An issue of M.D.C. Holdings, Inc. (NYSE:MDC) debt fell 2.3% against its face value during trading on Thursday. The high-yield debt issue has a 6% coupon and is set to mature on January 15, 2043. The debt is now trading at $94.88 and was trading at $97.00 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
Several research firms have recently weighed in on MDC. Deutsche Bank AG boosted their target price on shares of M.D.C. Holdings from $27.00 to $33.00 and gave the stock a “hold” rating in a research report on Thursday. Zacks Investment Research raised shares of M.D.C. Holdings from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Thursday, June 29th. Citigroup Inc. downgraded shares of M.D.C. Holdings from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 10th. BidaskClub raised shares of M.D.C. Holdings from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 29th. Finally, Wells Fargo & Company downgraded shares of M.D.C. Holdings from a “market perform” rating to an “underperform” rating and set a $30.00 target price for the company. in a research report on Tuesday, May 16th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. M.D.C. Holdings has a consensus rating of “Hold” and an average target price of $31.20.
Shares of M.D.C. Holdings, Inc. (MDC) traded up 0.20% during midday trading on Friday, hitting $34.56. 593,292 shares of the company were exchanged. The stock has a market cap of $1.79 billion, a PE ratio of 14.64 and a beta of 1.36. The stock’s 50-day moving average is $35.37 and its 200-day moving average is $31.74. M.D.C. Holdings, Inc. has a one year low of $21.25 and a one year high of $36.92.
M.D.C. Holdings (NYSE:MDC) last announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. M.D.C. Holdings had a net margin of 4.76% and a return on equity of 9.25%. The company had revenue of $648.97 million during the quarter, compared to analysts’ expectations of $623.95 million. During the same quarter in the prior year, the company posted $0.55 EPS. The business’s revenue was up 13.6% on a year-over-year basis. Equities research analysts anticipate that M.D.C. Holdings, Inc. will post $2.48 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, August 7th.
In other news, SVP Michael Touff sold 84,000 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $34.40, for a total value of $2,889,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael A. Berman sold 52,500 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $35.60, for a total transaction of $1,869,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,000 shares of company stock valued at $6,602,663. Corporate insiders own 25.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. acquired a new position in shares of M.D.C. Holdings during the first quarter worth about $108,000. Glen Harbor Capital Management LLC boosted its stake in shares of M.D.C. Holdings by 18.8% in the first quarter. Glen Harbor Capital Management LLC now owns 3,876 shares of the construction company’s stock worth $116,000 after buying an additional 612 shares during the period. Winslow Evans & Crocker Inc. boosted its stake in shares of M.D.C. Holdings by 34.0% in the second quarter. Winslow Evans & Crocker Inc. now owns 4,042 shares of the construction company’s stock worth $139,000 after buying an additional 1,026 shares during the period. Acrospire Investment Management LLC purchased a new stake in shares of M.D.C. Holdings during the first quarter worth about $125,000. Finally, State of Alaska Department of Revenue boosted its stake in shares of M.D.C. Holdings by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 4,562 shares of the construction company’s stock worth $137,000 after buying an additional 100 shares during the period. Institutional investors own 81.16% of the company’s stock.
About M.D.C. Holdings
M.DC Holdings, Inc is engaged in two primary operations, including homebuilding and financial services. The Company’s segments include West, including segments located in Arizona, California, Nevada and Washington; Mountain, including segments located in Colorado and Utah; East, including segments located in Virginia, Florida and Maryland, which includes Pennsylvania and New Jersey; mortgage operations, including HomeAmerican Mortgage Corporation, and Other, which includes Allegiant Insurance Company, Inc, StarAmerican Insurance Ltd., American Home Insurance Agency, Inc and American Home Title and Escrow Company.
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