Zacks Investment Research Upgrades CalAtlantic Group Inc (CAA) to Hold

CalAtlantic Group Inc (NYSE:CAA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, April 14th.

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 several other reports. Barclays PLC initiated coverage on CalAtlantic Group in a report on Thursday, January 5th. They set an “underweight” rating and a $34.00 price target for the company. Royal Bank of Canada reiterated a “buy” rating on shares of CalAtlantic Group in a report on Friday, February 10th. BTIG Research initiated coverage on CalAtlantic Group in a report on Tuesday, February 7th. They issued a “neutral” rating for the company. MKM Partners reiterated a “buy” rating on shares of CalAtlantic Group in a report on Wednesday, January 11th. Finally, FBR & Co boosted their price target on CalAtlantic Group from $38.00 to $39.00 and gave the company a “market perform” rating in a research note on Tuesday, February 14th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $40.89.

Analyst Recommendations for CalAtlantic Group (NYSE:CAA)

CalAtlantic Group (NYSE:CAA) traded up 1.75% during mid-day trading on Friday, hitting $37.19. 766,476 shares of the stock traded hands. CalAtlantic Group has a 1-year low of $30.18 and a 1-year high of $40.94. The firm has a market capitalization of $4.26 billion, a P/E ratio of 10.02 and a beta of 1.43. The company has a 50-day moving average of $36.93 and a 200 day moving average of $35.12.

CalAtlantic Group (NYSE:CAA) last issued its quarterly earnings results on Thursday, April 27th. The construction company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. CalAtlantic Group had a return on equity of 12.06% and a net margin of 7.55%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the company earned $0.52 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. On average, equities research analysts anticipate that CalAtlantic Group will post $3.62 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a $0.04 dividend. The ex-dividend date is Tuesday, June 13th. This represents a $0.16 dividend on an annualized basis and a yield of 0.44%. CalAtlantic Group’s dividend payout ratio is presently 4.48%.

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In related news, CFO Jeffrey Joseph Mccall sold 15,758 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $36.35, for a total value of $572,803.30. Following the transaction, the chief financial officer now directly owns 84,886 shares of the company’s stock, valued at approximately $3,085,606.10. The transaction 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 insiders.

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in CalAtlantic Group by 14,538.5% in the first quarter. BlackRock Inc. now owns 7,035,693 shares of the construction company’s stock worth $263,486,000 after buying an additional 6,987,630 shares during the last quarter. FMR LLC increased its stake in CalAtlantic Group by 275.8% in the fourth quarter. FMR LLC now owns 8,711,601 shares of the construction company’s stock worth $296,281,000 after buying an additional 6,393,437 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in CalAtlantic Group during the fourth quarter worth about $28,351,000. Norges Bank purchased a new stake in CalAtlantic Group during the fourth quarter worth about $24,535,000. Finally, Long Pond Capital LP purchased a new stake in CalAtlantic Group during the third quarter worth about $18,110,000.

CalAtlantic Group Company Profile

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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