CalAtlantic Group, Inc. (CAA) Expected to Post Quarterly Sales of $1.62 Billion
Equities research analysts predict that CalAtlantic Group, Inc. (NYSE:CAA) will post sales of $1.62 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for CalAtlantic Group’s earnings. The lowest sales estimate is $1.51 billion and the highest is $1.75 billion. CalAtlantic Group posted sales of $1.69 billion during the same quarter last year, which would indicate a negative year over year growth rate of 4.1%. The firm is expected to report its next quarterly earnings report on Wednesday, October 25th.
On average, analysts expect that CalAtlantic Group will report full year sales of $1.62 billion for the current fiscal year, with estimates ranging from $6.50 billion to $6.95 billion. For the next year, analysts forecast that the business will report sales of $7.38 billion per share, with estimates ranging from $7.21 billion to $7.57 billion. Zacks’ sales averages are an average based on a survey of analysts that follow CalAtlantic Group.
CalAtlantic Group (NYSE:CAA) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.61 billion. CalAtlantic Group had a return on equity of 11.40% and a net margin of 7.26%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 EPS.
A number of brokerages recently weighed in on CAA. 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 report on Friday, July 21st. Wedbush reaffirmed an “ourperform” rating and set a $41.00 price objective on shares of CalAtlantic Group in a report on Monday, July 31st. BidaskClub lowered CalAtlantic Group from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. ValuEngine lowered CalAtlantic Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 23rd. Finally, KeyCorp reaffirmed a “hold” rating on shares of CalAtlantic Group in a report on Friday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $39.89.
In other CalAtlantic Group news, CEO Larry T. Nicholson sold 9,000 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $35.94, for a total transaction of $323,460.00. Following the sale, the chief executive officer now directly owns 620,737 shares in the company, valued at $22,309,287.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Larry T. Nicholson sold 9,004 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 611,733 shares in the company, valued at $21,783,812.13. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,528,112 shares of company stock worth $482,670,158. 39.50% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Thompson Davis & CO. Inc. bought a new stake in shares of CalAtlantic Group during the second quarter valued at about $138,000. Canada Pension Plan Investment Board bought a new stake in shares of CalAtlantic Group during the second quarter valued at about $154,000. Riverhead Capital Management LLC increased its stake in shares of CalAtlantic Group by 71.4% in the second quarter. Riverhead Capital Management LLC now owns 4,387 shares of the construction company’s stock valued at $155,000 after buying an additional 1,827 shares in the last quarter. Westpac Banking Corp bought a new stake in shares of CalAtlantic Group during the first quarter valued at about $191,000. Finally, LS Investment Advisors LLC increased its stake in shares of CalAtlantic Group by 1.4% in the first quarter. LS Investment Advisors LLC now owns 5,236 shares of the construction company’s stock valued at $196,000 after buying an additional 72 shares in the last quarter. Institutional investors own 98.44% of the company’s stock.
CalAtlantic Group (CAA) traded up 1.07% during trading on Thursday, hitting $33.97. 512,949 shares of the company were exchanged. The firm’s 50 day moving average price is $35.94 and its 200-day moving average price is $36.11. The stock has a market capitalization of $3.74 billion, a PE ratio of 9.35 and a beta of 1.45. CalAtlantic Group has a 1-year low of $30.18 and a 1-year high of $38.63.
The company also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Friday, September 15th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a yield of 0.47%. CalAtlantic Group’s payout ratio is 4.46%.
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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