Fisher Asset Management LLC decreased its position in M.D.C. Holdings, Inc. (NYSE:MDC) by 5.3% in the third quarter, HoldingsChannel.com reports. The firm owned 143,158 shares of the construction company’s stock after selling 7,974 shares during the period. Fisher Asset Management LLC’s holdings in M.D.C. were worth $4,235,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. MUFG Americas Holdings Corp purchased a new stake in shares of M.D.C. in the second quarter valued at approximately $106,000. Truvestments Capital LLC purchased a new stake in shares of M.D.C. in the third quarter valued at approximately $109,000. Sun Life Financial INC purchased a new stake in shares of M.D.C. in the second quarter valued at approximately $140,000. First Hawaiian Bank purchased a new stake in shares of M.D.C. in the third quarter valued at approximately $139,000. Finally, Amalgamated Bank purchased a new stake in shares of M.D.C. in the second quarter valued at approximately $204,000. Hedge funds and other institutional investors own 77.42% of the company’s stock.
In other news, Director Michael A. Berman sold 20,000 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $32.67, for a total transaction of $653,400.00. Following the completion of the sale, the director now owns 131,867 shares in the company, valued at approximately $4,308,094.89. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Larry A. Mizel sold 10,000 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $33.15, for a total value of $331,500.00. Following the sale, the chairman now owns 121,867 shares of the company’s stock, valued at approximately $4,039,891.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,000 shares of company stock valued at $1,637,300. Company insiders own 27.00% of the company’s stock.
M.D.C. (NYSE:MDC) last issued its quarterly earnings data on Wednesday, August 1st. The construction company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.85 by $0.27. M.D.C. had a return on equity of 13.82% and a net margin of 6.91%. The firm had revenue of $749.60 million during the quarter, compared to analyst estimates of $713.27 million. During the same quarter in the prior year, the business posted $0.64 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts anticipate that M.D.C. Holdings, Inc. will post 3.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 7th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $1.20 annualized dividend and a dividend yield of 4.27%. M.D.C.’s dividend payout ratio is presently 46.51%.
A number of analysts recently issued reports on the company. ValuEngine upgraded M.D.C. from a “sell” rating to a “hold” rating in a report on Wednesday, July 18th. Wedbush lowered their price target on M.D.C. from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday, August 2nd. Zacks Investment Research lowered M.D.C. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 18th. JPMorgan Chase & Co. upgraded M.D.C. from an “underweight” rating to a “neutral” rating and set a $36.00 target price for the company in a report on Friday, July 13th. Finally, Bank of America upgraded M.D.C. from an “underperform” rating to a “buy” rating and upped their target price for the stock from $36.00 to $42.00 in a report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $34.00.
M.D.C. Company Profile
M.DC Holdings, Inc, through its subsidiaries, engages in the homebuilding and financial service businesses. Its homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name.
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