Pinnacle Holdings LLC cut its holdings in shares of M.D.C. Holdings, Inc. (NYSE:MDC) by 5.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,380 shares of the construction company’s stock after selling 2,087 shares during the quarter. Pinnacle Holdings LLC owned 0.06% of M.D.C. worth $1,193,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. raised its stake in M.D.C. by 6.5% during the second quarter. BlackRock Inc. now owns 8,894,057 shares of the construction company’s stock worth $291,547,000 after buying an additional 539,112 shares during the last quarter. Captrust Financial Advisors raised its stake in M.D.C. by 86.0% during the second quarter. Captrust Financial Advisors now owns 1,306 shares of the construction company’s stock worth $43,000 after buying an additional 604 shares during the last quarter. Aptus Capital Advisors LLC raised its stake in M.D.C. by 18.5% during the second quarter. Aptus Capital Advisors LLC now owns 21,948 shares of the construction company’s stock worth $719,000 after buying an additional 3,432 shares during the last quarter. Northern Trust Corp raised its stake in M.D.C. by 15.5% during the second quarter. Northern Trust Corp now owns 1,072,747 shares of the construction company’s stock worth $35,165,000 after buying an additional 144,333 shares during the last quarter. Finally, GAM Holding AG bought a new position in M.D.C. during the second quarter worth $252,000. 75.04% of the stock is currently owned by institutional investors.
In other M.D.C. news, 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 value of $914,846.50. Following the completion of the sale, the director now directly owns 4,697 shares of the company’s stock, valued at $171,675.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Larry A. Mizel sold 20,224 shares of M.D.C. stock in a transaction on Monday, June 17th. The shares were sold at an average price of $33.48, for a total transaction of $677,099.52. Following the completion of the sale, the chairman now directly owns 146,182 shares of the company’s stock, valued at $4,894,173.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,777 shares of company stock valued at $3,554,898. Insiders own 26.30% of the company’s stock.
M.D.C. (NYSE:MDC) last posted its quarterly earnings results on Wednesday, July 31st. The construction company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.08. M.D.C. had a net margin of 6.64% and a return on equity of 13.24%. The firm had revenue of $732.84 million during the quarter, compared to the consensus estimate of $727.20 million. During the same period in the previous year, the firm posted $1.03 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. Research analysts predict that M.D.C. Holdings, Inc. will post 3.51 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 7th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.83%. The ex-dividend date was Tuesday, August 6th. M.D.C.’s dividend payout ratio (DPR) is currently 32.70%.
MDC has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised shares of M.D.C. from an “underweight” rating to a “neutral” rating in a research note on Monday, July 8th. ValuEngine downgraded shares of M.D.C. from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research raised shares of M.D.C. from a “hold” rating to a “strong-buy” rating and set a $42.00 target price for the company in a research note on Wednesday, July 10th. Raymond James raised shares of M.D.C. from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $42.00 to $49.00 in a research note on Friday. Finally, Wedbush lifted their target price on shares of M.D.C. from $35.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday. Three analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $38.17.
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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