The CalAtlantic Group Inc. (CAA) Rating Lowered to Sell at Zacks Investment Research

The CalAtlantic Group Inc. (CAA) Rating Lowered to Sell at Zacks Investment Research

CalAtlantic Group Inc. (NYSE:CAA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “CalAtlantic Group, Inc. operates as a homebuilder. The company offers crafted homes. It also provides mortgage financing services to its homebuyers; and title examination services. Calatlantic Group Inc., formerly known as Standard Pacific Corp., is headquartered in Irvine, California. “

Several other equities research analysts have also recently weighed in on the company. TheStreet cut CalAtlantic Group from a “buy” rating to a “hold” rating in a report on Monday, October 3rd. FBR & Co restated a “marketperform” rating on shares of CalAtlantic Group in a report on Tuesday, September 27th. Wells Fargo & Co. assumed coverage on CalAtlantic Group in a report on Wednesday, September 28th. They set a “market perform” rating for the company. Wedbush assumed coverage on CalAtlantic Group in a report on Monday, September 19th. They set an “outperform” rating and a $44.00 target price for the company. Finally, Bank of America Corp. upgraded CalAtlantic Group from an “underperform” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, August 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. CalAtlantic Group has an average rating of “Buy” and a consensus target price of $42.69.

CalAtlantic Group (NYSE:CAA) opened at 32.99 on Tuesday. The stock has a market cap of $3.91 billion, a PE ratio of 13.08 and a beta of 1.59. The company’s 50 day moving average price is $34.66 and its 200 day moving average price is $35.63. CalAtlantic Group has a 12 month low of $26.97 and a 12 month high of $43.24.

CalAtlantic Group (NYSE:CAA) last issued its earnings results on Thursday, July 28th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.58. The company earned $1.56 billion during the quarter, compared to analysts’ expectations of $126.24 million. CalAtlantic Group had a return on equity of 11.24% and a net margin of 5.86%. The firm’s quarterly revenue was up 124.4% compared to the same quarter last year. Equities analysts forecast that CalAtlantic Group will post $3.47 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend was Tuesday, September 13th. CalAtlantic Group’s dividend payout ratio is currently 6.40%.

In related news, CMO Wendy L. Marlett sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $34.51, for a total transaction of $621,180.00. Following the completion of the transaction, the chief marketing officer now owns 54,396 shares of the company’s stock, valued at approximately $1,877,205.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 37.80% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CAA. Hexavest Inc. raised its position in CalAtlantic Group by 84.8% in the third quarter. Hexavest Inc. now owns 2,670,900 shares of the company’s stock worth $89,315,000 after buying an additional 1,225,799 shares during the period. Fisher Asset Management LLC raised its position in CalAtlantic Group by 2.4% in the third quarter. Fisher Asset Management LLC now owns 2,327,163 shares of the company’s stock worth $77,820,000 after buying an additional 54,710 shares during the period. Oregon Public Employees Retirement Fund raised its position in CalAtlantic Group by 2.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 26,270 shares of the company’s stock worth $878,000 after buying an additional 514 shares during the period. Sadoff Investment Management LLC raised its position in CalAtlantic Group by 1.0% in the third quarter. Sadoff Investment Management LLC now owns 600,855 shares of the company’s stock worth $20,093,000 after buying an additional 5,950 shares during the period. Finally, First Mercantile Trust Co. bought a new position in CalAtlantic Group during the third quarter worth $318,000.

CalAtlantic Group Company Profile

CalAtlantic Group, Inc, formerly Standard Pacific Corp., is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The Company’s homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.

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