JMP Securities upgraded shares of CalAtlantic Group, Inc. (NYSE:CAA) from a market perform rating to an outperform rating in a research report sent to investors on Friday, July 21st, Marketbeat Ratings reports. JMP Securities currently has $44.00 price target on the construction company’s stock.
Several other research firms have also recently commented on CAA. Royal Bank Of Canada boosted their price objective on shares of CalAtlantic Group from $40.00 to $41.00 and gave the company an outperform rating in a research report on Wednesday, June 7th. Wedbush reissued an outperform rating and set a $41.00 price target on shares of CalAtlantic Group in a research report on Tuesday, June 6th. Zacks Investment Research cut shares of CalAtlantic Group from a hold rating to a sell rating in a research report on Friday, April 28th. Raymond James Financial, Inc. cut shares of CalAtlantic Group from an outperform rating to a market perform rating in a research report on Tuesday, May 2nd. Finally, Bank of America Corporation cut shares of CalAtlantic Group from a buy rating to a neutral rating in a research report on Thursday, June 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $39.89.
Shares of CalAtlantic Group (CAA) traded down 2.09% on Friday, hitting $34.26. The company’s stock had a trading volume of 726,680 shares. CalAtlantic Group has a 1-year low of $30.18 and a 1-year high of $38.63. The company has a 50 day moving average of $36.14 and a 200 day moving average of $36.13. The firm has a market cap of $3.78 billion, a PE ratio of 9.43 and a beta of 1.45.
CalAtlantic Group (NYSE:CAA) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.78 by $0.03. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.61 billion. CalAtlantic Group had a net margin of 7.26% and a return on equity of 11.40%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 earnings per share. Equities analysts forecast that CalAtlantic Group will post $3.47 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Friday, September 15th will be given a dividend of $0.04 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.47%. CalAtlantic Group’s payout ratio is presently 4.46%.
In other news, CEO Larry T. Nicholson sold 9,004 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $35.61, for a total transaction of $320,632.44. Following the completion of the sale, the chief executive officer now owns 611,733 shares of the company’s stock, valued at approximately $21,783,812.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David J. Matlin sold 14,510,008 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $33.22, for a total transaction of $482,022,465.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,528,112 shares of company stock worth $482,670,158. Company insiders own 39.50% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Bank of Montreal Can boosted its position in shares of CalAtlantic Group by 207.4% in the first quarter. Bank of Montreal Can now owns 11,129 shares of the construction company’s stock valued at $416,000 after buying an additional 7,509 shares during the period. WINTON GROUP Ltd acquired a new position in shares of CalAtlantic Group during the first quarter valued at about $315,000. Prudential Financial Inc. boosted its position in shares of CalAtlantic Group by 5.1% in the first quarter. Prudential Financial Inc. now owns 45,137 shares of the construction company’s stock valued at $1,690,000 after buying an additional 2,210 shares during the period. GMT Capital Corp boosted its position in shares of CalAtlantic Group by 1.7% in the first quarter. GMT Capital Corp now owns 1,022,315 shares of the construction company’s stock valued at $38,286,000 after buying an additional 16,600 shares during the period. Finally, Morgan Stanley boosted its position in shares of CalAtlantic Group by 124.5% in the first quarter. Morgan Stanley now owns 304,081 shares of the construction company’s stock valued at $11,387,000 after buying an additional 168,651 shares during the period. 98.44% of the stock is owned by institutional investors and hedge funds.
CalAtlantic Group Company Profile
CalAtlantic Group, Inc is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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