CalAtlantic Group Inc. (CAA) Bonds Rise 0.6% During Trading
An issue of CalAtlantic Group Inc. (NYSE:CAA) bonds rose 0.6% against their face value during trading on Monday. The debt issue has a 8.375% coupon and will mature on May 15, 2018. The bonds in the issue are now trading at $108.63 and were trading at $109.00 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
Several equities analysts have recently commented on the company. Zacks Investment Research cut CalAtlantic Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. Bank of America Corp. upgraded CalAtlantic Group from an “underperform” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Friday, August 12th. Wells Fargo & Co. assumed coverage on CalAtlantic Group in a research note on Wednesday, September 28th. They set a “market perform” rating on the stock. FBR & Co restated a “marketperform” rating on shares of CalAtlantic Group in a research note on Tuesday, September 27th. Finally, MKM Partners set a $45.00 price objective on CalAtlantic Group and gave the stock a “buy” rating in a research note on Thursday, November 24th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. CalAtlantic Group currently has a consensus rating of “Buy” and an average target price of $42.35.
CalAtlantic Group Inc. (NYSE:CAA) opened at 34.24 on Wednesday. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of 11.84 and a beta of 1.48. The stock’s 50 day moving average price is $32.26 and its 200-day moving average price is $35.30. CalAtlantic Group Inc. has a one year low of $26.97 and a one year high of $43.16.
CalAtlantic Group (NYSE:CAA) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.03. CalAtlantic Group had a return on equity of 11.73% and a net margin of 6.44%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm earned $0.59 EPS. CalAtlantic Group’s revenue for the quarter was up 166.0% compared to the same quarter last year. On average, equities research analysts anticipate that CalAtlantic Group Inc. will post $3.42 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.47%. The ex-dividend date is Tuesday, December 13th. CalAtlantic Group’s payout ratio is presently 5.56%.
In other news, CMO Wendy L. Marlett sold 18,000 shares of CalAtlantic Group stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $34.51, for a total transaction of $621,180.00. Following the sale, the chief marketing officer now owns 54,396 shares of the company’s stock, valued at approximately $1,877,205.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 37.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Sanders Capital LLC raised its stake in shares of CalAtlantic Group by 6.1% in the third quarter. Sanders Capital LLC now owns 3,708,315 shares of the company’s stock valued at $126,415,000 after buying an additional 214,700 shares during the last quarter. Hexavest Inc. raised its stake in shares of CalAtlantic Group by 84.8% in the third quarter. Hexavest Inc. now owns 2,670,900 shares of the company’s stock valued at $89,315,000 after buying an additional 1,225,799 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of 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. FMR LLC raised its stake in shares of 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. raised its stake in shares of 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.
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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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