M.D.C. Holdings, Inc. (NYSE:MDC) was the target of a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 2,036,500 shares, an increase of 35.0% from the July 15th total of 1,508,300 shares. Approximately 4.2% of the shares of the company are short sold. Based on an average daily trading volume, of 437,000 shares, the short-interest ratio is presently 4.7 days.
In other M.D.C. news, Director David Siegel sold 23,523 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $36.83, for a total value of $866,352.09. Following the completion of the sale, the director now directly owns 45,273 shares of the company’s stock, valued at approximately $1,667,404.59. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Larry A. Mizel sold 45,000 shares of the 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 completion of 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 ninety days, insiders have sold 136,395 shares of company stock valued at $4,712,137. 26.30% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in MDC. Atria Investments LLC bought a new position in shares of M.D.C. in the 2nd quarter valued at about $834,000. BlackRock Inc. boosted its stake in shares of M.D.C. by 6.5% in the 2nd quarter. BlackRock Inc. now owns 8,894,057 shares of the construction company’s stock valued at $291,547,000 after purchasing an additional 539,112 shares during the last quarter. Intrinsic Edge Capital Management LLC bought a new position in shares of M.D.C. in the 2nd quarter valued at about $5,069,000. Royal Bank of Canada boosted its stake in shares of M.D.C. by 119.9% in the 2nd quarter. Royal Bank of Canada now owns 58,433 shares of the construction company’s stock valued at $1,915,000 after purchasing an additional 31,865 shares during the last quarter. Finally, United Services Automobile Association boosted its stake in shares of M.D.C. by 48.9% in the 2nd quarter. United Services Automobile Association now owns 18,386 shares of the construction company’s stock valued at $603,000 after purchasing an additional 6,042 shares during the last quarter. Institutional investors own 76.49% of the company’s stock.
M.D.C. (NYSE:MDC) last announced its quarterly earnings data on Wednesday, July 31st. The construction company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 company posted $1.03 EPS. The business’s revenue was down 2.2% on a year-over-year basis. On average, analysts predict that M.D.C. will post 3.51 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Stockholders of record on Wednesday, August 7th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Tuesday, August 6th. M.D.C.’s dividend payout ratio is 32.70%.
A number of brokerages have weighed in on MDC. Zacks Investment Research raised shares of M.D.C. from a “hold” rating to a “strong-buy” rating and set a $42.00 price target for the company in a report on Wednesday, July 10th. Wedbush increased their price target on shares of M.D.C. from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. ValuEngine downgraded shares of M.D.C. from a “buy” rating to a “hold” rating in a 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 research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. M.D.C. has a consensus rating of “Buy” and an average price target of $34.80.
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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