CalAtlantic Group Inc. (CAA) Downgraded to Sell at Zacks Investment Research
CalAtlantic Group Inc. (NYSE:CAA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “CalAtlantic Group, Inc. operates as a homebuilder. The company offers crafted homes. It also provides mortgage financing services to its homebuyers; and title examination services. Calatlantic Group Inc., formerly known as Standard Pacific Corp., is headquartered in Irvine, California. “
CAA has been the subject of a number of other research reports. Credit Suisse Group AG reiterated a “buy” rating on shares of CalAtlantic Group in a research note on Tuesday, July 12th. JMP Securities reiterated a “hold” rating on shares of CalAtlantic Group in a research note on Wednesday, June 29th. RBC Capital Markets reiterated an “outperform” rating and issued a $43.00 price target (down previously from $48.00) on shares of CalAtlantic Group in a research note on Monday, August 1st. FBR & Co reiterated a “marketperform” rating on shares of CalAtlantic Group in a research note on Tuesday, September 27th. Finally, Janney Montgomery Scott upgraded CalAtlantic Group to a “neutral” rating in a research note on Monday, June 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $42.69.
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CalAtlantic Group (NYSE:CAA) traded up 0.15% on Tuesday, reaching $33.25. The company’s stock had a trading volume of 1,812,885 shares. CalAtlantic Group has a one year low of $26.97 and a one year high of $43.24. The company has a market capitalization of $3.94 billion, a PE ratio of 13.18 and a beta of 1.59. The firm has a 50-day moving average of $34.86 and a 200-day moving average of $35.67.
CalAtlantic Group (NYSE:CAA) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.58. CalAtlantic Group had a return on equity of 11.24% and a net margin of 5.86%. The business earned $1.56 billion during the quarter, compared to analyst estimates of $126.24 million. The company’s revenue was up 124.4% compared to the same quarter last year. Analysts predict that CalAtlantic Group will post $3.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.48%. The ex-dividend date was Tuesday, September 13th. CalAtlantic Group’s payout ratio is currently 6.40%.
In other CalAtlantic Group 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 completion of the sale, the chief marketing officer now owns 54,396 shares of the company’s stock, valued at $1,877,205.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 37.80% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in CAA. Bank of Montreal Can purchased a new stake in shares of CalAtlantic Group during the second quarter valued at about $113,000. Fifth Third Bancorp purchased a new stake in shares of CalAtlantic Group during the second quarter valued at about $166,000. LS Investment Advisors LLC increased its stake in shares of CalAtlantic Group by 63.5% in the second quarter. LS Investment Advisors LLC now owns 4,564 shares of the company’s stock valued at $168,000 after buying an additional 1,772 shares during the last quarter. Gray Financial Group GA ADV ADV purchased a new stake in shares of CalAtlantic Group during the second quarter valued at about $216,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of CalAtlantic Group during the second quarter valued at about $220,000.
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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