CIBC Asset Management Inc Raises Stake in D.R. Horton, Inc. (NYSE:DHI)
CIBC Asset Management Inc increased its stake in D.R. Horton, Inc. (NYSE:DHI) by 0.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,970 shares of the construction company’s stock after buying an additional 132 shares during the period. CIBC Asset Management Inc’s holdings in D.R. Horton were worth $1,313,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of DHI. Benjamin F. Edwards & Company Inc. bought a new position in shares of D.R. Horton during the first quarter valued at approximately $117,000. Creative Planning raised its position in shares of D.R. Horton by 6.9% in the second quarter. Creative Planning now owns 5,665 shares of the construction company’s stock valued at $196,000 after buying an additional 364 shares during the period. Quantitative Systematic Strategies LLC bought a new position in shares of D.R. Horton during the second quarter valued at approximately $202,000. V Wealth Management LLC bought a new position in shares of D.R. Horton during the first quarter valued at approximately $203,000. Finally, Pacer Advisors Inc. raised its position in shares of D.R. Horton by 3.4% in the first quarter. Pacer Advisors Inc. now owns 6,082 shares of the construction company’s stock valued at $203,000 after buying an additional 198 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.
Shares of D.R. Horton, Inc. (NYSE DHI) opened at 35.89 on Friday. D.R. Horton, Inc. has a 52-week low of $26.69 and a 52-week high of $37.44. The stock has a 50 day moving average of $35.75 and a 200-day moving average of $33.38. The stock has a market capitalization of $13.43 billion, a P/E ratio of 13.45 and a beta of 1.25.
D.R. Horton (NYSE:DHI) last released its quarterly earnings data on Wednesday, July 26th. The construction company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.01. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.71 billion. D.R. Horton had a return on equity of 14.19% and a net margin of 7.38%. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 earnings per share. Analysts predict that D.R. Horton, Inc. will post $2.78 EPS for the current fiscal year.
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. The ex-dividend date is Monday, August 7th. This represents a $0.40 annualized dividend and a dividend yield of 1.11%. D.R. Horton’s payout ratio is currently 15.04%.
D.R. Horton declared that its Board of Directors has approved a share buyback program on Wednesday, July 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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Several brokerages have commented on DHI. BidaskClub lowered shares of D.R. Horton from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $38.00 price objective on shares of D.R. Horton in a report on Tuesday, June 6th. Royal Bank Of Canada upped their price objective on shares of D.R. Horton from $37.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. Wedbush upped their price objective on shares of D.R. Horton from $36.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, July 17th. Finally, Mizuho began coverage on shares of D.R. Horton in a report on Tuesday, May 16th. They issued a “neutral” rating and a $32.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus 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 completion of the sale, the director now directly owns 7,316 shares in the company, valued at $263,595.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.20% of the company’s stock.
D.R. Horton Company Profile
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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