CalAtlantic Group Inc. (CAA) Downgraded to Sell at Zacks Investment Research
CalAtlantic Group Inc. (NYSE:CAA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “CalAtlantic Group, Inc. operates as a homebuilder. The company offers crafted homes. It also provides mortgage financing services to its homebuyers; and title examination services. Calatlantic Group Inc., formerly known as Standard Pacific Corp., is headquartered in Irvine, California. “
A number of other analysts have also commented on CAA. RBC Capital Markets reiterated an “outperform” rating and set a $43.00 price target (down from $48.00) on shares of CalAtlantic Group in a report on Monday, August 1st. FBR & Co lowered CalAtlantic Group from an “outperform” rating to a “marketperform” rating in a report on Monday, August 1st. TheStreet upgraded CalAtlantic Group from a “hold” rating to a “buy” rating in a report on Friday, July 29th. JMP Securities reiterated a “hold” rating on shares of CalAtlantic Group in a report on Wednesday, June 29th. Finally, Royal Bank Of Canada initiated coverage on CalAtlantic Group in a report on Tuesday, July 19th. They set an “outperform” rating and a $48.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $42.69.
CalAtlantic Group (NYSE:CAA) traded up 0.15% during mid-day trading on Tuesday, hitting $33.25. The stock had a trading volume of 1,812,885 shares. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 13.18 and a beta of 1.59. The firm’s 50-day moving average is $34.86 and its 200 day moving average is $35.67. CalAtlantic Group has a 12 month low of $26.97 and a 12 month high of $43.24.
CalAtlantic Group (NYSE:CAA) last posted its earnings results on Thursday, July 28th. The company reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.58. CalAtlantic Group had a return on equity of 11.24% and a net margin of 5.86%. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $126.24 million. The business’s quarterly revenue was up 124.4% compared to the same quarter last year. Equities analysts anticipate that CalAtlantic Group will post $3.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Tuesday, September 13th. CalAtlantic Group’s dividend payout ratio (DPR) is presently 6.40%.
In other news, CMO Wendy L. Marlett sold 18,000 shares of CalAtlantic Group stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $34.51, for a total value of $621,180.00. Following the completion of the transaction, the chief marketing officer now directly owns 54,396 shares in the company, valued at $1,877,205.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 37.80% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Sanders Capital LLC boosted its position in CalAtlantic Group by 5.4% in the second quarter. Sanders Capital LLC now owns 3,493,615 shares of the company’s stock valued at $130,888,000 after buying an additional 178,427 shares during the last quarter. Fisher Asset Management LLC boosted its position in CalAtlantic Group by 2.4% in the third quarter. Fisher Asset Management LLC now owns 2,327,163 shares of the company’s stock valued at $77,820,000 after buying an additional 54,710 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in CalAtlantic Group by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,224,143 shares of the company’s stock valued at $74,331,000 after buying an additional 47,652 shares during the last quarter. FMR LLC boosted its position in CalAtlantic Group by 13.9% in the second quarter. FMR LLC now owns 1,925,063 shares of the company’s stock valued at $70,669,000 after buying an additional 234,907 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in CalAtlantic Group by 4.5% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,620,035 shares of the company’s stock valued at $59,472,000 after buying an additional 70,031 shares during the last quarter.
About CalAtlantic Group
CalAtlantic Group, Inc, formerly Standard Pacific Corp., is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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