Eagle Materials' stock plummeted 5.01% during intraday trading on Thursday, following the release of its fiscal third-quarter results that fell short of analyst expectations.

The construction materials company reported quarterly revenue of $556 million, slightly missing the consensus estimate of $557.28 million. Earnings per share came in at $3.22, below the FactSet estimate of $3.34. While the Heavy Materials segment saw revenue growth of 11%, this was offset by a 16% decline in the Light Materials segment due to lower sales volumes and prices for gypsum wallboard and recycled paperboard.

Adding to the negative sentiment, Wells Fargo cut its price target on Eagle Materials to $241 from $251, though it maintained an Overweight rating on the stock. The company's results highlighted the mixed performance across its business segments despite ongoing infrastructure spending supporting heavy construction products.