Investment Counselors of Maryland LLC Decreases Stock Holdings in M.D.C. Holdings, Inc. (NYSE:MDC)
Investment Counselors of Maryland LLC decreased its position in M.D.C. Holdings, Inc. (NYSE:MDC) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 794,118 shares of the construction company’s stock after selling 6,502 shares during the quarter. M.D.C. makes up 1.2% of Investment Counselors of Maryland LLC’s investment portfolio, making the stock its 14th largest position. Investment Counselors of Maryland LLC’s holdings in M.D.C. were worth $26,031,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in MDC. Norges Bank purchased a new position in shares of M.D.C. during the fourth quarter valued at about $17,223,000. LSV Asset Management increased its position in shares of M.D.C. by 6.2% during the first quarter. LSV Asset Management now owns 2,329,186 shares of the construction company’s stock valued at $67,686,000 after buying an additional 135,607 shares during the period. First Trust Advisors LP increased its position in shares of M.D.C. by 133.9% during the second quarter. First Trust Advisors LP now owns 190,620 shares of the construction company’s stock valued at $6,249,000 after buying an additional 109,125 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of M.D.C. by 7,198.2% during the first quarter. BNP Paribas Arbitrage SA now owns 93,490 shares of the construction company’s stock valued at $2,717,000 after buying an additional 92,209 shares during the period. Finally, FMR LLC increased its position in shares of M.D.C. by 61.5% during the first quarter. FMR LLC now owns 225,699 shares of the construction company’s stock valued at $6,559,000 after buying an additional 85,920 shares during the period. Institutional investors own 76.49% of the company’s stock.
Several brokerages recently issued reports on MDC. Wedbush boosted their price target on shares of M.D.C. from $30.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. ValuEngine cut shares of M.D.C. from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of M.D.C. from an “underweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, Zacks Investment Research upgraded shares of M.D.C. from a “hold” rating to a “strong-buy” rating and set a $42.00 price target on the stock in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $34.80.
M.D.C. (NYSE:MDC) last announced its quarterly earnings data on Wednesday, July 31st. The construction company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.08. The business had revenue of $732.84 million for the quarter, compared to analysts’ expectations of $727.20 million. M.D.C. had a net margin of 6.64% and a return on equity of 13.24%. The business’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.03 earnings per share. As a group, equities research analysts forecast that M.D.C. Holdings, Inc. will post 3.51 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 7th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Tuesday, August 6th. M.D.C.’s dividend payout ratio (DPR) is presently 32.70%.
In other M.D.C. news, CFO Robert Nathaniel Martin sold 7,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $31.79, for a total value of $222,530.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Herbert T. Buchwald sold 15,618 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $33.51, for a total transaction of $523,359.18. Following the completion of the sale, the director now owns 15,000 shares in the company, valued at approximately $502,650. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,872 shares of company stock worth $3,845,785. Corporate insiders own 26.30% of the company’s stock.
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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