Bank of America Downgrades NVR (NVR) to Neutral
NVR (NYSE:NVR) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They currently have a $2,850.00 price target on the construction company’s stock. Bank of America’s price objective indicates a potential upside of 31.34% from the company’s previous close.
A number of other research firms have also recently weighed in on NVR. ValuEngine cut shares of NVR from a “sell” rating to a “strong sell” rating in a research note on Friday, September 28th. Zacks Investment Research cut shares of NVR from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. JPMorgan Chase & Co. reissued a “$2,892.50” rating and issued a $3,100.00 target price (down previously from $3,450.00) on shares of NVR in a research note on Monday, July 23rd. Finally, MKM Partners lowered their target price on shares of NVR to $3,100.00 and set a “neutral” rating on the stock in a research note on Friday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. NVR currently has a consensus rating of “Hold” and a consensus price target of $3,243.20.
NYSE:NVR opened at $2,170.00 on Thursday. NVR has a 52-week low of $2,040.71 and a 52-week high of $3,700.00. The company has a current ratio of 3.67, a quick ratio of 1.40 and a debt-to-equity ratio of 0.37. The stock has a market cap of $8.16 billion, a PE ratio of 15.30, a P/E/G ratio of 0.82 and a beta of 0.47.
NVR announced that its board has authorized a share buyback plan on Wednesday, August 1st that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other NVR news, insider Jeffrey D. Martchek sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $2,713.28, for a total transaction of $2,713,280.00. Following the sale, the insider now directly owns 5,198 shares of the company’s stock, valued at $14,103,629.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eddie Arthur Grier sold 108 shares of the company’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $2,722.12, for a total transaction of $293,988.96. Following the sale, the director now directly owns 193 shares in the company, valued at $525,369.16. The disclosure for this sale can be found here. In the last three months, insiders sold 2,108 shares of company stock worth $5,734,359. 11.30% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of NVR. Dimensional Fund Advisors LP grew its stake in NVR by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 20,464 shares of the construction company’s stock worth $57,299,000 after buying an additional 120 shares during the last quarter. Stifel Financial Corp bought a new stake in NVR during the first quarter worth about $493,000. Amundi Pioneer Asset Management Inc. grew its stake in NVR by 2.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 2,166 shares of the construction company’s stock worth $6,065,000 after buying an additional 56 shares during the last quarter. Verition Fund Management LLC bought a new stake in NVR during the first quarter worth about $221,000. Finally, Millennium Management LLC grew its stake in NVR by 2.0% during the first quarter. Millennium Management LLC now owns 2,110 shares of the construction company’s stock worth $5,908,000 after buying an additional 41 shares during the last quarter. 78.10% of the stock is currently owned by hedge funds and other institutional investors.
NVR, Inc operates as a homebuilder in the United States. The company operates through four segments: Mid Atlantic, North East, Mid East, and South East. It primarily constructs and sells single-family detached homes, townhomes, and condominium buildings under the Ryan Homes, NVHomes, and Heartland Homes names.
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