Verition Fund Management LLC acquired a new position in shares of M.D.C. Holdings, Inc. (NYSE:MDC – Get Rating) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 30,000 shares of the construction company’s stock, valued at approximately $1,135,000.
Other hedge funds also recently added to or reduced their stakes in the company. Tompkins Financial Corp acquired a new stake in M.D.C. during the 1st quarter worth approximately $25,000. Quadrant Capital Group LLC raised its stake in shares of M.D.C. by 65.2% during the 1st quarter. Quadrant Capital Group LLC now owns 884 shares of the construction company’s stock worth $33,000 after buying an additional 349 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of M.D.C. during the 1st quarter worth approximately $42,000. KBC Group NV purchased a new position in shares of M.D.C. during the 1st quarter worth approximately $49,000. Finally, CWM LLC raised its stake in shares of M.D.C. by 756.1% during the 1st quarter. CWM LLC now owns 1,327 shares of the construction company’s stock worth $50,000 after buying an additional 1,172 shares in the last quarter. 73.19% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their target price on M.D.C. from $40.50 to $38.00 and set a “neutral” rating for the company in a research note on Tuesday, July 12th. Wells Fargo & Company downgraded M.D.C. from an “equal weight” rating to an “underweight” rating and set a $27.00 target price for the company. in a research note on Friday, June 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.33.
M.D.C. Stock Performance
M.D.C. (NYSE:MDC – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The construction company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.09. M.D.C. had a return on equity of 24.31% and a net margin of 11.71%. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the business posted $2.11 EPS. M.D.C.’s quarterly revenue was up 6.1% on a year-over-year basis. Sell-side analysts expect that M.D.C. Holdings, Inc. will post 9.32 EPS for the current fiscal year.
M.D.C. Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Investors of record on Wednesday, August 10th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 6.75%. The ex-dividend date was Tuesday, August 9th. M.D.C.’s payout ratio is currently 22.70%.
Insider Activity at M.D.C.
In other M.D.C. news, Director David Siegel sold 6,500 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $35.40, for a total transaction of $230,100.00. Following the sale, the director now owns 16,519 shares in the company, valued at approximately $584,772.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other M.D.C. news, Director Raymond T. Baker sold 33,067 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $35.59, for a total transaction of $1,176,854.53. Following the sale, the director now owns 40,187 shares in the company, valued at approximately $1,430,255.33. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Siegel sold 6,500 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $35.40, for a total value of $230,100.00. Following the sale, the director now owns 16,519 shares in the company, valued at approximately $584,772.60. The disclosure for this sale can be found here. 24.20% of the stock is currently owned by company insiders.
M.D.C. Company Profile
M.DC Holdings, Inc, through its subsidiaries, engages in the homebuilding and financial service businesses. Its homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name.
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