Taylor Morrison Home Corp (TMHC) Releases Earnings Results, Beats Estimates By $0.04 EPS
Taylor Morrison Home Corp (NASDAQ:TMHC) announced its quarterly earnings data on Wednesday. The construction company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.04, Bloomberg Earnings reports. Taylor Morrison Home Corp had a return on equity of 9.57% and a net margin of 6.16%. The firm had revenue of $908.00 million for the quarter, compared to analysts’ expectations of $914.19 million. During the same period last year, the firm earned $0.49 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year.
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Taylor Morrison Home Corp declared that its Board of Directors has initiated a share buyback plan on Monday, September 18th that authorizes the company to buyback $43.60 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In related news, insider C. David Cone sold 20,000 shares of the company’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $22.83, for a total transaction of $456,600.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
A number of research analysts have recently issued reports on TMHC shares. BidaskClub raised Taylor Morrison Home Corp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 12th. Zacks Investment Research cut Taylor Morrison Home Corp from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Finally, Deutsche Bank AG raised their price objective on Taylor Morrison Home Corp from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, August 7th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Taylor Morrison Home Corp has a consensus rating of “Buy” and a consensus target price of $24.00.
About Taylor Morrison Home Corp
Taylor Morrison Home Corporation is a homebuilder, which designs, builds and sells single-family detached and attached homes. The Company is also a land developer, with a portfolio of lifestyle and master-planned communities. Its segments include East, which includes Atlanta, Charlotte, North Florida, Raleigh, Southwest Florida and Tampa; Central, which includes Austin, Dallas, and Houston (each of the Dallas and Houston markets include both a Taylor Morrison division and a Darling Homes division); West, which includes Bay Area, Chicago, Denver, Phoenix, Sacramento and Southern California, and Mortgage Operations, which includes Taylor Morrison Home Funding, LLC (TMHF) and Inspired Title Services, LLC (Inspired Title).
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