First Trust Advisors LP Decreases Position in CalAtlantic Group Inc. (CAA)
First Trust Advisors LP reduced its stake in shares of CalAtlantic Group Inc. (NYSE:CAA) by 42.7% during the second quarter, Holdings Channel reports. The firm owned 63,636 shares of the company’s stock after selling 47,337 shares during the period. First Trust Advisors LP owned approximately 0.05% of CalAtlantic Group worth $2,336,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new stake in shares of CalAtlantic Group during the second quarter valued at $113,000. LS Investment Advisors LLC increased its stake in shares of CalAtlantic Group by 63.5% in the second quarter. LS Investment Advisors LLC now owns 4,564 shares of the company’s stock valued at $168,000 after buying an additional 1,772 shares in the last quarter. Gray Financial Group GA ADV ADV acquired a new stake in shares of CalAtlantic Group during the second quarter valued at $216,000. Wright Investors Service Inc. acquired a new stake in shares of CalAtlantic Group during the second quarter valued at $238,000. Finally, IBM Retirement Fund acquired a new stake in shares of CalAtlantic Group during the second quarter valued at $277,000.
CalAtlantic Group Inc. (NYSE:CAA) traded up 1.01% during midday trading on Thursday, hitting $34.17. The stock had a trading volume of 1,556,776 shares. The company has a market cap of $4.05 billion, a PE ratio of 13.54 and a beta of 1.49. The stock’s 50 day moving average price is $35.81 and its 200-day moving average price is $35.46. CalAtlantic Group Inc. has a 52 week low of $26.97 and a 52 week high of $43.45.
CalAtlantic Group (NYSE:CAA) last released its earnings results on Thursday, July 28th. The company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.58. The firm earned $1.56 billion during the quarter, compared to analyst estimates of $126.24 million. CalAtlantic Group had a net margin of 5.86% and a return on equity of 11.24%. The company’s quarterly revenue was up 124.4% on a year-over-year basis. Equities research analysts predict that CalAtlantic Group Inc. will post $3.47 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.16 dividend on an annualized basis and a yield of 0.47%. CalAtlantic Group’s payout ratio is currently 6.40%.
CAA has been the subject of several recent analyst reports. Zacks Investment Research downgraded CalAtlantic Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 27th. TheStreet upgraded CalAtlantic Group from a “hold” rating to a “buy” rating in a research note on Friday, July 29th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of CalAtlantic Group in a research note on Friday, June 10th. Royal Bank Of Canada decreased their price target on CalAtlantic Group from $48.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, August 1st. Finally, Credit Suisse Group AG reiterated a “buy” rating and issued a $40.00 price target on shares of CalAtlantic Group in a research note on Wednesday, June 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. CalAtlantic Group presently has a consensus rating of “Buy” and a consensus target price of $42.69.
In related news, CMO Wendy L. Marlett sold 18,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $34.51, for a total value of $621,180.00. Following the sale, the chief marketing officer now owns 54,396 shares of the company’s stock, valued at $1,877,205.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 37.80% of the stock is currently owned by corporate insiders.
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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