Wedbush Begins Coverage on CalAtlantic Group Inc. (CAA)
A number of other research analysts have also weighed in on the stock. MKM Partners raised shares of CalAtlantic Group from a neutral rating to a buy rating and boosted their target price for the stock from $38.00 to $47.00 in a research report on Monday, July 11th. Bank of America Corp. upgraded shares of CalAtlantic Group from an underperform rating to a buy rating and set a $42.00 price objective on the stock in a report on Friday, August 12th. Zacks Investment Research downgraded shares of CalAtlantic Group from a hold rating to a sell rating in a report on Wednesday, August 3rd. Credit Suisse Group AG restated a buy rating and set a $40.00 price objective on shares of CalAtlantic Group in a report on Wednesday, June 29th. Finally, RBC Capital Markets started coverage on shares of CalAtlantic Group in a report on Tuesday, July 19th. They set a buy rating and a $48.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. CalAtlantic Group presently has an average rating of Buy and an average target price of $42.69.
Shares of CalAtlantic Group (NYSE:CAA) opened at 33.83 on Monday. The stock’s 50 day moving average price is $35.81 and its 200-day moving average price is $35.46. CalAtlantic Group has a 12-month low of $26.97 and a 12-month high of $43.45. The company has a market cap of $4.01 billion, a PE ratio of 13.41 and a beta of 1.49.
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. On average, equities research analysts forecast that CalAtlantic Group will post $3.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.04 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.16 annualized dividend and a yield of 0.47%. CalAtlantic Group’s dividend payout ratio is 6.40%.
In other CalAtlantic Group 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 transaction of $621,180.00. Following the sale, the chief marketing officer now directly owns 54,396 shares of the company’s stock, valued at $1,877,205.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 37.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Bank of Montreal Can purchased a new stake in shares of CalAtlantic Group during the second quarter valued at $113,000. Fifth Third Bancorp purchased a new stake in shares of CalAtlantic Group during the second quarter valued at $166,000. LS Investment Advisors LLC boosted 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 purchased a new stake in shares of CalAtlantic Group during the second quarter valued at $216,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of CalAtlantic Group during the second quarter valued at $220,000.
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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