Shares of M.D.C. Holdings, Inc. (NYSE:MDC) hit a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $45.35 and last traded at $46.24, with a volume of 1811389 shares trading hands. The stock had previously closed at $50.69.The construction company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.49 by ($0.28). The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.58 billion. M.D.C. had a return on equity of 24.48% and a net margin of 11.14%. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.03 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 23rd. Shareholders of record on Wednesday, February 9th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend is Tuesday, February 8th. M.D.C.’s payout ratio is presently 26.19%.
Several brokerages have recently issued reports on MDC. Raymond James reduced their target price on shares of M.D.C. from $79.00 to $77.00 and set a “strong-buy” rating on the stock in a research note on Monday, November 8th. JPMorgan Chase & Co. lowered shares of M.D.C. from an “overweight” rating to a “neutral” rating and set a $66.00 target price on the stock. in a research note on Thursday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $67.75.
In other M.D.C. news, Director David Siegel sold 7,441 shares of M.D.C. stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $51.10, for a total value of $380,235.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 23.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System raised its holdings in shares of M.D.C. by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 27,400 shares of the construction company’s stock valued at $1,530,000 after purchasing an additional 200 shares during the last quarter. CIBC Asset Management Inc increased its holdings in M.D.C. by 5.3% during the third quarter. CIBC Asset Management Inc now owns 4,434 shares of the construction company’s stock worth $207,000 after buying an additional 224 shares during the last quarter. Voya Investment Management LLC increased its holdings in M.D.C. by 0.6% during the third quarter. Voya Investment Management LLC now owns 39,132 shares of the construction company’s stock worth $1,828,000 after buying an additional 232 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in M.D.C. by 0.6% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,836 shares of the construction company’s stock worth $2,001,000 after buying an additional 237 shares during the last quarter. Finally, Vestmark Advisory Solutions Inc. increased its holdings in M.D.C. by 3.0% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 8,372 shares of the construction company’s stock worth $467,000 after buying an additional 240 shares during the last quarter. Institutional investors own 69.76% of the company’s stock.
The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 6.05 and a beta of 1.42. The stock’s fifty day moving average is $52.17 and its two-hundred day moving average is $51.01. The company has a quick ratio of 5.68, a current ratio of 8.19 and a debt-to-equity ratio of 0.75.
M.D.C. Company Profile (NYSE:MDC)
M.DC Holdings, Inc provides homebuilding and financial services. Its homebuilding operations consist of wholly owned subsidiary companies that generally purchase finished lots or develop lots to the extent necessary for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the name Richmond American Homes.