Raymond James & Associates, a prominent investment management company, has recently increased its stake in M.D.C. Holdings, Inc., a leading construction company listed on the New York Stock Exchange (NYSE:MDC). According to the company’s latest filing with the Securities & Exchange Commission, Raymond James & Associates now owns 919,058 shares of M.D.C.’s stock, representing a 10.2% boost from the previous quarter.
The additional acquisition of 85,248 shares by Raymond James & Associates indicates their confidence in M.D.C.’s future prospects and demonstrates their commitment to building a strong portfolio in the construction industry. The value of their holdings amounts to an impressive $35,724,000 as of the most recent SEC filing.
M.D.C.’s strong performance is further supported by its first quarter earnings report released on May 2nd. The company reported earnings per share of $1.08 for the quarter, surpassing analysts’ consensus estimate of $0.44 by an impressive $0.64 margin.
This remarkable earnings beat can be attributed to M.D.C.’s net margin of 8.99%, demonstrating their ability to efficiently manage costs and generate profits. Moreover, they achieved a return on equity of 16.34%, indicating that they effectively utilized shareholders’ investments to generate returns.
In terms of revenue, M.D.C. reported $1.02 billion for the quarter, significantly exceeding analyst estimates which had projected revenue at around $887.13 million. However, it is worth noting that the company experienced a decline in quarterly revenue compared to the same period last year with a decrease of 17.8%. Despite this drop, M.D.C.’s operational efficiency enabled them to remain profitable and outperform expectations.
Sell-side analysts anticipate that M.D.C. Holdings will post earnings per share of approximately 3.55 for the current fiscal year as a whole.
Research firms have closely followed M.D.C.’s performance and provided valuable insight into the company’s future prospects. StockNews.com initiated coverage on M.D.C. with a “hold” rating on May 18th, while Seaport Res Ptn reiterated a “neutral” rating on June 14th. In contrast, JPMorgan Chase & Co. reduced their price target on M.D.C.’s shares from $30.50 to $27.50 and assigned an “underweight” rating on March 6th.
With mixed recommendations from analysts, M.D.C.’s average rating on Bloomberg.com is currently listed as “Hold.” The consensus target price for the stock stands at $27.75.
In conclusion, Raymond James & Associates’ increased stake in M.D.C. Holdings reflects their confidence in the company’s future growth potential within the construction industry. M.D.C.’s impressive quarterly earnings report demonstrates their ability to generate profits despite a decline in revenue compared to the previous year. Although analyst opinions vary regarding the company’s outlook, it is clear that M.D.C. Holdings remains resilient amidst challenging market conditions and has garnered attention from prominent investors in the financial sector.
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Increased Interest from Hedge Funds and Institutional Investors in M.D.C. Holdings, Inc.
M.D.C. Holdings, Inc., a construction company with a market capitalization of $3.40 billion, has recently seen increased interest from hedge funds and institutional investors. These investors have been adding to or reducing their stakes in the company.
One such investor, EverSource Wealth Advisors LLC, grew its holdings in M.D.C. by 665.3% during the fourth quarter of last year. They now own 949 shares of the company’s stock worth $30,000 after acquiring an additional 825 shares in the last quarter.
Versant Capital Management Inc also lifted its position in M.D.C., increasing its stake by 239.9% during the first quarter. They now own 1,074 shares of the construction company’s stock valued at $42,000 after purchasing an additional 758 shares.
Quantbot Technologies LP joined the list of investors acquiring a new position in M.D.C. during the first quarter with a value of approximately $72,000.
Captrust Financial Advisors also lifted its position in M.D.C., increasing its stake by 40.4% during the first quarter as well. With this increase, they now own 2,873 shares valued at $109,000 after acquiring an additional 827 shares.
Finally, Mendota Financial Group LLC acquired a new position in M.D.C., valued at about $96,000 during the fourth quarter.
Overall, institutional investors now own about 98.19% of M.D.C.’s stock.
In terms of its current stock performance, M.D.C.’s latest opening price was recorded at $46.53 on Thursday. The company’s moving averages indicate that it has been trading around $42.26 for the past fifty days and around $38.36 for the past two hundred days. It should be noted that M.D.C.’s fifty-two week low is $27.04 while its highest point within the same period reaches $47.06.
Analysts have been closely monitoring M.D.C. and several research firms have recently issued reports on the company. StockNews.com, for instance, began coverage of M.D.C., assigning it a “hold” rating on the stock. Seaport Res Ptn also reiterated a “neutral” rating on shares of M.D.C.
However, JPMorgan Chase & Co. reduced their price target for M.D.C. from $30.50 to $27.50 while giving it an “underweight” rating.
An average of these ratings suggest a consensus target price of $27.75 for the company’s stock.
M.D.C. also recently declared a quarterly dividend, which was paid on May 24th to shareholders who were recorded as such on May 10th. The dividend paid was $0.50 per share, representing an annualized dividend of $2 with a yield of 4.30%. It is important to note that the ex-dividend date for this dividend was May 9th.
In terms of insider activities, Chairman Larry A. Mizel sold 125,330 shares of M.D.C.’s stock on May 5th at an average price of $41.45 per share, totaling $5,194,928.50 in value.
Additionally, Director Raymond T. Baker sold 29,160 shares of M.D.C.’s stock on May 10th at an average price of $41.24 per share with a total value of $1,202,558.40.
It is clear that there has been significant insider selling activity in recent months with insiders selling a total of 1,664,457 shares valued at approximately $72,700,485 during the last quarter alone.
In conclusion, M.D.C., despite receiving mixed ratings from research firms and experiencing insider selling activities recently remains an attractive investment. With the increase in interest from hedge funds and institutional investors, it is clear that M.D.C.’s construction business is catching the attention of industry players. As always, investors should conduct thorough research and analysis before making any investment decisions.