CalAtlantic Group Inc. (CAA) Forecasted to Post Q3 2016 Earnings of $0.89 Per Share
CalAtlantic Group Inc. (NYSE:CAA) – Equities researchers at Wedbush issued their Q3 2016 earnings per share estimates for CalAtlantic Group in a note issued to investors on Monday. Wedbush analyst J. Mccanless expects that the brokerage will earn $0.89 per share for the quarter. Wedbush has a “Outperform” rating and a $44.00 price objective on the stock. Wedbush also issued estimates for CalAtlantic Group’s Q4 2016 earnings at $1.17 EPS, FY2016 earnings at $3.41 EPS, Q1 2017 earnings at $0.65 EPS, Q2 2017 earnings at $0.92 EPS, Q3 2017 earnings at $1.09 EPS, Q4 2017 earnings at $1.34 EPS and FY2017 earnings at $4.00 EPS.
CalAtlantic Group (NYSE:CAA) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.58. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $126.24 million. CalAtlantic Group had a net margin of 5.86% and a return on equity of 11.24%. The firm’s quarterly revenue was up 124.4% on a year-over-year basis.
A number of other analysts also recently issued reports on CAA. Zacks Investment Research downgraded shares of CalAtlantic Group from a “hold” rating to a “sell” rating in a report on Monday, July 11th. RBC Capital Markets reissued an “outperform” rating and set a $43.00 price target (down from $48.00) on shares of CalAtlantic Group in a report on Monday, August 1st. JPMorgan Chase & Co. reissued a “buy” rating on shares of CalAtlantic Group in a report on Friday, June 10th. JMP Securities reissued a “hold” rating on shares of CalAtlantic Group in a report on Wednesday, June 29th. Finally, TheStreet raised shares of CalAtlantic Group from a “hold” rating to a “buy” rating in a report on Friday, July 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company. CalAtlantic Group currently has a consensus rating of “Buy” and a consensus target price of $42.69.
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Shares of CalAtlantic Group (NYSE:CAA) remained flat at $33.36 during mid-day trading on Wednesday. 415,181 shares of the company’s stock were exchanged. The stock has a market cap of $3.95 billion, a PE ratio of 13.22 and a beta of 1.49. The company’s 50-day moving average price is $35.87 and its 200 day moving average price is $35.47. CalAtlantic Group has a 52 week low of $26.97 and a 52 week high of $43.45.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Tuesday, September 13th. CalAtlantic Group’s dividend payout ratio is currently 6.40%.
In other news, CMO Wendy L. Marlett sold 18,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $34.51, for a total value of $621,180.00. Following the transaction, the chief marketing officer now directly owns 54,396 shares of the company’s stock, valued at $1,877,205.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 37.80% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new position in shares of CalAtlantic Group during the first quarter worth approximately $17,731,000. BlackRock Inc. increased its position in shares of CalAtlantic Group by 9.5% in the first quarter. BlackRock Inc. now owns 29,495 shares of the company’s stock worth $985,000 after buying an additional 2,561 shares during the period. Seven Eight Capital LLC purchased a new position in shares of CalAtlantic Group during the first quarter worth approximately $569,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of CalAtlantic Group during the first quarter worth approximately $2,910,000. Finally, Norges Bank purchased a new position in shares of CalAtlantic Group during the fourth quarter worth approximately $20,678,000.
About CalAtlantic Group
CalAtlantic Group, Inc, formerly Standard Pacific Corp., is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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