CalAtlantic Group Inc. (CAA) Shares Up 3.1%
CalAtlantic Group Inc. (NYSE:CAA) shares shot up 3.1% during mid-day trading on Tuesday . The stock traded as high as $37.61 and last traded at $37.09, with a volume of 889,115 shares. The stock had previously closed at $35.97.
Several brokerages recently issued reports on CAA. Zacks Investment Research cut CalAtlantic Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. RBC Capital Markets reissued an “outperform” rating and issued a $43.00 price objective (down previously from $48.00) on shares of CalAtlantic Group in a research note on Monday, August 1st. JPMorgan Chase & Co. reissued a “buy” rating on shares of CalAtlantic Group in a research note on Friday, June 10th. Raymond James Financial Inc. raised CalAtlantic Group from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research note on Friday, May 13th. Finally, JMP Securities reissued a “hold” rating on shares of CalAtlantic Group in a research note on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $42.58.
The firm has a market capitalization of $4.39 billion and a PE ratio of 14.70. The company’s 50 day moving average is $37.79 and its 200 day moving average is $34.59.
CalAtlantic Group (NYSE:CAA) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.58. The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $126.24 million. The firm’s revenue was up 124.4% on a year-over-year basis. Equities research analysts expect that CalAtlantic Group Inc. will post $3.50 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Tuesday, September 13th.
Several hedge funds have recently added to or reduced their stakes in CAA. Jennison Associates LLC purchased a new stake in CalAtlantic Group during the fourth quarter valued at approximately $59,225,000. New York State Common Retirement Fund purchased a new stake in CalAtlantic Group during the fourth quarter valued at approximately $3,379,000. BNP Paribas Arbitrage SA purchased a new stake in CalAtlantic Group during the fourth quarter valued at approximately $3,220,000. Finally, US Bancorp DE purchased a new stake in CalAtlantic Group during the fourth quarter valued at approximately $1,013,000.
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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