M.D.C. (NYSE:MDC) Downgraded by Bank of America to “Hold”

Bank of America cut shares of M.D.C. (NYSE:MDC) to a hold rating in a research note issued to investors on Monday, TipRanks reports.

MDC has been the topic of a number of other reports. ValuEngine cut M.D.C. from a hold rating to a sell rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. decreased their price target on M.D.C. from $46.50 to $22.00 and set a neutral rating on the stock in a report on Wednesday, March 18th. Wells Fargo & Co cut M.D.C. from an equal weight rating to an underweight rating and raised their price target for the company from $39.00 to $42.00 in a report on Friday, January 31st. Finally, Zacks Investment Research raised M.D.C. from a hold rating to a buy rating and set a $42.00 price target on the stock in a report on Saturday, January 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $39.20.

NYSE MDC opened at $26.63 on Monday. The company has a market capitalization of $1.64 billion, a PE ratio of 7.18, a price-to-earnings-growth ratio of 0.84 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.14 and a current ratio of 7.82. The business’s fifty day moving average is $37.03 and its 200 day moving average is $40.04. M.D.C. has a fifty-two week low of $15.75 and a fifty-two week high of $48.99.

M.D.C. (NYSE:MDC) last released its earnings results on Thursday, January 30th. The construction company reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.15. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. M.D.C. had a return on equity of 14.11% and a net margin of 7.24%. M.D.C.’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. On average, sell-side analysts forecast that M.D.C. will post 4.09 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This is a boost from M.D.C.’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 4.96%. M.D.C.’s dividend payout ratio (DPR) is currently 35.48%.

In other news, Director Leslie B. Fox sold 1,400 shares of M.D.C. stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $41.61, for a total value of $58,254.00. Following the sale, the director now directly owns 8,763 shares of the company’s stock, valued at $364,628.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Larry A. Mizel sold 60,224 shares of M.D.C. stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $44.72, for a total value of $2,693,217.28. Following the completion of the sale, the chief executive officer now directly owns 212,340 shares in the company, valued at $9,495,844.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 178,276 shares of company stock worth $7,947,326. Insiders own 25.20% of the company’s stock.

Several hedge funds have recently modified their holdings of MDC. FMR LLC increased its holdings in shares of M.D.C. by 61.5% in the first quarter. FMR LLC now owns 225,699 shares of the construction company’s stock worth $6,559,000 after purchasing an additional 85,920 shares during the last quarter. Commonwealth Equity Services LLC bought a new stake in shares of M.D.C. in the third quarter worth about $200,000. Russell Investments Group Ltd. increased its holdings in shares of M.D.C. by 89.0% in the third quarter. Russell Investments Group Ltd. now owns 19,171 shares of the construction company’s stock worth $826,000 after purchasing an additional 9,029 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of M.D.C. in the third quarter worth about $79,000. Finally, State Street Corp increased its holdings in shares of M.D.C. by 1.3% in the third quarter. State Street Corp now owns 1,706,330 shares of the construction company’s stock worth $73,543,000 after purchasing an additional 21,916 shares during the last quarter. 89.82% of the stock is currently owned by hedge funds and other institutional investors.

About M.D.C.

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.

Further Reading: 52- Week Highs

Analyst Recommendations for M.D.C. (NYSE:MDC)

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