Bank of America Has Lowered Expectations for KB Home (NYSE:KBH) Stock Price

KB Home (NYSE:KBH) had its price objective reduced by equities research analysts at Bank of America from $62.00 to $58.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. Bank of America‘s price target indicates a potential upside of 1.17% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. UBS Group restated a “buy” rating on shares of KB Home in a research report on Friday. JPMorgan Chase & Co. decreased their price objective on KB Home from $63.00 to $53.00 and set a “neutral” rating on the stock in a report on Monday, September 29th. Barclays reaffirmed an “overweight” rating and set a $62.00 target price on shares of KB Home in a research note on Monday. Wells Fargo & Company dropped their target price on shares of KB Home from $60.00 to $55.00 and set an “underweight” rating for the company in a report on Friday. Finally, Oppenheimer initiated coverage on shares of KB Home in a research note on Wednesday, September 3rd. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $63.73.

KB Home Stock Down 8.6%

Shares of NYSE KBH opened at $57.33 on Monday. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 4.67 and a beta of 1.40. The company’s 50-day simple moving average is $62.13 and its 200-day simple moving average is $60.11. KB Home has a 52-week low of $48.90 and a 52-week high of $72.64.

KB Home (NYSE:KBH) last issued its quarterly earnings results on Thursday, December 18th. The construction company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.13. KB Home had a net margin of 6.88% and a return on equity of 11.34%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company posted $2.52 EPS. KB Home’s quarterly revenue was down 15.5% compared to the same quarter last year. Equities research analysts anticipate that KB Home will post 8.42 EPS for the current fiscal year.

Insider Buying and Selling at KB Home

In related news, EVP Albert Z. Praw sold 20,284 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $60.08, for a total value of $1,218,662.72. Following the completion of the sale, the executive vice president owned 104,062 shares of the company’s stock, valued at approximately $6,252,044.96. This represents a 16.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 3.89% of the company’s stock.

Hedge Funds Weigh In On KB Home

Several institutional investors and hedge funds have recently bought and sold shares of KBH. Hsbc Holdings PLC purchased a new stake in shares of KB Home during the 1st quarter valued at approximately $209,000. AlphaQuest LLC acquired a new stake in KB Home during the first quarter worth $60,000. Campbell & CO Investment Adviser LLC raised its position in KB Home by 102.0% in the first quarter. Campbell & CO Investment Adviser LLC now owns 35,931 shares of the construction company’s stock valued at $2,088,000 after purchasing an additional 18,139 shares during the period. Rafferty Asset Management LLC raised its position in KB Home by 2.7% in the first quarter. Rafferty Asset Management LLC now owns 50,584 shares of the construction company’s stock valued at $2,940,000 after purchasing an additional 1,347 shares during the period. Finally, Titleist Asset Management LLC acquired a new position in shares of KB Home in the 1st quarter valued at $3,353,000. 96.09% of the stock is currently owned by institutional investors and hedge funds.

About KB Home

KB Home is an American homebuilding company headquartered in Los Angeles, California. Founded in 1957, it was among the first homebuilders to go public, offering investors access to one of the nation’s largest residential construction platforms. The company is structured to serve a broad spectrum of homebuyers, with a particular focus on first-time, first move-up and active adult segments. As a public company trading on the New York Stock Exchange under the symbol KBH, KB Home draws on decades of experience in land acquisition, construction and community planning.

At its core, KB Home designs and constructs single-family detached and attached homes, townhomes and condominium units.