State of Michigan Retirement System Cuts Stake in D.R. Horton, Inc. (NYSE:DHI)

State of Michigan Retirement System decreased its stake in D.R. Horton, Inc. (NYSE:DHI) by 4.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,299 shares of the construction company’s stock after selling 5,600 shares during the period. State of Michigan Retirement System’s holdings in D.R. Horton were worth $15,685,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in D.R. Horton by 515.5% during the 4th quarter. International Assets Investment Management LLC now owns 157,147 shares of the construction company’s stock worth $23,883,000 after purchasing an additional 131,616 shares during the last quarter. Linden Thomas Advisory Services LLC acquired a new position in D.R. Horton during the 4th quarter worth $248,000. Alaska Permanent Fund Corp bought a new stake in shares of D.R. Horton in the 4th quarter worth about $434,000. Bryn Mawr Capital Management LLC bought a new stake in D.R. Horton in the fourth quarter valued at $410,000. Finally, Kovack Advisors Inc. acquired a new stake in shares of D.R. Horton in the 4th quarter worth about $362,000. 90.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on DHI shares. Keefe, Bruyette & Woods upped their target price on shares of D.R. Horton from $178.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. JMP Securities boosted 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 research report on Friday, July 19th. JPMorgan Chase & Co. upped their price objective on D.R. Horton from $163.00 to $180.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. UBS Group boosted their price target on shares of D.R. Horton from $200.00 to $217.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, StockNews.com lowered shares of D.R. Horton from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, D.R. Horton currently has an average rating of “Hold” and a consensus target price of $182.07.

D.R. Horton Stock Down 0.9 %

Shares of DHI stock opened at $187.34 on Tuesday. The stock has a 50 day moving average of $162.09 and a 200-day moving average of $153.74. The firm has a market cap of $61.69 billion, a PE ratio of 12.87, 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 $193.63.

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

D.R. Horton declared that its Board of Directors has authorized a stock buyback plan on Thursday, July 18th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the construction company to purchase up to 6.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

D.R. Horton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Investors of record on Thursday, August 1st were given a dividend of $0.30 per share. The ex-dividend date was Thursday, August 1st. This represents a $1.20 dividend on an annualized basis and a yield of 0.64%. D.R. Horton’s dividend payout ratio (DPR) is presently 8.17%.

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.