M.D.C. Holdings, Inc. (NYSE:MDC – Get Rating) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,120,000 shares, an increase of 10.2% from the August 15th total of 2,830,000 shares. Based on an average daily trading volume, of 563,500 shares, the short-interest ratio is currently 5.5 days. Approximately 5.5% of the company's shares are short sold.
M.D.C. Trading Down 0.9 %
Shares of NYSE:MDC traded down $0.28 during trading on Tuesday, reaching $29.65. The stock had a trading volume of 21,310 shares, compared to its average volume of 521,807. M.D.C. has a fifty-two week low of $27.83 and a fifty-two week high of $56.53. The company has a quick ratio of 1.46, a current ratio of 7.31 and a debt-to-equity ratio of 0.58. The business has a fifty day moving average price of $33.74 and a 200-day moving average price of $35.77. The stock has a market cap of $2.11 billion, a P/E ratio of 3.40 and a beta of 1.39.
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M.D.C. (NYSE:MDC – Get Rating) last issued its earnings results on Thursday, July 28th. The construction company reported $2.59 earnings per share for the quarter, topping analysts' consensus estimates of $2.50 by $0.09. M.D.C. had a net margin of 11.71% and a return on equity of 24.31%. The company had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same period in the prior year, the company earned $2.11 earnings per share. The firm's revenue was up 6.1% compared to the same quarter last year. As a group, analysts anticipate that M.D.C. will post 9.32 earnings per share for the current fiscal year.
M.D.C. Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 24th. Investors of record on Wednesday, August 10th were given a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $2.00 dividend on an annualized basis and a yield of 6.75%. M.D.C.'s dividend payout ratio is presently 22.70%.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of M.D.C. from $40.50 to $38.00 and set a "neutral" rating on the stock in a report on Tuesday, July 12th. Wells Fargo & Company lowered shares of M.D.C. from an "equal weight" rating to an "underweight" rating and set a $27.00 price objective on the stock. in a report on Friday, June 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $47.33.
Insider Activity
In other news, Director Raymond T. Baker sold 33,067 shares of the company's stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $35.59, for a total value of $1,176,854.53. Following the transaction, the director now directly owns 40,187 shares in the company, valued at approximately $1,430,255.33. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other M.D.C. news, Director David Siegel sold 6,500 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $35.40, for a total transaction of $230,100.00. Following the sale, the director now directly owns 16,519 shares in the company, valued at approximately $584,772.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Raymond T. Baker sold 33,067 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $35.59, for a total transaction of $1,176,854.53. Following the sale, the director now owns 40,187 shares in the company, valued at $1,430,255.33. The disclosure for this sale can be found here. Corporate insiders own 24.20% of the company's stock.
Hedge Funds Weigh In On M.D.C.
Several large investors have recently made changes to their positions in the business. Quadrant Capital Group LLC boosted its position in shares of M.D.C. by 65.2% during the 1st quarter. Quadrant Capital Group LLC now owns 884 shares of the construction company's stock valued at $33,000 after purchasing an additional 349 shares in the last quarter. Amundi lifted its stake in M.D.C. by 36.9% during the second quarter. Amundi now owns 1,320 shares of the construction company's stock valued at $43,000 after buying an additional 356 shares in the last quarter. Money Concepts Capital Corp lifted its stake in M.D.C. by 7.0% during the second quarter. Money Concepts Capital Corp now owns 5,543 shares of the construction company's stock valued at $188,000 after buying an additional 365 shares in the last quarter. Fifth Third Bancorp lifted its stake in M.D.C. by 94.0% during the second quarter. Fifth Third Bancorp now owns 838 shares of the construction company's stock valued at $27,000 after buying an additional 406 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its stake in M.D.C. by 3.5% during the second quarter. Legacy Wealth Asset Management LLC now owns 12,250 shares of the construction company's stock valued at $396,000 after buying an additional 414 shares in the last quarter. Institutional investors own 73.19% of the company's stock.
M.D.C. Company Profile
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M.DC Holdings, Inc, through its subsidiaries, engages in the homebuilding and financial service businesses. Its homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name.
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