CalAtlantic Group Inc (CAA) Forecasted to Post FY2018 Earnings of $4.52 Per Share
CalAtlantic Group Inc (NYSE:CAA) – Equities research analysts at B. Riley boosted their FY2018 earnings estimates for CalAtlantic Group in a research report issued on Wednesday. B. Riley analyst A. Rygiel now anticipates that the industrial goods maker will post earnings per share of $4.52 for the year, up from their previous estimate of $3.90. B. Riley has a “Neutral” rating on the stock.
Other equities analysts have also recently issued reports about the stock. Wedbush cut shares of CalAtlantic Group from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $41.00 to $51.00 in a report on Tuesday, October 31st. ValuEngine raised shares of CalAtlantic Group from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. JMP Securities cut shares of CalAtlantic Group from an “outperform” rating to a “market perform” rating in a research note on Monday, October 30th. Mizuho began coverage on shares of CalAtlantic Group in a research note on Thursday, October 26th. They issued a “buy” rating and a $45.00 price objective on the stock. Finally, UBS Group began coverage on shares of CalAtlantic Group in a research note on Wednesday, October 25th. They issued a “neutral” rating and a $42.00 price objective on the stock. Fifteen investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $46.33.
CalAtlantic Group (NYSE:CAA) last announced its earnings results on Wednesday, November 8th. The industrial goods maker reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.07). The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.55 billion. CalAtlantic Group had a net margin of 6.85% and a return on equity of 10.35%. The business’s revenue was down 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 earnings per share.
Several large investors have recently bought and sold shares of CAA. Donald Smith & CO. Inc. acquired a new position in shares of CalAtlantic Group during the 3rd quarter worth $64,178,000. Balyasny Asset Management LLC grew its stake in shares of CalAtlantic Group by 515.5% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,261,045 shares of the industrial goods maker’s stock worth $44,578,000 after purchasing an additional 1,056,155 shares during the period. JPMorgan Chase & Co. grew its stake in shares of CalAtlantic Group by 283.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,189,005 shares of the industrial goods maker’s stock worth $43,054,000 after purchasing an additional 879,180 shares during the period. FMR LLC grew its stake in shares of CalAtlantic Group by 3.8% during the 2nd quarter. FMR LLC now owns 10,812,739 shares of the industrial goods maker’s stock worth $382,230,000 after purchasing an additional 400,103 shares during the period. Finally, BlackRock Inc. grew its stake in shares of CalAtlantic Group by 4.0% during the 2nd quarter. BlackRock Inc. now owns 7,319,210 shares of the industrial goods maker’s stock worth $258,732,000 after purchasing an additional 283,517 shares during the period.
In other news, CEO Larry T. Nicholson sold 100,000 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $51.94, for a total transaction of $5,194,000.00. Following the transaction, the chief executive officer now directly owns 714,691 shares of the company’s stock, valued at approximately $37,121,050.54. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William L. Jews sold 7,482 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $51.52, for a total transaction of $385,472.64. Following the transaction, the director now directly owns 41,717 shares in the company, valued at $2,149,259.84. The disclosure for this sale can be found here. Insiders sold a total of 283,206 shares of company stock worth $14,970,977 over the last three months. 39.50% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, December 30th. Shareholders of record on Friday, December 15th were paid a $0.04 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $0.16 annualized dividend and a yield of 0.27%. CalAtlantic Group’s dividend payout ratio is currently 4.75%.
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About CalAtlantic Group
CalAtlantic Group, Inc is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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