M.D.C. (NYSE:MDC) Hits New 12-Month High at $39.52
Shares of M.D.C. Holdings, Inc. (NYSE:MDC) reached a new 52-week high on Wednesday . The company traded as high as $39.52 and last traded at $39.38, with a volume of 367349 shares trading hands. The stock had previously closed at $38.29.
Several research analysts have recently issued reports on MDC shares. Zacks Investment Research upgraded 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. JPMorgan Chase & Co. raised M.D.C. from an “underweight” rating to a “neutral” rating in a research note on Monday, July 8th. Wedbush increased their target price on M.D.C. from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, ValuEngine cut M.D.C. from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. M.D.C. presently has an average rating of “Buy” and a consensus target price of $34.80.
The company’s 50 day simple moving average is $37.16 and its 200 day simple moving average is $33.05. The company has a debt-to-equity ratio of 0.66, a current ratio of 9.12 and a quick ratio of 2.19. The stock has a market cap of $2.45 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.34 and a beta of 1.08.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Wednesday, August 7th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.04%. The ex-dividend date was Tuesday, August 6th. M.D.C.’s payout ratio is presently 32.70%.
In related news, Director Michael A. Berman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $70.52, for a total value of $705,200.00. Following the completion of the transaction, the director now directly owns 148,218 shares in the company, valued at approximately $10,452,333.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Larry A. Mizel sold 45,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $33.51, for a total value of $1,507,950.00. Following the sale, the chairman now directly owns 170,958 shares of the company’s stock, valued at $5,728,802.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 139,395 shares of company stock worth $5,194,807. Corporate insiders own 26.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV bought a new stake in shares of M.D.C. in the first quarter valued at about $234,000. Rhumbline Advisers boosted its holdings in shares of M.D.C. by 19.9% in the 1st quarter. Rhumbline Advisers now owns 159,974 shares of the construction company’s stock valued at $4,649,000 after buying an additional 26,577 shares during the last quarter. Comerica Bank grew its stake in shares of M.D.C. by 8.6% in the first quarter. Comerica Bank now owns 53,938 shares of the construction company’s stock valued at $1,666,000 after buying an additional 4,293 shares in the last quarter. Texas Permanent School Fund grew its stake in shares of M.D.C. by 12.4% in the first quarter. Texas Permanent School Fund now owns 33,319 shares of the construction company’s stock valued at $968,000 after buying an additional 3,680 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in shares of M.D.C. by 6.3% in the first quarter. Crossmark Global Holdings Inc. now owns 11,915 shares of the construction company’s stock valued at $346,000 after buying an additional 704 shares in the last quarter. Hedge funds and other institutional investors own 75.04% of the company’s stock.
M.D.C. Company Profile (NYSE:MDC)
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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