CalAtlantic Group Inc. (CAA) Stock Rating Upgraded by Zacks Investment Research
CalAtlantic Group Inc. (NYSE:CAA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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 brokerages also recently issued reports on CAA. FBR & Co reissued a “hold” rating and issued a $38.00 price target on shares of CalAtlantic Group in a report on Thursday, November 3rd. Royal Bank Of Canada lowered their price target on shares of CalAtlantic Group from $48.00 to $43.00 and set an “outperform” rating on the stock in a report on Monday, August 1st. TheStreet downgraded shares of CalAtlantic Group from a “buy” rating to a “hold” rating in a report on Monday, October 3rd. JPMorgan Chase & Co. reissued a “buy” rating on shares of CalAtlantic Group in a report on Thursday, November 3rd. Finally, Wells Fargo & Co. initiated coverage on shares of CalAtlantic Group in a research note on Wednesday, September 28th. They issued a “market perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $42.35.
Shares of CalAtlantic Group (NYSE:CAA) opened at 33.39 on Tuesday. CalAtlantic Group has a 12-month low of $26.97 and a 12-month high of $42.31. The firm’s 50-day moving average is $32.30 and its 200-day moving average is $35.29. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of 11.54 and a beta of 1.48.
CalAtlantic Group (NYSE:CAA) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. CalAtlantic Group had a net margin of 6.44% and a return on equity of 11.73%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the firm posted $0.59 earnings per share. The company’s revenue for the quarter was up 166.0% on a year-over-year basis. On average, equities analysts predict that CalAtlantic Group will post $3.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Tuesday, December 13th. CalAtlantic Group’s payout ratio is currently 5.56%.
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In other news, CMO Wendy L. Marlett sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $34.51, for a total value of $621,180.00. Following the transaction, the chief marketing officer now owns 54,396 shares in the company, valued at $1,877,205.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 37.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sanders Capital LLC boosted its position 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 in the last quarter. Hexavest Inc. boosted its position 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 in the last quarter. Fisher Asset Management LLC boosted its position 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 in the last quarter. FMR LLC boosted its position 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 in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position 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 in the last quarter.
CalAtlantic Group Company Profile
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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