CalAtlantic Group, Inc. (CAA) Bonds Trading 2.9% Higher
An issue of CalAtlantic Group, Inc. (NYSE:CAA) bonds rose 2.9% as a percentage of their face value during trading on Tuesday. The debt issue has a 5% coupon and will mature on June 15, 2027. The bonds in the issue are now trading at $105.00 and were trading at $102.13 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
CAA has been the topic of a number of research reports. ValuEngine upgraded shares of CalAtlantic Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Mizuho initiated coverage on shares of CalAtlantic Group in a research report on Thursday, October 26th. They set a “buy” rating and a $45.00 target price on the stock. Barclays PLC upgraded shares of CalAtlantic Group from an “underweight” rating to an “equal weight” rating and set a $35.00 target price on the stock in a research report on Tuesday, July 11th. KeyCorp restated a “hold” rating on shares of CalAtlantic Group in a research report on Friday, August 25th. Finally, JMP Securities lowered shares of CalAtlantic Group from an “outperform” rating to a “market perform” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $41.70.
Shares of CalAtlantic Group, Inc. (CAA) traded up 0.55% during midday trading on Tuesday, hitting $49.34. The company had a trading volume of 8,922,208 shares. The stock’s 50-day moving average price is $37.89 and its 200-day moving average price is $36.40. CalAtlantic Group, Inc. has a 12 month low of $30.20 and a 12 month high of $50.48. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 13.58 and a beta of 1.42.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 30th. Investors of record on Friday, December 15th will be paid a dividend of $0.04 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.16 dividend on an annualized basis and a yield of 0.32%. CalAtlantic Group’s payout ratio is currently 4.46%.
In related news, CEO Larry T. Nicholson sold 17,033 shares of the company’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $36.00, for a total transaction of $613,188.00. Following the completion of the transaction, the chief executive officer now directly owns 594,600 shares in the company, valued at approximately $21,405,600. The sale was disclosed in a document filed with the SEC, which is available through this link. 39.50% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board grew its stake in CalAtlantic Group by 3,633.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 162,760 shares of the construction company’s stock worth $5,962,000 after buying an additional 158,400 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in CalAtlantic Group during the 3rd quarter worth $548,000. Greenhaven Associates Inc. grew its stake in CalAtlantic Group by 4.9% during the 3rd quarter. Greenhaven Associates Inc. now owns 3,198,013 shares of the construction company’s stock worth $117,143,000 after buying an additional 148,170 shares during the last quarter. Aperio Group LLC grew its stake in CalAtlantic Group by 41.2% during the 3rd quarter. Aperio Group LLC now owns 35,760 shares of the construction company’s stock worth $1,310,000 after buying an additional 10,441 shares during the last quarter. Finally, Fox Run Management L.L.C. grew its stake in CalAtlantic Group by 260.2% during the 3rd quarter. Fox Run Management L.L.C. now owns 31,700 shares of the construction company’s stock worth $1,161,000 after buying an additional 22,900 shares during the last quarter.
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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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