Summit Global Investments Sells 29,104 Shares of D.R. Horton, Inc. (NYSE:DHI)

Summit Global Investments reduced its stake in D.R. Horton, Inc. (NYSE:DHI) by 31.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,635 shares of the construction company’s stock after selling 29,104 shares during the quarter. Summit Global Investments’ holdings in D.R. Horton were worth $8,827,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Rise Advisors LLC bought a new stake in shares of D.R. Horton in the 1st quarter worth $27,000. RiverPark Advisors LLC bought a new stake in D.R. Horton in the 1st quarter worth about $29,000. Riverview Trust Co purchased a new stake in D.R. Horton in the 1st quarter valued at about $30,000. Signature Resources Capital Management LLC bought a new position in shares of D.R. Horton during the 2nd quarter worth approximately $31,000. Finally, Private Wealth Management Group LLC bought a new position in shares of D.R. Horton in the fourth quarter valued at approximately $42,000. 90.63% of the stock is currently owned by institutional investors.

D.R. Horton Stock Performance

Shares of NYSE:DHI traded down $1.84 during midday trading on Tuesday, reaching $179.61. 1,448,687 shares of the company traded hands, compared to its average volume of 2,552,050. The firm’s fifty day moving average price is $158.49 and its two-hundred day moving average price is $152.50. The firm has a market capitalization of $59.15 billion, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 0.83 and a beta of 1.71. The company has a quick ratio of 1.30, a current ratio of 7.22 and a debt-to-equity ratio of 0.23. D.R. Horton, Inc. has a 12 month low of $100.08 and a 12 month high of $185.43.

D.R. Horton (NYSE:DHI) last announced its quarterly earnings results on Thursday, July 18th. The construction company reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.75 by $0.35. D.R. Horton had a return on equity of 20.72% and a net margin of 13.36%. The firm had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same period in the prior year, the business posted $3.90 earnings per share. The company’s revenue was up 2.5% on a year-over-year basis. On average, equities analysts expect that D.R. Horton, Inc. will post 14.04 earnings per share for the current year.

D.R. Horton announced that its board has initiated a stock buyback plan on Thursday, July 18th that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the construction company to buy up to 6.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

D.R. Horton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Shareholders of record on Thursday, August 1st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Thursday, August 1st. D.R. Horton’s payout ratio is 8.17%.

Analyst Ratings Changes

A number of brokerages recently commented on DHI. Bank of America lifted their price target on D.R. Horton from $168.00 to $196.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. boosted their price target on shares of D.R. Horton from $163.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of D.R. Horton from $141.00 to $154.00 and gave the stock an “underperform” rating in a report on Friday, July 19th. UBS Group increased their target price on shares of D.R. Horton from $200.00 to $217.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, JMP Securities lifted their price target on shares of D.R. Horton from $170.00 to $210.00 and gave the stock a “market outperform” rating in a report on Friday, July 19th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $175.60.

D.R. Horton Company Profile

D.R. Horton, Inc operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 118 markets across 33 states under the names of D.R.