M.D.C. Holdings, Inc. (MDC) Debt Trading 2% Higher

An issue of M.D.C. Holdings, Inc. (NYSE:MDC) bonds rose 2% against their face value during trading on Thursday. The high-yield debt issue has a 6% coupon and will mature on January 15, 2043. The bonds in the issue are now trading at $97.50 and were trading at $96.72 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.

Several brokerages have issued reports on MDC. Zacks Investment Research upgraded shares of M.D.C. Holdings from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. KeyCorp reiterated a “hold” rating on shares of M.D.C. Holdings in a research report on Tuesday, September 26th. Wells Fargo & Company upgraded shares of M.D.C. Holdings from an “underperform” rating to a “market perform” rating and set a $30.00 target price for the company in a research report on Wednesday, August 30th. They noted that the move was a valuation call. BidaskClub lowered shares of M.D.C. Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. Finally, Deutsche Bank AG lifted their target price on shares of M.D.C. Holdings from $27.00 to $33.00 and gave the company a “hold” rating in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $29.00.

Shares of M.D.C. Holdings, Inc. (NYSE:MDC) traded up 0.90% during midday trading on Thursday, hitting $35.93. 374,513 shares of the stock were exchanged. M.D.C. Holdings, Inc. has a 52-week low of $21.25 and a 52-week high of $36.92. The firm’s 50-day moving average is $32.38 and its 200 day moving average is $33.12. The firm has a market cap of $1.86 billion, a PE ratio of 15.22 and a beta of 1.34.

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 business had revenue of $648.97 million during the quarter, compared to analyst estimates of $623.95 million. During the same period last year, the firm posted $0.55 EPS. The company’s revenue was up 13.6% on a year-over-year basis. On average, analysts forecast that M.D.C. Holdings, Inc. will post $2.67 earnings per share for the current year.

In other news, Director David E. Blackford sold 26,250 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $36.11, for a total transaction of $947,887.50. Following the completion of the transaction, the director now directly owns 40,928 shares in the company, valued at approximately $1,477,910.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 25.30% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. First Allied Advisory Services Inc. boosted its position in shares of M.D.C. Holdings by 0.7% during the 2nd quarter. First Allied Advisory Services Inc. now owns 8,960 shares of the construction company’s stock valued at $320,000 after acquiring an additional 60 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of M.D.C. Holdings by 1.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 12,716 shares of the construction company’s stock valued at $449,000 after acquiring an additional 168 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of M.D.C. Holdings by 1.4% during the 2nd quarter. Capstone Asset Management Co. now owns 16,258 shares of the construction company’s stock valued at $574,000 after acquiring an additional 220 shares during the last quarter. Texas Permanent School Fund boosted its position in shares of M.D.C. Holdings by 0.7% during the 2nd quarter. Texas Permanent School Fund now owns 30,116 shares of the construction company’s stock valued at $1,064,000 after acquiring an additional 221 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of M.D.C. Holdings by 1.4% during the 1st quarter. Arizona State Retirement System now owns 21,510 shares of the construction company’s stock valued at $646,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 81.62% of the company’s stock.

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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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