $116.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $106.42.

CRH Stock Performance

NYSE:CRH opened at $102.27 on Monday. The business’s fifty day moving average is $95.37 and its 200 day moving average is $86.35. The firm has a market cap of $69.46 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 1.29 and a beta of 1.29. CRH plc has a 52-week low of $62.45 and a 52-week high of $104.19.

CRH Cuts Dividend

The company also recently declared a Variable dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, November 22nd will be issued a $0.262 dividend. This represents a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, November 22nd. CRH’s payout ratio is 37.20%.

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.