CalAtlantic Group’s (NYSE:CAA) “Ourperform” Rating Reiterated at Wedbush

CalAtlantic Group, Inc. (NYSE:CAA)‘s stock had its “ourperform” rating restated by investment analysts at Wedbush in a research report issued to clients and investors on Monday, July 31st. They presently have a $41.00 target price on the construction company’s stock. Wedbush’s price target would indicate a potential upside of 19.67% from the stock’s current price. Wedbush also issued estimates for CalAtlantic Group’s Q3 2017 earnings at $0.86 EPS, Q4 2017 earnings at $1.27 EPS, FY2017 earnings at $3.47 EPS, Q1 2018 earnings at $0.69 EPS, Q2 2018 earnings at $0.94 EPS, Q3 2018 earnings at $1.08 EPS, Q4 2018 earnings at $1.37 EPS and FY2018 earnings at $4.08 EPS.

Several other analysts have also weighed in on the company. Raymond James Financial, Inc. lowered CalAtlantic Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 2nd. BidaskClub lowered CalAtlantic Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Bank of America Corporation lowered CalAtlantic Group from a “buy” rating to a “neutral” rating in a research note on Thursday, June 8th. JMP Securities raised CalAtlantic Group from a “market perform” rating to an “outperform” rating and set a $44.00 price objective on the stock in a research note on Friday, July 21st. Finally, Royal Bank Of Canada raised their price objective on CalAtlantic Group from $38.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, May 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $39.89.

Shares of CalAtlantic Group (NYSE CAA) opened at 34.26 on Monday. The company’s 50-day moving average is $36.14 and its 200-day moving average is $36.13. The stock has a market cap of $3.78 billion, a P/E ratio of 9.43 and a beta of 1.45. CalAtlantic Group has a 12-month low of $30.18 and a 12-month high of $38.63.

CalAtlantic Group (NYSE:CAA) last released its earnings results on Thursday, July 27th. The construction company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by $0.03. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.61 billion. CalAtlantic Group had a return on equity of 11.40% and a net margin of 7.26%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company posted $0.83 earnings per share. On average, analysts expect that CalAtlantic Group will post $3.47 earnings per share for the current fiscal year.

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In other news, CEO Larry T. Nicholson sold 9,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $35.94, for a total transaction of $323,460.00. Following the completion of the transaction, the chief executive officer now directly owns 620,737 shares in the company, valued at $22,309,287.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Larry T. Nicholson sold 9,004 shares of CalAtlantic Group stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $35.61, for a total value of $320,632.44. Following the completion of the sale, the chief executive officer now owns 611,733 shares of the company’s stock, valued at $21,783,812.13. The disclosure for this sale can be found here. Insiders have sold 14,528,112 shares of company stock valued at $482,670,158 over the last 90 days. 39.50% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of CAA. Bank of Montreal Can increased its stake in shares of CalAtlantic Group by 207.4% in the first quarter. Bank of Montreal Can now owns 11,129 shares of the construction company’s stock worth $416,000 after buying an additional 7,509 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of CalAtlantic Group during the first quarter worth $315,000. Prudential Financial Inc. increased its stake in shares of CalAtlantic Group by 5.1% in the first quarter. Prudential Financial Inc. now owns 45,137 shares of the construction company’s stock worth $1,690,000 after buying an additional 2,210 shares during the last quarter. GMT Capital Corp increased its stake in shares of CalAtlantic Group by 1.7% in the first quarter. GMT Capital Corp now owns 1,022,315 shares of the construction company’s stock worth $38,286,000 after buying an additional 16,600 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of CalAtlantic Group by 124.5% in the first quarter. Morgan Stanley now owns 304,081 shares of the construction company’s stock worth $11,387,000 after buying an additional 168,651 shares during the last quarter. Institutional investors and hedge funds own 98.44% of the company’s stock.

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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