Morse Asset Management Inc Buys 9,300 Shares of D.R. Horton, Inc. (DHI)
Morse Asset Management Inc increased its stake in shares of D.R. Horton, Inc. (NYSE:DHI) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,520 shares of the construction company’s stock after buying an additional 9,300 shares during the period. D.R. Horton comprises approximately 1.5% of Morse Asset Management Inc’s holdings, making the stock its 18th largest position. Morse Asset Management Inc’s holdings in D.R. Horton were worth $4,478,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. raised its stake in D.R. Horton by 2.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 42,940 shares of the construction company’s stock valued at $1,430,000 after buying an additional 950 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of D.R. Horton by 6.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 832,778 shares of the construction company’s stock valued at $22,759,000 after buying an additional 51,157 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of D.R. Horton by 38.6% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,596 shares of the construction company’s stock valued at $286,000 after buying an additional 2,396 shares during the last quarter. Courier Capital LLC acquired a new position in shares of D.R. Horton during the first quarter valued at approximately $217,000. Finally, Swiss National Bank increased its position in shares of D.R. Horton by 28.9% in the first quarter. Swiss National Bank now owns 1,255,274 shares of the construction company’s stock valued at $41,813,000 after buying an additional 281,200 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.
Shares of D.R. Horton, Inc. (NYSE:DHI) opened at 36.25 on Wednesday. The stock has a market capitalization of $13.57 billion, a P/E ratio of 13.58 and a beta of 1.25. D.R. Horton, Inc. has a 52-week low of $26.69 and a 52-week high of $37.44. The company has a 50 day moving average price of $35.49 and a 200-day moving average price of $33.16.
D.R. Horton (NYSE:DHI) last posted its quarterly earnings data on Wednesday, July 26th. The construction company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.01. D.R. Horton had a return on equity of 14.19% and a net margin of 7.38%. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.71 billion. During the same period in the previous year, the firm posted $0.66 EPS. D.R. Horton’s revenue was up 17.0% compared to the same quarter last year. On average, analysts predict that D.R. Horton, Inc. will post $2.78 earnings per share for the current fiscal year.
D.R. Horton announced that its board has initiated a stock buyback program on Wednesday, July 26th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.10%. The ex-dividend date is Monday, August 7th. D.R. Horton’s payout ratio is 15.04%.
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DHI has been the topic of several research analyst reports. Wedbush restated an “outperform” rating and issued a $36.00 price objective on shares of D.R. Horton in a research report on Thursday, April 13th. Credit Suisse Group initiated coverage on D.R. Horton in a research report on Thursday, June 22nd. They issued an “outperform” rating and a $38.00 price objective on the stock. Deutsche Bank AG restated a “hold” rating and issued a $36.00 price objective (up from $34.00) on shares of D.R. Horton in a research report on Thursday, July 27th. Raymond James Financial, Inc. upgraded D.R. Horton from a “market perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Friday, June 30th. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $41.00 price objective (up from $39.00) on shares of D.R. Horton in a research report on Monday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $36.59.
In related news, Director Barbara K. Allen sold 1,666 shares of D.R. Horton stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $36.03, for a total value of $60,025.98. Following the sale, the director now directly owns 7,316 shares in the company, valued at approximately $263,595.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 7.20% of the company’s stock.
About D.R. Horton
D.R. Horton, Inc is a homebuilding company. The Company constructed and sold homes in 27 states and 79 markets, as of September 30, 2015. The Company’s segments include its 39 homebuilding divisions, its financial services operations and its other business activities. In the homebuilding segment, the Company builds and sells single-family detached homes and attached homes, such as town homes, duplexes, triplexes and condominiums.
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