Wedbush Increases M.D.C. (NYSE:MDC) Price Target to $41.00

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M.D.C. (NYSE:MDC) had its price objective upped by Wedbush from $35.00 to $41.00 in a research report released on Friday morning, BenzingaRatingsTable reports. Wedbush currently has a neutral rating on the construction company’s stock. Wedbush also issued estimates for M.D.C.’s Q3 2019 earnings at $0.95 EPS, FY2019 earnings at $3.91 EPS, Q1 2020 earnings at $0.75 EPS, Q2 2020 earnings at $0.98 EPS, Q3 2020 earnings at $1.12 EPS, Q1 2021 earnings at $0.78 EPS and Q2 2021 earnings at $1.03 EPS.

Several other research analysts have also commented on MDC. ValuEngine lowered shares of M.D.C. from a buy rating to a hold rating in a research note on Thursday, August 1st. Raymond James raised shares of M.D.C. from an outperform rating to a strong-buy rating and raised their price objective for the company from $42.00 to $49.00 in a research note on Friday. JPMorgan Chase & Co. raised shares of M.D.C. from an underweight rating to a neutral rating in a research note on Monday, July 8th. Finally, Zacks Investment Research raised shares of M.D.C. from a hold rating to a strong-buy rating and set a $42.00 price objective for the company in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $38.17.

NYSE MDC opened at $42.38 on Friday. The firm has a 50 day simple moving average of $37.26 and a 200-day simple moving average of $33.11. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.19 and a current ratio of 9.12. M.D.C. has a one year low of $25.14 and a one year high of $44.01. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.37 and a beta of 1.08.

M.D.C. (NYSE:MDC) last posted its quarterly earnings data on Wednesday, July 31st. The construction company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.08. M.D.C. had a net margin of 6.64% and a return on equity of 13.24%. The business had revenue of $732.84 million during the quarter, compared to analyst estimates of $727.20 million. During the same quarter last year, the firm posted $1.03 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts predict that M.D.C. will post 3.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 21st. Investors of record on Wednesday, August 7th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $1.20 dividend on an annualized basis and a yield of 2.83%. M.D.C.’s dividend payout ratio is currently 32.70%.

In related news, Director Michael A. Berman sold 10,000 shares of M.D.C. stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $39.14, for a total value of $391,400.00. Following the completion of the transaction, the director now owns 38,082 shares in the company, valued at $1,490,529.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paris G. Reece III sold 25,030 shares of M.D.C. stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $36.55, for a total transaction of $914,846.50. Following the completion of the transaction, the director now owns 4,697 shares of the company’s stock, valued at approximately $171,675.35. The disclosure for this sale can be found here. Insiders sold 68,553 shares of company stock valued at $2,877,799 in the last quarter. 26.30% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Captrust Financial Advisors lifted its stake in M.D.C. by 86.0% in the second quarter. Captrust Financial Advisors now owns 1,306 shares of the construction company’s stock worth $43,000 after acquiring an additional 604 shares during the last quarter. Penserra Capital Management LLC purchased a new position in M.D.C. in the first quarter worth approximately $56,000. C M Bidwell & Associates Ltd. purchased a new position in M.D.C. in the second quarter worth approximately $90,000. CIBC Asset Management Inc purchased a new position in M.D.C. in the first quarter worth approximately $212,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in M.D.C. in the second quarter worth approximately $218,000. Institutional investors own 74.84% of the company’s stock.

M.D.C. Company Profile

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.

Read More: What are catch-up contributions?

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

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