Barclays Boosts CRH Coverage with an Overweight Rating
Fintel reports that on October 29, 2024, Barclays initiated coverage of CRH (LSE:CRH) with a Overweight recommendation.
Analysts Predict a Price Surge
As of October 22, 2024, analysts project a one-year price target average of 8,118.91 GBX/share for CRH. This forecast spans from a low of 6,960.44 GBX to a high of 10,130.55 GBX, reflecting a potential increase of 12.54% from its most recent closing price of 7,214.00 GBX/share.
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Revenue and Earnings Outlook
CRH’s projected annual revenue stands at 35,995MM, marking an increase of 2.84%. Furthermore, the anticipated annual non-GAAP EPS is 4.04.
Growing Institutional Interest
There are currently 1,413 funds and institutions with positions in CRH, an increase of 186 or 15.16% from the previous quarter. The average portfolio weight of all funds dedicated to CRH has risen to 0.70%, up 16.15%. During the last three months, total shares owned by institutions climbed by 25.79% to 619,604K shares.
Barclays now holds 29,146K shares, translating to a 4.29% ownership stake. Previously, it reported owning 3,453K shares, indicating a substantial increase of 88.15%. Over the last quarter, Barclays has expanded its portfolio allocation in CRH by 545.09%.
Norges Bank has acquired 16,127K shares, now representing 2.37% ownership, up from 0K shares in its last filing, reflecting a full 100.00% increase.
Conversely, DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main, holds 15,724K shares (2.31% ownership). This represents a slight decline of 1.62% from its prior total of 15,978K shares, resulting in a 75.76% decrease in portfolio allocation over the past quarter.
Select Equity Group has reduced its holdings from 14,758K shares to 14,612K shares, which is a 1.00% decrease, revealing a 4.23% cut in its portfolio allocation in CRH.
Cevian Capital II GP has also decreased its shares from 15,825K to 13,357K, reflecting an 18.48% drop in ownership and a 14.28% reduction in its portfolio allocation.
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This story originally appeared on Fintel.
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