Geode Capital Management LLC Cuts Stock Position in KB Home $KBH

Geode Capital Management LLC reduced its position in KB Home (NYSE:KBH) by 6.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,594,352 shares of the construction company’s stock after selling 108,977 shares during the quarter. Geode Capital Management LLC’s holdings in KB Home were worth $89,951,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of KB Home by 3.1% in the 2nd quarter. State Street Corp now owns 3,503,159 shares of the construction company’s stock worth $185,562,000 after purchasing an additional 106,926 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of KB Home in the 3rd quarter worth about $111,050,000. Invesco Ltd. boosted its holdings in shares of KB Home by 1.4% in the 3rd quarter. Invesco Ltd. now owns 1,400,892 shares of the construction company’s stock worth $89,153,000 after purchasing an additional 19,330 shares in the last quarter. Deprince Race & Zollo Inc. boosted its holdings in shares of KB Home by 13.1% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,054,280 shares of the construction company’s stock worth $59,472,000 after purchasing an additional 122,457 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of KB Home by 36.4% in the 3rd quarter. Bank of America Corp DE now owns 1,033,287 shares of the construction company’s stock worth $65,758,000 after purchasing an additional 275,965 shares in the last quarter. 96.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on KBH. Barclays cut their price objective on KB Home from $62.00 to $56.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Wells Fargo & Company dropped their target price on KB Home from $55.00 to $50.00 and set an “underweight” rating for the company in a report on Wednesday, March 25th. Royal Bank Of Canada dropped their target price on KB Home from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Wednesday, March 25th. Wall Street Zen cut KB Home from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Finally, The Goldman Sachs Group dropped their target price on KB Home from $65.00 to $56.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $59.17.

KB Home Price Performance

Shares of KBH stock opened at $52.13 on Monday. The stock has a market capitalization of $3.27 billion, a PE ratio of 13.23, a P/E/G ratio of 9.19 and a beta of 1.37. KB Home has a 1-year low of $44.03 and a 1-year high of $68.71. The business has a 50-day moving average of $50.72 and a 200 day moving average of $56.81.

KB Home (NYSE:KBH) last issued its earnings results on Tuesday, March 24th. The construction company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.10 billion. KB Home had a return on equity of 9.63% and a net margin of 5.96%.KB Home’s quarterly revenue was down 22.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.49 EPS. Analysts anticipate that KB Home will post 3.1 EPS for the current year.

KB Home Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 7th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $1.00 dividend on an annualized basis and a yield of 1.9%. KB Home’s dividend payout ratio is presently 25.38%.

KB Home Company Profile

KB Home is an American homebuilding company headquartered in Los Angeles, California. Founded in 1957, it was among the first homebuilders to go public, offering investors access to one of the nation’s largest residential construction platforms. The company is structured to serve a broad spectrum of homebuyers, with a particular focus on first-time, first move-up and active adult segments. As a public company trading on the New York Stock Exchange under the symbol KBH, KB Home draws on decades of experience in land acquisition, construction and community planning.

At its core, KB Home designs and constructs single-family detached and attached homes, townhomes and condominium units.