Panagora Asset Management Inc. Grows Stake in M.D.C. Holdings, Inc. (NYSE:MDC)
Panagora Asset Management Inc. lifted its position in M.D.C. Holdings, Inc. (NYSE:MDC) by 375.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,328 shares of the construction company’s stock after buying an additional 36,591 shares during the period. Panagora Asset Management Inc.’s holdings in M.D.C. were worth $1,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. Verity Asset Management Inc. increased its position in M.D.C. by 28.3% during the second quarter. Verity Asset Management Inc. now owns 14,524 shares of the construction company’s stock valued at $476,000 after acquiring an additional 3,202 shares during the last quarter. Prudential Financial Inc. boosted its position in M.D.C. by 0.7% in the second quarter. Prudential Financial Inc. now owns 100,895 shares of the construction company’s stock worth $3,308,000 after purchasing an additional 658 shares during the last quarter. Sawtooth Solutions LLC grew its stake in shares of M.D.C. by 52.7% during the 2nd quarter. Sawtooth Solutions LLC now owns 12,784 shares of the construction company’s stock valued at $419,000 after purchasing an additional 4,414 shares during the period. Acadian Asset Management LLC grew its stake in shares of M.D.C. by 33.8% during the 2nd quarter. Acadian Asset Management LLC now owns 10,001 shares of the construction company’s stock valued at $328,000 after purchasing an additional 2,527 shares during the period. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of M.D.C. during the 2nd quarter valued at about $90,000. 75.04% of the stock is owned by institutional investors.
In other news, Chairman Larry A. Mizel sold 45,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $33.51, for a total transaction of $1,507,950.00. Following the sale, the chairman now directly owns 170,958 shares in the company, valued at approximately $5,728,802.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paris G. Reece III sold 25,030 shares of M.D.C. stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $36.55, for a total transaction of $914,846.50. Following the transaction, the director now owns 4,697 shares in the company, valued at approximately $171,675.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 139,395 shares of company stock valued at $5,194,807. 26.30% of the stock is currently owned by corporate insiders.
M.D.C. (NYSE:MDC) last issued its quarterly earnings results on Wednesday, July 31st. The construction company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.08. M.D.C. had a return on equity of 13.24% and a net margin of 6.64%. The business had revenue of $732.84 million during the quarter, compared to analysts’ expectations of $727.20 million. During the same quarter in the prior year, the business posted $1.03 earnings per share. The business’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts predict that M.D.C. Holdings, Inc. will post 3.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Stockholders of record on Wednesday, August 7th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.08%. M.D.C.’s payout ratio is currently 32.70%.
Several equities analysts have recently weighed in on MDC shares. Zacks Investment Research upgraded shares of M.D.C. from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research note on Wednesday, July 10th. Wedbush boosted their target price 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 lowered shares of M.D.C. from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised shares of M.D.C. from an “underweight” rating to a “neutral” rating in a report on Monday, July 8th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. M.D.C. currently has an average rating of “Buy” and an average price target of $34.80.
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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