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 report issued to clients and investors 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. “
Several other analysts have also weighed in on CAA. RBC Capital Markets restated an “outperform” rating and set a $43.00 price target (down previously from $48.00) on shares of CalAtlantic Group in a report on Monday, August 1st. FBR & Co restated a “marketperform” rating on shares of CalAtlantic Group in a report on Tuesday, September 27th. MKM Partners set a $45.00 price target on CalAtlantic Group and gave the company a “buy” rating in a report on Thursday, November 24th. Wedbush assumed coverage on CalAtlantic Group in a report on Monday, September 19th. They set an “outperform” rating and a $44.00 price target on the stock. Finally, Bank of America Corp. upgraded CalAtlantic Group from an “underperform” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, August 12th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $42.35.
CalAtlantic Group (NYSE:CAA) opened at 33.39 on Tuesday. The firm’s 50-day moving average price is $32.30 and its 200 day moving average price is $35.29. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 11.54 and a beta of 1.48. CalAtlantic Group has a 12 month low of $26.97 and a 12 month high of $42.31.
CalAtlantic Group (NYSE:CAA) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.03. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. CalAtlantic Group had a return on equity of 11.73% and a net margin of 6.44%. The company’s revenue for the quarter was up 166.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.59 EPS. On average, analysts anticipate that CalAtlantic Group will post $3.42 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Stockholders 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 dividend yield of 0.48%. The ex-dividend date is Tuesday, December 13th. CalAtlantic Group’s payout ratio is 5.56%.
In other news, CMO Wendy L. Marlett sold 18,000 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $34.51, for a total transaction of $621,180.00. Following the transaction, the chief marketing officer now owns 54,396 shares of the company’s stock, valued at approximately $1,877,205.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 37.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Wright Investors Service Inc. purchased a new position in CalAtlantic Group during the second quarter worth about $238,000. Sanders Capital LLC increased its position in CalAtlantic Group by 5.4% in the second quarter. Sanders Capital LLC now owns 3,493,615 shares of the company’s stock worth $130,888,000 after buying an additional 178,427 shares during the last quarter. Standard Life Investments LTD purchased a new position in CalAtlantic Group during the second quarter worth about $55,287,000. Sadoff Investment Management LLC increased its position in CalAtlantic Group by 1.0% in the third quarter. Sadoff Investment Management LLC now owns 600,855 shares of the company’s stock worth $20,093,000 after buying an additional 5,950 shares during the last quarter. Finally, IBM Retirement Fund purchased a new position in CalAtlantic Group during the second quarter worth about $277,000.
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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