On August 26, 2023, Cornercap Investment Counsel Inc. revealed its new position in Beazer Homes USA, Inc. on their most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 70,804 shares of the construction company’s stock, valued at approximately $1,124,000. This translates to Cornercap Investment Counsel Inc. owning 0.23% of Beazer Homes USA at the end of the last reporting period.
Beazer Homes USA (NYSE:BZH) recently released its earnings results on Thursday, July 27th. The construction company reported an impressive $1.42 earnings per share (EPS) for the quarter, surpassing the consensus estimate of $0.88 by a significant margin of $0.54. Furthermore, Beazer Homes USA demonstrated a return on equity of 18.66% and a net margin of 7.94%. The company recorded revenue of $572.54 million for the quarter, which exceeded the consensus estimate of $512.26 million.
In comparison to the same quarter in the previous year when they earned $1.76 EPS, Beazer Homes USA witnessed an increase in revenue by 8.7% on a year-over-year basis for this quarter alone. Analysts now project that Beazer Homes USA will post an EPS of 4.54 for the current fiscal year.
Beazer Homes USA, Inc operates as a prominent homebuilder within the United States market segment. The company focuses on designing, constructing, and selling single-family and multi-family homes under various names such as Beazer Homes, Gatherings, and Choice Plans across multiple states including Arizona, California, Nevada Texas, Indiana Delaware Maryland Tennessee Virginia Florida Georgia North Carolina South Carolina.
As one can observe from these latest developments within Cornercap Investment Counsel Inc.’s new acquisition and Beazer Homes USA’s robust financial performance for this quarter; it is apparent that the construction company is moving in a positive direction. With a successful track record and its strategic position in the United States’ real estate market, Beazer Homes USA holds potential for further growth and success in the future.
Institutional Investors and Hedge Funds Increase Holdings in Beazer Homes USA, Signaling Confidence Amid Stock Price Fluctuations
In recent months, there have been significant changes in the holdings of Beazer Homes USA by various institutional investors and hedge funds. Tower Research Capital LLC TRC, for example, increased its holdings in the construction company by a staggering 83.4% during the third quarter. This saw them acquire an additional 1,367 shares, bringing their total ownership to 3,007 shares worth $29,000.
Captrust Financial Advisors also saw a notable increase in their ownership of Beazer Homes USA during the second quarter. Their holdings grew by 60.3%, with an additional 985 shares valued at $32,000 added to their portfolio. Meanwhile, Lazard Asset Management LLC entered the fray during the first quarter when they purchased a new stake in the company worth approximately $40,000.
State of Wyoming made an unprecedented move to raise its holdings in Beazer Homes USA by an astounding 2,421.5% during the fourth quarter. This acquisition of 7,531 shares brought their total ownership to 7,842 shares worth $100,000. Allspring Global Investments Holdings LLC also added to their existing investments in the construction company by acquiring an additional 1,036 shares in the last quarter. They now own a total of 7,827 shares worth $124,000.
These institutional investors and hedge funds now hold approximately 77.62% of Beazer Homes USA’s stock. Their increased interest is indicative of growing confidence and could potentially have profound implications for both the company and its shareholders.
Despite these developments in ownership, Beazer Homes USA’s stock experienced a decline on Friday as it traded down $1.59 to reach $27.28 per share. The trading volume was recorded at 377,547 shares compared to its average volume of 344,132 units traded.
Beazer Homes USA has had a fairly eventful year with its stock price fluctuating between a twelve-month low of $9.47 and a twelve-month high of $35.93. The stock’s current standing is at the lower end of this range, leading to questions about its future performance.
The company’s 50-day moving average stands at $28.85 while its two-hundred-day moving average is slightly lower at $21.47. These figures provide insights into the stock’s price trend over the past few months.
Beazer Homes USA has a market capitalization of $854.96 million with a price-to-earnings ratio of 4.45 and a beta of 2.30. These metrics contribute to an understanding of the company’s overall value and its volatility relative to the overall market.
In light of recent developments, several research firms have issued reports on Beazer Homes USA, providing their analysis and recommendations for investors. B. Riley, for instance, raised their target price from $28.00 to $38.00 in a report released on July 28th.
However, Wedbush took a different stance by lowering Beazer Homes USA from an “outperform” rating to a “neutral” rating and establishing a price objective of $32.00 on August 18th.
Sidoti offered positive news for potential investors when they upgraded Beazer Homes USA from a “neutral” rating to a “buy” rating with a price objective set at $36.00 per share on Wednesday.
Zelman & Associates also expressed optimism as they upgraded Beazer Homes USA from a “hold” rating to a “buy” rating in their research note dated July 31st.
Finally, StockNews.com shared their analysis as they assumed coverage on Beazer Homes USA with a “hold” rating given in their research note published on August 17th.
Overall, the consensus among analysts is generally favorable with two giving it a hold rating and three others suggesting it as a buy. The average rating for the stock, according to data from Bloomberg, is a “Moderate Buy” with an average price target of $35.33.
As investors navigate the complex landscape of Beazer Homes USA’s stock performance, these reports serve as valuable resources for decision-making. With significant institutional investments and varying expert opinions, the future trajectory of Beazer Homes USA’s stock remains uncertain but ripe with potential opportunities.