Wall Street brokerages expect that CalAtlantic Group, Inc. (NYSE:CAA) will announce $1.62 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for CalAtlantic Group’s earnings, with the highest sales estimate coming in at $1.75 billion and the lowest estimate coming in at $1.51 billion. CalAtlantic Group posted sales of $1.69 billion in the same quarter last year, which suggests a negative year over year growth rate of 4.1%. The firm is scheduled to announce its next earnings report on Wednesday, October 25th.
On average, analysts expect that CalAtlantic Group will report full year sales of $1.62 billion for the current financial year, with estimates ranging from $6.50 billion to $6.95 billion. For the next fiscal year, analysts expect that the firm will report sales of $7.38 billion per share, with estimates ranging from $7.21 billion to $7.57 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for CalAtlantic Group.
CalAtlantic Group (NYSE:CAA) last announced its quarterly earnings data on Thursday, July 27th. The construction company reported $0.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by ($0.03). The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.61 billion. CalAtlantic Group had a return on equity of 11.40% and a net margin of 7.26%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS.
CAA has been the subject of several recent research reports. ValuEngine cut CalAtlantic Group from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Royal Bank Of Canada boosted their price objective on CalAtlantic Group from $40.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, June 7th. Wedbush reissued an “outperform” rating and set a $41.00 price objective on shares of CalAtlantic Group in a report on Tuesday, June 6th. Bank of America Corporation cut CalAtlantic Group from a “buy” rating to a “neutral” rating in a report on Thursday, June 8th. Finally, BidaskClub raised CalAtlantic Group from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $39.89.
Shares of CalAtlantic Group (NYSE:CAA) traded up 0.63% during trading on Tuesday, hitting $35.26. 148,816 shares of the stock traded hands. The company has a market cap of $3.89 billion, a PE ratio of 9.70 and a beta of 1.41. CalAtlantic Group has a 1-year low of $30.18 and a 1-year high of $38.63. The company has a 50 day moving average of $35.23 and a 200-day moving average of $36.15.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Friday, September 15th will be paid a dividend of $0.04 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.16 dividend on an annualized basis and a yield of 0.46%. CalAtlantic Group’s payout ratio is 4.46%.
In related news, CEO Larry T. Nicholson sold 9,004 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $35.61, for a total transaction of $320,632.44. Following the completion of the sale, the chief executive officer now directly owns 611,733 shares of the company’s stock, valued at approximately $21,783,812.13. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David J. Matlin sold 14,510,008 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $33.22, for a total value of $482,022,465.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,519,112 shares of company stock valued at $482,346,698. 39.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CAA. Teachers Advisors LLC increased its stake in CalAtlantic Group by 15.3% during the 4th quarter. Teachers Advisors LLC now owns 91,603 shares of the construction company’s stock worth $3,115,000 after purchasing an additional 12,171 shares in the last quarter. Bank of Montreal Can increased its stake in CalAtlantic Group by 207.4% during the 1st quarter. Bank of Montreal Can now owns 11,129 shares of the construction company’s stock worth $416,000 after purchasing an additional 7,509 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in CalAtlantic Group during the 1st quarter worth approximately $484,000. Shell Asset Management Co. acquired a new position in CalAtlantic Group during the 1st quarter worth approximately $550,000. Finally, Oregon Public Employees Retirement Fund boosted its position in CalAtlantic Group by 1.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 26,570 shares of the construction company’s stock worth $995,000 after acquiring an additional 300 shares during the last quarter.
CalAtlantic Group Company Profile
CalAtlantic Group, Inc is a diversified builder of single-family attached and detached homes. The Company operates through two segments: homebuilding and financial services. The homebuilding segment operations include acquiring and developing land, and constructing and selling single-family attached and detached homes.
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